A federal court sitting in Lagos on Monday has adjourned a case brought by oil firm Oando Plc to stop Nigeria’s financial watchdog from replacing its chief executive and making other management changes until July 22.
The Security and Exchange Commission’s action followed an investigation in which it allegedly found evidence of financial infractions by the company.
Justice Mojisola Olatoregun had through a motion filed and argued by Mr. Tayo Oyetobo (SAN) on June 3 restrained the SEC from replacing Oando’s chief executive and taking other action against the oil firm, pending further hearings on the case.
SEC through its counsel, Chief Anthony Idigbe (SAN), filed a motion to discharge the order as well as preliminary objections challenging that some material facts were concealed in the process of obtaining the order.
Justice Ayokunle Faji adjourned the case until July 22 for the hearing of all pending applications.
Oando has dismissed SEC’s charges as unsubstantiated and called for the commission to release the full audit on which it is basing its charges.
The Lagos-listed Oando, which also has a dual listing in Johannesburg, has evolved from a fuel retailer into a major indigenous oil producer that competes with multinationals such as Royal Dutch Shell and Exxon Mobil in Nigeria.
