SEC kicks against verdict on Oando, vows to appeal

The Securities and Exchange Commission (SEC) has vowed to appeal the decision of the Federal Capital Territory High Court that nullified its sanction of Oando Plc.

In a statement, yesterday, the commission, which claimed it was never served with any court processes, said it would ascertain the veracity of the decision and set it aside.

“The attention of SEC has been drawn to several publications in the media, where it is reported that a shareholder of Oando Plc purportedly obtained a judgment from the Federal Capital Territory High Court against the commission. 

“The commission hereby informs the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High Court. The commission will consequently take all necessary steps to verify and set aside the purported decision of the said court,” the statement read in part.

SEC had, through its letter dated May 31, 2019, sanctioned the management of Oando and suspended its Annual General Meeting (AGM).

Aggrieved by the development, Patrick Ajudua, who is a shareholder of the company, filed an action, challenging the suspension at the High Court of the FCT.

Justice O. A Musa of the court, on February 23, declared as unconstitutional the suspension of the AGM of Oando Plc by SEC since 2019.

The court held that the applicant has a right and freedom to associate and assemble with other shareholders as well as receiving information at the yearly meeting of the firm.