Securities and Exchange Commission (SEC) has been told it has no authority in non-capital matters as Oando’s director, Yakubu Gumel, obtained a court order nullifying the sack of the management.
The court ordered SEC and its agents not to dabble into the affairs of Oando and the company’s management. The ruling comes more than a year after SEC sacked the oil company’s board of directors due to serious infractions.
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SEC said its findings from a probe of Oando showed the firm was involved in mismanagement which covers false disclosures, market abuses, misstatements in financial statements, poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company.
This led to the removal of Wale Tinubu, as the chief executive officer of Oando, alongside his deputy, Mofe Boyo and other board members in May 2019. They were swiftly replaced by an interim management.
Gumel filed a case against the capital market regulator at a federal high court in Kano. Justice Lewis Allagoa ruled in favour of the director, nullifying the sack and awarding N250,000 to the complainant out of the N500,000 demanded as cost from the defendant.
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Prior to the judgement by Allagoa, a different court had restrained SEC and its agents from meddling into the management affairs of Oando. The presiding judge in the recent case directed both parties to resolve their issue at the investments and security tribunal.