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A federal court in Lagos on Monday blocked Nigeria’s financial watchdog from
replacing Oando’s chief executive and taking other action against the oil firm,
pending further hearings on the case, according to a court document seen by
Nigeria’s Security and Exchange Commission (SEC) had set up an interim
management team and ordered chief executive Wale Tinubu and others to resign
following an investigation.
The SEC said it had found “certain infractions of securities and other
relevant laws” during an investigation into the company. It had ordered that
certain board members refund “improperly disbursed remuneration” and said
unidentified individuals would have to pay financial penalties.
On Monday, a judge issued an injunction against the removals of Tinubu and
of deputy chief executive Omamofe Boyo, barred the SEC’s appointed chief
executive from taking over the company and blocked the imposition of a 91.125
million naira ($297,900) fine against Tinubu.
The court also blocked an SEC order barring Tinubu and Boyo from directing
public companies for five years, pending further hearings on the company’s
challenge to the SEC ruling.
It said the case was adjourned until June 14.
“Pursuant to the court order Oando’s management team and board of directors
remain unchanged,” the company said in a statement, adding the injunction
called on those involved to maintain the status quo.
The SEC had no immediate comment.