OANDO Plc Responds to Abuja Court Ruling

OANDO Plc Responds to Abuja Court Ruling

Monday, March
01, 2021 / 03:45 PM / by NSE / Header Image Credit: Guardian/Ecographics

Proshare Nigeria Pvt. Ltd.

On Thursday, February 25,
2021, the Federal High Court, Abuja (under presiding Judge Giwa-Ogunbanjo), the
three (3) suits between Oando PLC, (referred to as “Oando” or the “Company”),
its Principals, Group Chief Executive, Adewale Tinubu, and Deputy Group Chief
Executive, Omamofe Boyo; and its Group Chief Financial Officer, Olufemi
Adeyemo; and the Securities and Exchange Commission (SEC) came up for
judgement.

 

The Court declined
jurisdiction to hear the Fundamental Rights suits on its merits, stating that
the Investment Securities Tribunal (IST) is the appropriate forum to hear the
matter.

 

The Judge therefore
declined to assume jurisdiction over the suits and struck out same. As such the
suits were not determined on their merits.

 

The Company is of the
opinion that the judgement is misconceived and as such has appealed the
decision on the grounds that the powers conferred by the Constitution of the
Federal Republic of Nigeria on its citizens to enforce their fundamental rights
supersedes the provisions of the Investment and Securities Act 2007.

 

Furthermore, the Company
and its Principals have filed applications for stay of execution as well as an
injunction pending appeal in respect of the judgement of the Federal High
Court, Abuja in relation to SEC’s May 31, 2019 letter to the Company (refer to
footnote)

 

It is important to note
that the following related suits are pending before various courts:

 

1. Judicial Review Actions

(i) Mr. Jubril Adewale
Tinubu & Anor vs SEC (Suit No: FHC/L/CS/911/19) (ii) Oando PLC vs SEC (Suit
No: FHC/L/CS/1031/19) These suits were instituted by Oando PLC and its
Principals, asking the court to exercise its supervisory jurisdiction over SEC
by way of a judicial review of SEC’s decisions as contained in its May 31, 2019
letter.

 

2. Shareholder Actions

(i) Engr. Patrick Ajudua
vs SEC & Oando Plc (FCT/HC/BW/CV/347/2020) This matter was instituted by a
shareholder of Oando PLC at the High Court of the FCT, Abuja and judgment was
given in respect thereof on February 23, 2021, to the effect that SEC’s May 31,
2019 letter is illegal, null and void and of no effect, amongst others.

 

(ii) Alhaji Yakubu M.
Gumel & ORS vs SEC & Oando Plc (FHC/KN/CS/17/2021) This matter was
instituted by certain shareholders of Oando PLC at the Federal High Court,
Kano. The said shareholders obtained various interim orders against SEC
pending
the determination of the substantive suit. These include an interim order
restraining SEC from acting on its May 31, 2019 letter.

 

From the foregoing, SEC is
restrained from acting on its findings and carrying out any of the sanctions
specified in its May 31, 2019 letter. As such the status quo that existed
before yesterday’s ruling remains unchanged and Oando PLC’s current management
team remains in place.

 

The Company reiterates its
unwavering commitment to its regulatory obligations and support for the
Nigerian Government’s effort to enhance the oil and gas sector, however, all
actions taken to date have been predicated on the belief that the SEC has shown
bias, a lack of due process and fair hearing in its dealings with the Company.
Furthermore, the Company would like to assure the public of its commitment to
taking the necessary steps to protect its business and assets while always
acting in the best interest of its shareholders as well as other key
stakeholders.

 

Related Reports

1.  Memo to The Market:
The Oando Corporate Journey – At The Regulators Gate
 – Dec 10, 2017

2. Download Full (PDF) Report – Memo to The Market:
The Oando Corporate Journey – At The Regulators Gate
 – Dec 10,
2017

3. Download (PDF) Report – SEC Technical Committee
on Oando Plc 2017 
– Dec 04, 2017

4. Review of the SEC Technical Committee
Recommendations, Opinion and Final Report

Proshare Nigeria Pvt. Ltd.

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Proshare Nigeria Pvt. Ltd.

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Proshare Nigeria Pvt. Ltd. 

Source: www.proshareng.com