Federal High Court Adjourns SEC Vs Oando Case to July 22

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Monday, June 24, 2019 / 08.00PM  /  Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: The Eagle


 

A Federal High Court sitting in Lagos has adjourned till July 22, 2019, hearing of the substantive suit brought by two chief executive officers of Oando Plc, seeking enforcement of their rights.

 

The court also fixed July 4th to hear arguments on the motion for consolidation.

At the resumed hearing, Mr. Yele Delano (SAN) announced appearance for Oando and expressed the company’s intention to be joined in the suit as well as seeking consolidation of similar suits, pending before the court.

 

Delano also sought an adjournment to enable him to file his processes in the suit.

In response, counsel to SEC, Idigbe objected to their request for joiner, because it would pre-determine the respondent’s case.

 

He argued that the issue of application consolidation was intended to frustrate the case, thereby elongating the hearing of the case. He further argued that the party in question has not formally processed the application for consolidation; it was only a mere oral expression.

 

According to him, “My Lord, this matter was adjourned to today for hearing, and I am prepared to go on. The issue of consolidation of the cases is meant to accelerate the matter rather than taking it backward”.

 

He argued that if the court allows the joinder, it would have pre-determined the case of the defence and therefore urged the court to refuse the application.

 

On his part, counsel to the applicants, Mr. Tayo Oyetibo (SAN) argued in favour of the request for joining and urged the court to allow the party seeking to be joined in the suit.

 

According to him, if the court refuses the application for joinder, and the party goes on to appeal, then the applicant will be affected. 


In a short consideration of the issues, the court held that it was far-reaching to think that the grant of an adjournment to enable a party file a motion, will be considered prejudicial to the defence.


On that note, Justice Ayokunle Faji adjourned the cased until July 4, to hear arguments on the motion for consolidation, and also fixed July 22, for hearing of the substantive suit.



Visit Oando Plc IR Page in Proshare MARKETS

 

Graph 1: Oando Plc – One Year Share Price Movement

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Table: Unaudited Q1 2019 Results

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Proshare Reports - Oando Investigation

1.       Memo to The Market: The Oando Corporate Journey – At the Regulators Gate – Nov 22, 2017

2.      Download Full (PDF) Report - Memo to The Market: The Oando Corporate Journey – At The Regulators Gate – Dec 2017

3.      Review of the SEC Technical Committee Recommendations, Opinion and Final Report – Dec 08, 2017

 

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Quick Recall of Past Market Memorandum(s)

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5.      PDF Report - JUMIA IPO and Q1 2019 ResultMay 16, 2019

6.      Surviving Uncertain Times in the Nigerian Financial Market Jan 19, 2019

7.      Memo To The Market – The NSE, Oscar Onyema Foundation And Corporate GovernanceAug 20, 2018

8.     The Bull in the China Shop – A New Paradigm in the Banking Sector (analysis of the SLS Intervention) ... - Proshare Aug 21, 2009

9.      Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare Sept 06, 2010

10.  Memo to the Market: Reappointing Arunma Oteh as DG, SEC - Proshare Dec 31, 2014

11.   Where Nigeria got it Wrong - Proshare Dec 01, 2014

12.  Leadership, Change and Corporate Transformation – The Nigerian Experience ... - Proshare Nov 07, 2017  

13.  The Proshare Transcorp White Paper - 2007Jan 14, 2007

 

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List of Appendix

14.    Corporate Governance Rating System (CGRS)

15.   Facts Behind the Figures (FYE 2016 & Q1 2017 Performance Review)

16.  Oando Plc Half Year Update Call (FYE 2015 & Q1 2016 Performance Review)

17.   NSE X- Compliance Report February 21, 2014

18.  NSE X- Compliance Report August 7, 2015  

19.  NSE X- Compliance Report May 2019

 

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45.  Oando PLC’s Official Statement on the SEC’s Directive to The NSE to Suspend Trading of Its Shares

46. NSE, SEC Confirm Decision To Suspend Trading On The Shares of Oando Plc

47.  Trading on the Shares of Oando Plc Suspended; Reasons Unknown

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51.   Oando Plc holds 40th AGM, engages Shareholders on the Progress of its Restructuring Plan

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53.  Oando Plc to Hold 40th AGM on Sept 11, 2017

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62. OANDO Plc Announces Closed Period

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64. Oando Plc Key Highlights on Q4 15 and Q1 16

65.  OANDO Concludes Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations

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67.  OANDO Releases Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k

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71.   The Corporate Governance Rating System – Proshare

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Related News on SEC Laws and Corporate Governance

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83. SEC Nigeria’s Consolidated Rules and Regulations as at 2013

84. Code of Corporate Governance for Public Companies_4 April 2011

 

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Related News on Oando from Other Sources

85. N236bn Liability: Oando Shareholders Protest in Ibadan – Independent

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Acknowledgement/Research Links

95.  Securities and Exchange Commission, Nigeria  

96. The Nigerian Stock Exchange

97.  Oando Plc

98. Convention for Business Integrity

99. Vetiva Capital Management Ltd

100.         Oando’s Investors Relation Page - TheAnalyst

101.          Oando Plc Audited Financial Statements – 2012

102.         Oando Plc Audited Financial Statements - 2013

103.         Oando Plc Audited Financial Statements - 2014

104.         Oando Plc Audited Financial Statements - 2015

105.            Oando Plc Audited Financial Statements - 2016

106.         Oando Plc Audited Financial Statements – 2017

107.          Oando Plc Audited Financial Statements – 2018

 

 

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