OANDO: Court Restrains SEC From Removing Tinubu

A Federal High Court sitting in Lagos, has restrained the Securities and Exchange Commission (SEC) from removing Wale Tinibu as Oando Plc’s Chief Executive Officer.

The court also restrained the SEC from removing Omamofe Boyo as the Group Deputy Chief Executive Officer.

Newsflash247 learnt that Justice Mojisola Olatoregun of the Lagos High Court granted the interim injunction following an application by the embattled CEO and DCEO.

The Oando chiefs had applied for enforcement of their fundamental rights, Igbere TV gathered.

Ruling further, the court also restrained SEC, its servants or agents from taking any step concerning the commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years.

It also restrained the commission from imposing a fine of N91.13 million on Tinubu, and from taking any action on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction.

The court also restrained Mutiu Sunmonu from acting as the Head of Oando’s interim management team pending the hearing and determination of the motion.

It, therefore, urged all parties to maintain status quo ante pending the determination of the motion.

The court adjourned the case until June 14.

Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.

To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732

FOLLOW US ON GOOGLE

Agency Reporter

Newsflash247 Online Newspaper is a Nigerian online newspaper founded and published in Nigeria. The online newspaper started in May 2017. Website: https://newsflashuk.com. e-mail: [email protected] Office Cell Number: 08053316946. Facebook page: https://www.facebook.com/newsflash2471/ Twitter Page: https://www.twitter.com/newsflash2471/

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button