SEC moves to quash court order restraining it from sacking Oando board, management

The ongoing tussle between the Securities and Exchange
Commission (SEC) and Oando Board and its management over the
commission’s directives to have them resign has assumed a new
dimension.

It will be recalled last Monday that Oando approached the court
to restrain SEC and its agents, employees, and privies from taking
any step concerning or acting on its decision contained in its
letter of May 31 pending the determination of the motion for
interlocutory injunction.

A Federal High Court in Ikoyi, Lagos, granted their prayers and
restrained SEC from taking any step concerning or acting on its
decision contained in its letter of May 31, 2019 imposing a fine of
N91,125,000.00 on Mr. Adewale Tinubu and barring him and Mr.
Omamofe Boyo from being directors of public companies for a period
of 5 years pending the determination of the substantive suit filed
before the court

Justice Mojisola Olatoregun granted the order sequel to an
ex-parte application accompanied with an affidavit of urgency filed
before the court by Dr. Olisa Agbakoba SAN, alongside two other
topmost Senior Advocates of Nigeria, Messers Tayo Oyetibo and
Oluyede Delano.

The court action had halted the directives of SEC to appoint an
interim management for Oando, our reporter gathered.

However, in a release by the commission on Sunday, it indicated
that it has filed a court process at the federal high court in
response to the suit instituted by the Group Chief Executive
Officer and Deputy Group Chief Executive officer of Oando Plc.

It further stated that “Failure or refusal of the Commission to
act in the face of the serious issues thrown up by the
investigations or to reverse its directives, would undermine the
Federal Government’s agenda to build strong institutions and
promote the transparency and integrity of the Nigerian capital
market, especially given that, these are preconditions for
attracting foreign investors to the Nigerian capital market.”

Subscribe ToNairalaw News!

Gov. AbdulRazaq Harps on Campaign Promises, Condoles
with THISDAY MD

Kwara State Governor AbdulRahman AbdulRazaq has said he is
determined to deliver his campaign promises to the people.

AbdulRazaq said he is well of the high expectations of the
people and is resolved to work for the people, especially in road
construction and other social infrastructure.

“The state of our roads (in Kwara) is disappointing. This is
particularly true of Kwara North. There is no road, for instance,
to Gwanara especially now that it is raining and yet the contractor
handling it is collecting money. That was why the previous
administration was stoned (in Gwanara). We don’t want to be
stoned,” AbdulRazaq said at the weekend at a meeting with top
officials of the Kwara State Road Maintenance Agency in Ilorin, the
state capital.

AbdulRazaq was referring to the attacks on the convoy of former
Senate President Bukola Saraki and former Governor Abdulfatai Ahmed
in Gwanara town where locals protested their decrepit road that had
long been awarded but left undone.

He said the contractors would only be asked to go if they fail
to deliver on the administration’s development agenda and
timeline.

“Kwara people have woken up and if I don’t fix the road, they
will protest. So we will sit with the contractors. We are not
sacking or removing them. We want to be proactive so they can do
their job,” he said.

AbdulRazaq deplored the condition of roads in the state, saying
the new administration would partner with the National Assembly and
the Federal Government on how to quickly fix them.

AbdulRazaq directed the Ministry of Works to compile the list of
roads that are in bad state so that the government can work out
funding options for their rehabilitation.

He said there’s the need to move quickly to fix the potholes on
the road.

—————

Kwara Gov condoles with THISDAY MD over wife’s death

Kwara State Governor AbdulRahman AbdulRazaq on Sunday
commiserated with the THISDAY Managing Director Eniola Bello over
the death of his wife, Helen.

“I pray the Almighty God to give the family the fortitude to
bear this sad loss. We stand by your family in this trying hour and
we pray the Almighty God to continue to comfort you,” according to
a statement by AbdulRazaq’s Chief Press Secretary,
Rafiu Ajakaye.

The statement described the death as very painful, adding that
the governor “joins the entire nation and the media community to
mourn her.”

The governor urged the top journalist and the family to take
solace in the fact that Mrs Eniola-Bello left a legacy of being a
supportive wife and mother who was committed to good family
value.

“As mortals, we are pencils in the hand of our Creator. As
people of faith, we are to resign ourselves to God’s designs for
our lives,” the statement added.

Rafiu Ajakaye
Chief Press Secretary to the Kwara State Governor