The Kano Division of the Federal High Court has overruled the removal of directors of Oando Plc by the Securities and Exchange Commission.
The court made the ruling on Wednesday.
The presiding judge, Lewis Allagoa, dismissed the regulator’s preliminary objection and granted all the reliefs sought by the shareholders in the ruling.
The court held that the regulatory body overreached its powers when it suspended the management of Oando, deeming all its actions as illegal and an infringement of their rights.
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According to ThisDay, the appointment of interim management by the body has been declared null and void.
The court also granted that the commission’s interference in Oando Plc management without sharing the forensic audit report that brought about the sanctions against the company and its directors was outside the scope of its powers.
Two hundred and fifty thousand naira was awarded as cost against the SEC in favour of Oando shareholders, Yakubu Gumel and Kabiru Tambari, acting on behalf of the Sokoto Zone Shareholders Association and Tunde Badmus of Pacesetters Shareholders Association.
The SEC was sued by displeased shareholders of Oando Plc who sought a restraining order against it, its agents, or representatives from acting on its May 31, 2019, letter sanctioning Oando Plc’s management.
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