Oando gets court’s nod for judicial review of SEC N89.7m fine
The Federal High Court, Lagos, has granted leave to Oando Plc to file a motion for a judicial review of the Securities and Exchange Commission’s (SEC) decision imposing a fine of N89, 675,000 on it.Justice Ayokunle Faji granted leave for an order of certiorari for the purpose of quashing the decision of the first respondent (SEC) contained in its letter dated May 31, 2019.
The SEC Acting Director-General, Mary Uduk; SEC and the appointed Oando’s interim head, Mutiu Sumonu, were the first to third respondents.The court also granted an order of certiorari for the quashing of SEC’s directive to Oando to convene an extra-ordinary general meeting on or before July 1 to appoint new directors and articulate remedial measures for the alleged corporate governance lapses.
Justice Faji further granted an order certiorari for the quashing of a press release by SEC on June 1 appointing an interim management team to be headed by Mr. Mutiu Sunmonu (the third respondent) to oversee Oando’s affairs.
The judge granted “an order of prohibition and/or an injunction restraining and preventing the first and second respondents by themselves, agents, servants or whomsoever, howsoever from enforcing or seeking to enforce the decision contained in the letter dated May 31, 2019.”He also granted “an order of prohibition and/or an injunction restraining and preventing the second respondent from enforcing or seeking to enforce the decision of the first respondent contained in the press release on Sunday, June 2, 2019 appointing an interim management team to be headed by the third respondent to oversee the affairs of the applicant.”He adjourned until July 22, 2019 for hearing of the application for judicial review before the vacation judge.
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