Home Business Oando: Court restrains SEC from removing Wale Tinubu, recognising Sunmonu

Oando: Court restrains SEC from removing Wale Tinubu, recognising Sunmonu

by Armada News
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By Uzoma Akobundu

 

The battle for the soul of Oando Plc may have just started as a Federal High Court in Lagos has restrained the Securities and Exchange Commission (SEC) from removing Wale Tinubu as the Group Chief Executive Officer.

 

The court also gave an order that the head of the interim management appointed by SEC, Mutiu Adio Sunmonu be restrained from functioning in that capacity as manager.

 

The restraining order on Monday also covers Omamofe Boyo, Oando’s Deputy Group Chief Executive Officer.

 

Justice Mojisola Olatoregun granted an interim injunction filed by Messrs Tinubu and Boyo which they applied to enforce their fundamental rights.

 

The SEC was also restrained from taking further step on its letter dated May 31 that indicated that Wale Tinubu and Omamofe Boyo have been barred from being directors of a quoted company for five years.

 

Olatorogun also restrained the SEC  from imposing a fine of N91.13 million on Tinubu  just as the court restrained  Sunmonu from acting as the head of Oando’s interim management team pending hearing and determination of the motion.

 

The court adjourned hearing in the case for June 14 and told parties to maintain status quo ante pending the determination of the motion.

 

 

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