A Federal High Court sitting in Abuja, on Thursday, dismissed the fundamental human rights application filed by Oando Plc and three of its directors against the Securities and Exchange Commission (SEC).
Justice F.O.G. Ogunbanjo rejected the application for lack of jurisdiction.
Oando Plc and three of its directors – Adewale Tinubu, Omamofe Boyo and Olufemi Adeyemo had instituted three cases against the SEC following the enforcement action taken against the Company and the affected directors in a letter dated May 31 2019.
The plaintiffs had urged the court to hold that their fundamental human rights were violated because the SEC did not give them fair hearing in investigating some petitions it received in 2017 from some its (Oando Plc) shareholders.
But in its ruling, the court held that the Federal High Court cannot assume jurisdiction to entertain a matter that emanated from the capital market, as it falls outside its jurisdiction.