The Onado versus SEC saga has taken a dramatic turn as the Federal High Court sitting in Lagos on Monday restrained the Securities and Exchange Commission (SEC) from removing embattled Wale Tinubu and Omamofe Boyo as Oando Plc’s Group Chief Executive Officer and Deputy Group Chief Executive Officer, respectively.
The order was delivered by Justice Mojisola Olatoregun in Ikoyi Lagos State. Justice Olatoregun granted an interim injunction following an application for enforcement of the fundamental human rights by the embattled Oando executive officers.
The details of the order are stated below
- 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 the Jubril Adewale Tinubu and barring both Jubril Adewale Tinubu and Omamofe Boyo from being Directors of public companies for a period of 5 years
- 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 SECs 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
- 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
The injunction goes on further to say that all parties involved are to maintain the status quo pending the determination of the Motion on Notice.
Pursuant to the court order Oando’s management team and Board of Directors remain unchanged.
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