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Lukman Olabiyi
The Legal battle between two Chief Executive Officers of Oando Plc and the Securities and Exchange Commission (SEC) before the Federal High Court, Lagos took a fresh twist yesterday, as both parties tried to out smart each others’ applications.
SEC in a bid to uphold the court’s verdict of May 31, which ordered Oando’s Group Chief Executive Officer (GCEO), Mr Adewale Tinubu, his Deputy, Mr Omamofe Boyo and other board members to resign over alleged infractions yesterday, opposed applications filed by the firm to join as party in the suit instituted against the Commission.
Tinubu and Boyo had dragged SEC before the court over alleged breach of their fundamental rights.
Apart from SEC’s pronouncement of May 31, the Commissionn had on June 2, announced that it had set up an interim management team headed by Mr Mutiu Sunmonu, to oversee the affairs of the company and conduct an extraordinary general meeting on or before July 1.
It said that the new board of directors would subsequently, select a management team for Oando Plc.
Dissatisfied with the development, Tinubu and Boyo raised concerns that the alleged infractions and penalties were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.
They consequently, approached the court by way of an exparte application on June 3, seeking an interim order restraining SEC from giving effect to its decision.
Justice Mojisola Olatoregun on same June 3, granted the interim orders.
The court restrained SEC, its servants or agents from taking any step concerning its letter dated May 31 in which it barred the applicants from being directors. The court also restrained Sunmonu from acting as Head of Oando’s interim management team, pending the hearing and determination of the motion.
The court had urged parties to maintain the status quo pending the determination of the motion on notice.
The main suit was consequently, assigned to Justice Ayotunde Faji, who on June 13, set down hearing for June 24.
At the resumed hearing of the case on Monday, Mr Tayo Oyetibo (SAN) appeared for the applicants, while Chief Anthony Idigbe (SAN), appeared for SEC.
Meanwhile, Mr Yele Delano (SAN) announced appearance for Oando and expressed the company’s intention to be joined in the suit as well as seeking a consolidation of similar suits pending before the court.
He also sought an adjournment to enable him file his processes in the suit.
In response, Counsel to SEC (Idigbe) raised opposition to their request for joinder, on the grounds that it would predetermine the respondent’s case.
He argued that the issue of consolidation of the cases, is meant to accelerate the matter rather than taking it backward.
He argued that where the court allows the joinder, it would have predetermined the case of the defence and therefore, urged the court to refuse the application.
