Justice Ayotunde Faji of the Federal High Court in Lagos has granted leave to the embattled group chief executive officer of Oando Plc, Wale Tinubu to file an application for a judicial review of the decision of the Securities and Exchange Commission (SEC) asking him and his deputy to step down as directors of the company .Justice Faji granted the permission to Tinubu and the deputy group chief executive officer of Oando Plc, Omamofe Boyo after entertaining an ex-parte application filed by their lawyer, Oladapo Shasore.
The motion ex-parte dated 3 June 2019, sought the leave of court to file an application for a judicial review of the decision of the SEC in relation to the applicants, contained in its letter of 31 May 2019 asking them to step down The applicants are seeking to commence judicial review for the purpose of quashing the decision of the SEC as contained in the letter, which imposed a 5 year ban on them from being directors of a public company in Nigeria. Other reliefs sought for by the applicants includes: an order of Certiorari to quash SEC’s purported imposition of a N91,125,000 (NinetyOne Million One Hundred and Twenty-Five Thousand Naira Only) fine on Mr. Adewale Tinubu.
An order of Certiorari to quash SEC’s purported decision to bar the applicants from being appointed as directors of public companies for a period of 5 (five) years. An order of Certiorari to quash SEC’s purported appointment of an Interim Management Team to be headed by one Mr. Mutiu Sunmonu (“the 2nd Respondent”) to oversee the affairs of Oando Plc and thereby prevent our clients from exercising their functions as Group Chief Executive Officer and Deputy Group Chief Executive Officer respectively of Oando Plc.
An order prohibiting, restraining and preventing SEC by itself, its agents, servants or whomsoever, howsoever, from enforcing or seeking to enforce its purported decisions contained in its letter to our clients dated 31 May 2019 and titled “Investigation of Oando Plc. An order prohibiting, restraining and preventing SEC from implementing its purported decision contained in its Press Release issued on Sunday 2nd June 2019 and from interfering with, taking over or usurping the management of the affairs of Oando Plc either by itself agents, or its servants. The further hearing in the case is fixed for June 21.