Sunday, May 16, 2021

SEC Says Oando AGM Remains Suspended

Conflicting court judgments have caused the Securities and Exchange Commission (SEC) to declare that the Oando Annual General Meeting (AGM) remains suspended.

In a statement on Friday, SEC said its action against Oando Plc is a result of “severe breaches of capital market regulations” adding that some directors are under criminal investigations.

The commission noted that following an investigation into the dealings of the company, some violations perpetrated by some members of the firm’s board were observed.

The commission said in 2017, it received petitions from two shareholders of Oando alleging corporate governance lapses, mismanagement among other complaints.

It said, “One judgment of the Federal High Court, Lagos has held that the Federal High Court Nigeria lacks the jurisdiction to entertain the dispute as the jurisdiction lies with the Investments and Securities Tribunal.

“Three judgments of the Federal High Court, Abuja, have held that the Federal High Court Nigeria lacks the jurisdiction to entertain the dispute as the jurisdiction lies with the Investments and Securities Tribunal.

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“One judgment of the Federal Capital Territory, High Court Bwari Abuja, has held that the Federal Capital Territory High Court Abuja has the jurisdiction to entertain the matter and granted the reliefs sought by the applicants.

“One judgment of the Federal High Court, Kano has held that the Federal High Court Nigeria has the jurisdiction to entertain the dispute and granted the reliefs against the Commission.

“Given the conflicting judgments, the Commission hereby advises the public that in line with the law and the pending appeals/applications for stay of the various judgments, parties and relevant stakeholders are enjoined to maintain status quo, which includes the suspension of the annual general meeting, pending the determination of the cases and the appeals.”

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