Daily Post Nigeria
Published
On Thursday, February 25, 2021 in a ruling presided over by Justice Giwa Ogunbanjo at the Federal High Court, Abuja, the judge declined jurisdiction to hear suits brought by Oando PLC and its directors against the Securities and Exchange Commission (SEC). The judge stated that the Investment and Securities Tribunal (IST) would be the appropriate forum to hear the matter.
The basis for the Court’s decision is Section 36(2) of the Constitution which allows aggrieved individuals to first approach any tribunal or administrative agency to determine civil rights and obligations as long as that process and the resulting decision is not final. The Court also reiterated that the IST has primary jurisdiction over Oando and its directors in respect of capital market issues and not the Federal High Court.
Travel agent jailed for stealing N10m tickets
punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
Deadlock in SEC case as Oando appeals court ruling
today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
SEC speaks on court order nullifying Oando’s AGM ban
The regulator denies knowledge of the order, but says it will verify and challenge it.
ADVERTISEMENT
The Securities and Exchange Commission (SEC) says it will challenge a court decision that declared its sanctions against
The commission said it was not in the know of the Abuja High Court order, lifting its ban on oil driller Oando Plc’s right to conduct Annual General Meeting (AGM) more than 20 months after the regulator blocked the privilege.
“The attention of the Securities and Exchange Commission (the commission) has been drawn to several publications in the media, where it is reported that a shareholder of Oando Plc, purportedly obtained a judgement from the Federal Capital Territory High Court against the commission,” Abuja-based SEC said in a statement Wednesday.