Suspension of OANDO PLC AGM remains, SEC insists

The Securities and Exchange Commission, SEC, has insisted the suspension of Annual General Meeting of Oando Plc in 2017 remains in place despite recent court ruling.

SEC in a statement on Friday said due conflicting courts ruling in cases challenging its directives, the suspension order remains.

The Commission stated: “In view of the conflicting judgments of the High Courts of coordinate jurisdiction, the Commission hereby advises the public that in line with the law (please see Vaswani Trading Co. v. Savalakh & Co. (1972) NSCC 692 and Ojukwu v. Military Governor of Lagos State (1986) 1 NWLR (Pt 18) 621) and the pending appeals/applications for stay of the various judgments, parties and relevant stakeholders are enjoined to maintain status quo, which includes the suspension of the Annual General Meeting, pending the determination of the cases and the appeals.

“The Commission will update relevant stakeholders and the public on the outcome of the ongoing litigations”.

SEC which listed several judgements of different courts held that the implications are:

“4. One judgment of the Federal High Court, Kano (as mentioned above) has held that the Federal High Court Nigeria has the jurisdiction to entertain the dispute and granted the reliefs against the Commission”.

Nigeria

Source: Vanguard News

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