*Oando to appeal court judgment
![image](/2020/10/lawreport.jpg")
The Securities and Exchange Commission (SEC) has secured a big
win as the Federal High Court sitting in Abuja, on Thursday, struck
out three cases filed by Oando Plc and some of its directors
against the Commission for lack of jurisdiction.
![image](/2021/01/payne-alex.jpg")
The Court dismissed the cases in a judgement delivered by Hon.
Justice F.O.G. Ogunbanjo.
Oando Plc and three of its directors namely, Adewale Tinubu,
Omamofe Boyo and Olufemi Adeyemo had instituted these cases against
the SEC in view of the enforcement action taken against the Company
and the affected directors in its letter dated May 31 2019.
The affected directors, according to the SEC letter dated May
31, 2019 had violated the Commission’s Code of Corporate
Governance, the provisions of the Investments and Securities Act
2007 and the SEC Rules and Regulations.
Oando Plc and the three directors had prayed the court to hold
that their fundamental human rights were violated because according
to them, the SEC did not give them fair hearing in investigating
some petitions received by the SEC in 2017 from some shareholders
of Oando Plc.
But the Court in delivering its judgement, struck out the three
cases and ruled that the Federal High Court cannot assume
jurisdiction to entertain a matter where the subject matter falls
outside its jurisdiction under the guise of enforcing fundamental
human rights.
The court further held that the Federal High Court lacks
jurisdiction to entertain matters arising from the Nigerian Capital
Market.
Oando Plc, said it would appeal Thursday judgment of a Federal
High Court sitting in Abuja, which declined jurisdiction to hear
three fundamental rights suits by the Group Managing Director of
Oando Plc and its Deputy, against their sack from the company by
the Securities and Exchange Commission, SEC.
Oando, saying that it would appeal the judgment, noted that “The
basis for the court’s decision is Section 36(2) of the Constitution
which allows aggrieved individuals to first approach any tribunal
or administrative agency to determine civil rights and obligations
as long as that process and the resulting decision is not
final.
“The court also reiterated that the IST has primary jurisdiction
over applicants (Oando and its principals) in respect of capital
market issues and not the Federal High Court.”
An Oando official explained that as much as they respect the
decision of the court, in their opinion, the court did not address
their concern thus the battle was far from over as they have lodged
an appeal with the courts in Abuja, contesting the court’s decision
to refer the case to the IST.
Oando and its affected directors argue that the powers conferred
by the constitution of the Federal Republic of Nigeria on its
citizens to enforce their fundamental rights supersedes the
provisions of the Investment and Securities Act 2007.
*Oando to appeal court judgment
The Securities and Exchange Commission (SEC) has secured a big
win as the Federal High Court sitting in Abuja, on Thursday, struck
out three cases filed by Oando Plc and some of its directors
against the Commission for lack of jurisdiction.
The Court dismissed the cases in a judgement delivered by Hon.
Justice F.O.G. Ogunbanjo.
Oando Plc and three of its directors namely, Adewale Tinubu,
Omamofe Boyo and Olufemi Adeyemo had instituted these cases against
the SEC in view of the enforcement action taken against the Company
and the affected directors in its letter dated May 31 2019.
The affected directors, according to the SEC letter dated May
31, 2019 had violated the Commission’s Code of Corporate
Governance, the provisions of the Investments and Securities Act
2007 and the SEC Rules and Regulations.
Oando Plc and the three directors had prayed the court to hold
that their fundamental human rights were violated because according
to them, the SEC did not give them fair hearing in investigating
some petitions received by the SEC in 2017 from some shareholders
of Oando Plc.
But the Court in delivering its judgement, struck out the three
cases and ruled that the Federal High Court cannot assume
jurisdiction to entertain a matter where the subject matter falls
outside its jurisdiction under the guise of enforcing fundamental
human rights.
The court further held that the Federal High Court lacks
jurisdiction to entertain matters arising from the Nigerian Capital
Market.
Oando Plc, said it would appeal Thursday judgment of a Federal
High Court sitting in Abuja, which declined jurisdiction to hear
three fundamental rights suits by the Group Managing Director of
Oando Plc and its Deputy, against their sack from the company by
the Securities and Exchange Commission, SEC.
Oando, saying that it would appeal the judgment, noted that “The
basis for the court’s decision is Section 36(2) of the Constitution
which allows aggrieved individuals to first approach any tribunal
or administrative agency to determine civil rights and obligations
as long as that process and the resulting decision is not
final.
“The court also reiterated that the IST has primary jurisdiction
over applicants (Oando and its principals) in respect of capital
market issues and not the Federal High Court.”
An Oando official explained that as much as they respect the
decision of the court, in their opinion, the court did not address
their concern thus the battle was far from over as they have lodged
an appeal with the courts in Abuja, contesting the court’s decision
to refer the case to the IST.
Oando and its affected directors argue that the powers conferred
by the constitution of the Federal Republic of Nigeria on its
citizens to enforce their fundamental rights supersedes the
provisions of the Investment and Securities Act 2007.