The management of Oando Plc has moved to the Court of Appeal in its bid to challenge the technical suspension imposed on the firm shares on the floor of the Nigerian stock market by the Securities and Exchange Commission (SEC).
The management of Oando Plc had earlier approached the Federal High Court sitting in Ikoyi, Lagos to challenge Securities and Exchange Commission (SEC)’s suspension of its shares and an audit of its business activities by forensic experts hired by Securities and Exchange Commission (SEC).
The lower trial court of the Federal High Court in Lagos, Justice Rilwan Aikawa had earlier granted an interim injunction restraining Securities and Exchange Commission (SEC) from carrying out the audit, the same presiding lower court trial judge, in a ruling on November 23, 2017, struck out Oando’s suit, saying he had no jurisdiction to entertain it.
The judge said the appropriate forum to ventilate the issue was the Investment and Securities Tribunal.
But displeased with the decision, Oando, through its lawyer, Mr. Seyi Sowemimo (SAN), went before the Court of Appeal seeking the reversal of Justice Aikawa’s ruling.
Mr. Seyi Sowemimo (SAN) insisted that the Federal High Court in Lagos rather than the Investment and Securities Tribunal (IST) was the appropriate forum to hear the case as a matter of competency.
Mr. Seyi Sowemimo (SAN) adumbrated that the lower trial court erred in law to decline jurisdiction because “the suit touched and concerned the operation of a company incorporated under the Companies and Allied Matters Act (CAMA).”
In Mr. Seyi Sowemimo (SAN) argument, by virtue of Section 251(i)(e) of the 1999 Constitution as amended, the Federal High Court is empowered to entertain Companies and Allied Matters Act (CAMA)-related cases.
Mr. Seyi Sowemimo (SAN) is, therefore, praying the higher Court of Appeal to make an order “reversing the (Justice Aikawa’s) order striking out the suit and restoring the matter to the cause list of the Federal High Court for accelerated hearing.”
During Monday’s proceedings before Hon. Justice Aikawa of the Federal High Court in Lagos, Mr. Seyi Sowemimo (SAN)'s counsel to Oando Plc informed the Hon. Justice Aikawa about the appeal and urged the court to make an order “preserving the res to prevent the appeal from being rendered nugatory.”
The management of Oando Plc had earlier approached the Federal High Court sitting in Ikoyi, Lagos to challenge Securities and Exchange Commission (SEC)’s suspension of its shares and an audit of its business activities by forensic experts hired by Securities and Exchange Commission (SEC).
The lower trial court of the Federal High Court in Lagos, Justice Rilwan Aikawa had earlier granted an interim injunction restraining Securities and Exchange Commission (SEC) from carrying out the audit, the same presiding lower court trial judge, in a ruling on November 23, 2017, struck out Oando’s suit, saying he had no jurisdiction to entertain it.
The judge said the appropriate forum to ventilate the issue was the Investment and Securities Tribunal.
But displeased with the decision, Oando, through its lawyer, Mr. Seyi Sowemimo (SAN), went before the Court of Appeal seeking the reversal of Justice Aikawa’s ruling.
Mr. Seyi Sowemimo (SAN) insisted that the Federal High Court in Lagos rather than the Investment and Securities Tribunal (IST) was the appropriate forum to hear the case as a matter of competency.
Mr. Seyi Sowemimo (SAN) adumbrated that the lower trial court erred in law to decline jurisdiction because “the suit touched and concerned the operation of a company incorporated under the Companies and Allied Matters Act (CAMA).”
In Mr. Seyi Sowemimo (SAN) argument, by virtue of Section 251(i)(e) of the 1999 Constitution as amended, the Federal High Court is empowered to entertain Companies and Allied Matters Act (CAMA)-related cases.
Mr. Seyi Sowemimo (SAN) is, therefore, praying the higher Court of Appeal to make an order “reversing the (Justice Aikawa’s) order striking out the suit and restoring the matter to the cause list of the Federal High Court for accelerated hearing.”
During Monday’s proceedings before Hon. Justice Aikawa of the Federal High Court in Lagos, Mr. Seyi Sowemimo (SAN)'s counsel to Oando Plc informed the Hon. Justice Aikawa about the appeal and urged the court to make an order “preserving the res to prevent the appeal from being rendered nugatory.”
Case adjourned.
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