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AGM: Suspension of OANDO PLC remains — SEC

The Securities and Exchange Commission (SEC) has declared that the suspension of Annual General Meeting of Oando Plc, which it imposed in 2017, remains in place despite a recent court ruling.

SEC in a statement at the weekend said due to conflicting court ruling in cases challenging its directives, the suspension order remains.

The Commission stated: “In view of the conflicting judgments of the High Courts of coordinate jurisdiction, the Commission hereby advises the public that in line with the law (please see Vaswani Trading Co. v. Savalakh & Co. (1972) NSCC 692 and Ojukwu v. Military Governor of Lagos State (1986) 1 NWLR (Pt 18) 621) and the pending appeals/applications for stay of the various judgments, parties and relevant stakeholders are enjoined to maintain status quo, which includes the suspension of the Annual General Meeting, pending the determination of the cases and the appeals.

“The Commission will update relevant stakeholders and the public on the outcome of the ongoing litigations”.

SEC which listed several judgements of different courts held that the implications are:

  1. One judgment of the Federal High Court, Lagos (as mentioned above) has held that the Federal High Court Nigeria lacks the jurisdiction to entertain the dispute as the jurisdiction lies with the Investments & Securities Tribunal.
  2. Three judgments of the Federal High Court, Abuja (as mentioned above) have held that the Federal High Court Nigeria lacks the jurisdiction to entertain the dispute as the jurisdiction lies with the IInvestments& Securities Tribunal.
  3. One judgment of the Federal Capital Territory, High Court Bwari Abuja (as mentioned above) has held that the Federal Capital Territory High Court Abuja has the jurisdiction to entertain the matter and granted the reliefs sought by the Applicants.

“4. One judgment of the Federal High Court, Kano (as mentioned above) has held that the Federal High Court Nigeria has the jurisdiction to entertain the dispute and granted the reliefs against the Commission”.

Written by ExpressDay

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