Court

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.

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