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Oando: Tinubu gets order for judicial review of SEC fine, ban

The Federal High Court in Lagos has granted leave to Oando Plc Group Chief Executive Officer (GCEO), Wale Tinubu and his deputy, Omamofe Boyo, to file a motion for a judicial review of the Securities and Exchange Commission (SEC) decision imposing a fine on Tinubu and banning them from being directors of public companies for five years.

Justice Ayokunle Faji granted “an order of certiorari bringing up to the Federal High Court for the purpose of being quashed, the decision of the first respondent (SEC) contained in its letter dated 31st May 2019”.

An order of certiorari is a writ or order by which a higher court reviews a case tried in a lower court or administrative agency.

SEC had on May 31 announced the conclusion of an investigation of Oando and ordered Tinubu and other affected board members to resign.

It barred Tinubu and Boyo from being directors of public companies for a period of five years.

SEC subsequently set up an interim management team headed by Mr. Mutiu Sunmonu to oversee Oando’s affairs and to conduct an extraordinary general meeting on or before July 1 to appoint new directors to the board, who would subsequently select a management team.

But, on June 3, Justice Mojisola Olatoregun granted Tinubu and Ojo’s application for “an order of interim injunction restraining SEC” from acting on the decisions.In a separation ex-parte application filed through their counsel Olasupo Shasore (SAN), Tinubu and Ojo prayed for an order of certiorari to quash SEC’s purported imposition of N91, 125,000 fine on Tinubu.

They sought an order of certiorari to quash SEC’s purported decision to bar them from being appointed as directors of public companies for a period of five years.

They further prayed for an order of certiorari to quash SEC’s purported appointment of an interim management team to be headed by Sunmonu (the second respondent) to oversee Oando’s affairs.

Justice Ayokule Faji, on Tuesday, granted the application as prayed.

Read also: Oando flays SEC over AGM suspension

A copy of the order was obtained yesterday.

He granted an “order of certiorari bringing up to the Federal High Court for the purpose of being quashed, the decision of the first respondent contained in its letter of 31st May 2019 at Page 6 Paragraph 5 thereof which purported to bar the applicants from being directors of public companies for a period of five years.”

Justice Faji granted an order prohibiting SEC whether by itself or agents from enforcing or seeking to enforce its purported decisions contained in the May 31 letter.

He further granted an order restraining SEC from implementing its purported decision contained in its press release issued on June 2 and from interfering with, taking over or usurping the management of Oando’s affairs either by itself, agents or through the purported interim management team.

The court restrained Sunmonu from purporting or continuing to act a head of the interim management team in place of the applicants.

Justice Faji made “a declaration that the first respondent (SEC) acted ultra vires and without jurisdiction in making its decision as contained in its letter of 31st May 2019 which conveyed the imposition of a fine of N91, 125,000 on the first applicant and purported to bar the first and second applicants from being directors of public companies for a period of five years…and appointing an interim management team to be headed by the second respondent”.

The judge added: “The motion or summons for judicial review shall be filed and served within seven days.”

Justice Faji adjourned until June 21 for hearing.

Meanwhile, Tinubu and Ojo have notified SEC of the latest order. In a June 11 letter to SEC signed by Shasore and Oyinkansola Badejo-Okusanya, both partners at ALP Legal, the applicants write: “By this ruling, our clients have now been granted leave to apply by way of judicial review for an order of certiorari for the purpose of quashing the decision of SEC referred to above.

“The order of court referred to above operates as a stay and precludes you from carrying out any and all of the actions contained in your letter and press release of 31 May and 2 June 2019 respectively.

“The order of court also precludes you from carrying out any actions whatsoever arising out of SEC’s purported investigation into Oando Plc and its purported findings.

“Please note further, that any action taken contrary to this order of court will amount to your being held in contempt of court.”


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4 Comments

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  1. The last is yet to be heard between Oando and SEC.

  2. This shows that there is nobody above the law.

  3. Law favours those who can interprete well…., in this issue I need justice to be done.

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