Court Stops Removal of Oando Board Members by SEC

By Dipo Olowookere

Justice Mojisola Olatoregun of the Lagos High Court has granted an interim injunction restraining the Securities and Exchange Commission (SEC) from removing the Group Chief Executive Officer of Oando Plc, Mr Adewale Tinubu, and his deputy, Mr Omamofe Boyo.

The interim injunction was granted yesterday by the court after the duo filed an application to stop their removal from the board of the oil company by the apex capital market regulator.

Last Friday, SEC directed Mr Tinubu and Mr Boyo to resign after a forensic audit of the company indicted them for market infractions.

SEC, on Sunday night, also announced the constitution of an interim board for the company headed by Mr Mutiu Sunmonu.

But yesterday, the GCEO and his deputy approached the court to stop the action of SEC.

In her ruling, Justice Olatoregun restrained SEC, its servants or agents from taking any step concerning the its (SEC) letter dated May 31, 2019, in which it barred the duo from being directors of a public company for five years.

It also restrained the commission from imposing a fine of N91.13 million on Mr Tinubu, and from taking any action on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction.

The court also restrained Mr Mutiu Sunmonu from acting as the Head of Oando’s interim management team pending the hearing and determination of the motion.

It, therefore, urged all parties to maintain status quo ante pending the determination of the motion, while the case was adjourned until June 14.