Wrap Text
Federal High Court of Lagos Adjourns Hearing
Oando PLC
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
(“Oando” or the “Company”)
Federal High Court of Lagos Adjourns Hearing Between Oando PLC’s Group Chief Executive and Deputy
Group Chief Executive and the Securities & Exchange Commission.
On, Thursday, June 13, 2019 the Federal High Court of Lagos under presiding Judge C M A Olatoregun
the case between Oando PLC’s (referred to as “Oando” or the “Company”) Group Chief Executive,
Adewale Tinubu, and Deputy Group Chief Executive, Omamofe Boyo, and the Securities and Exchange
Commission (SEC) came up for hearing.
The Court directed that the Respondents’ Preliminary Objection and the substantive application for
enforcement of fundamental Rights should be taken together at the next adjourned date. Consequently,
the Court adjourned to 24th June, 2019. The Court ruled that all parties involved are to maintain the
status quo pending the determination of the Motion
The Company, in its press release dated 3rd June 2019, reported that the court had granted the following
orders pending the hearing and determination of the applicant’s motion for interlocutory injunction:
An order of interim injunction restraining the Securities and Exchange Commission (SEC), its servants,
agents, employees and / or privies from taking any step concerning and / or acting on the decisions
contained in its letter of 31st May 2019 imposing a fine of N91,125,000 on Jubril Adewale Tinubu and
barring both Jubril Adewale Tinubu and Omamofe Boyo from being Directors of public companies for a
period of 5 years.
An order of interim injunction restraining Mutiu Olaniyi Adio Sunmonu from acting as the head of the
Interim Management of Oando PLC.
An order staying and / or suspending the execution or the enforcement of the SEC’s decisions contained
in its letter dated 31st May, 2019 imposing a fine of N91,125,000 on Jubril Adewale Tinubu and barring
both Jubril Adewale Tinubu and Omamofe Boyo from being Directors of public companies for a period of
5 years.
An order restraining the SEC, its servants and its agents from directing, requesting any Agency of the
Government from acting upon the SECs decisions contained in its letter dated 31st May, 2019.
Pursuant to the court order, Oando’s management team and Board of Directors as at the date of this
release (save for the two (2) non-executive directors departure announced on the 7th of June 2019)
remain unchanged pending the outcome of the hearing of the various applications filed by the parties.
For further information, please contact:
Ayotola Jagun
Company Secretary
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com
Alero Balogun
Head, Corporate Communications
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, ext. 6761
albalogun@oandoplc.com
For Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary
Lagos
14 June 2019
Sponsor: Sasfin Capital (a member of the Sasfin Group)
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