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Oando and SEC in legal deadlock: Oando appeals court ruling
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On Thursday, February 25, 2021, in a ruling presided over by Justice Giwa Ogunbanjo at the Federal High Court, Abuja, the judge declined jurisdiction to hear suits brought by Oando PLC and its directors against the Securities and Exchange Commission (SEC). The judge stated that the Investment and Securities Tribunal (IST) would be the appropriate forum to hear the matter.
The basis for the Court’s decision is Section 36(2) of the Constitution which allows aggrieved individuals to first approach any tribunal or administrative agency to determine civil rights and obligations as long as that process and the resulting decision is not final. The Court also reiterated that the IST has primary jurisdiction over Oando and its directors in respect of capital market issues and not the Federal High Court.
Daily Post Nigeria
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On Thursday, February 25, 2021 in a ruling presided over by Justice Giwa Ogunbanjo at the Federal High Court, Abuja, the judge declined jurisdiction to hear suits brought by Oando PLC and its directors against the Securities and Exchange Commission (SEC). The judge stated that the Investment and Securities Tribunal (IST) would be the appropriate forum to hear the matter.
The basis for the Court’s decision is Section 36(2) of the Constitution which allows aggrieved individuals to first approach any tribunal or administrative agency to determine civil rights and obligations as long as that process and the resulting decision is not final. The Court also reiterated that the IST has primary jurisdiction over Oando and its directors in respect of capital market issues and not the Federal High Court.
Deadlock in SEC case as Oando appeals court ruling today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
Factions of Oando shareholders sue SEC
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By Nkiruka Nnorom
The Securities and Exchange Commission (SEC) has been slammed with another lawsuit by displeased shareholders of Oando Plc seeking restraining order against SEC, its agents or representatives from acting on its May 31, 2019 letter sanctioning the management of Oando Plc.
The order, filed at the Federal High Court Kano on Friday, February 19, 2021, if granted, will restrain the SEC, its agents or anyone acting on behalf of the Commission from meddling with the affairs, management and activities of Oando Plc.
The shareholders in the persons of Alhaji Yakubu Gumel and Alhaji Kabiru Tambari are suing for themselves and on behalf of the Sokoto Zone Shareholders Association, while Tunde Badmus is suing for himself and for the benefits of Pacesetters Shareholders Association.