FHC Grants Interim Injunction Against SEC and Mutiu Sunmonu In Suit Brought By Tinubu And Boyo

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Monday, June 03, 2019   /   04:47PM  /  By News & Investigations 


In a day already filled with developments and so many moving parts, the Federal High Court has, this afternoon, granted an expected interim injunction against the Securities & Exchange Commission (SEC)  and the appointee nominated by it to act as an “interim Chairman’ of a yet to be named ‘interim committee’ announced on Sunday night.

 

The focus of the firm is now effectively on this market development which we have been monitoring since 2017; given its far reaching precedence setting nature.

 

Find below the transcribed judgment.

 

 

IN THE FEDERAL HIGH COURT IN THE LAGOS JUDICIAL DIVISION HOLDEN AT LAGOS (SUIT NO: FHC/L/CS/910/19)

 

IN THE MATTER OF APPLICATION BY MESSRS. JUBRIL ADEWLAE TINUBU AND OMAMOFE BOYO FOR THE ENFORCEMENT OF THEIR FUNDAMENTAL HUMAN RIGHTS

 

BETWEEN:

1.      MR. JUBRIL ADEWALE TINUBU                                            APPLICANTS

2.      MR. OMOMOFE BOYO

 

AND

 

1.       SECURITIES AND EXCHANGE COMMISSION                  RESPONDENTS

2.      MR. MUTIU OLANIYI ADIO SUNMONU

 

 

UPON THIS MOTION EXPARTE dated and filed on the 3rd day of June, 2019 praying for:

 

1.       AN ORDER of Interim Injunction restraining the 1st Respondent, its servants, agents employees and/ or privies from taking any step concerning and or acting on its decision contained in its letter of 31st May 2019 imposing a fine of N91,125,00.00 on the 1st Applicant and barring the 1st and 2nd Applicants from being directors of the public companies for a period of 5 years pending the hearing and determination of the Applicants’ Motion for Interlocutory Injunction.

 

2.      AN ORDER interim injunction restraining the 2nd Respondent from acting as the head of the interim management of Oando Plc pending the hearing and determination of the Applicants’ Motion for Interlocutory Injunction.

 

3.      AN ORDER staying and or suspending the execution or the enforcement of the 1st Respondent’s decision contained in its letter of 31st May 2019 imposing a fine of N91, 125.000.00 on the 1st Applicant and barring the Applicants from being directors of public companies for a period of 5 years pending the hearing and determination of the Applicants’ Motion for Interlocutory Injunction.

 

4.      AN ORDER of interim injunction restraining the 1st Respondent, its servants and its agents from directing, requesting any agency of government to act upon its decision contained in its letter of 31st May 2019 pending the hearing and determination of the Applicants’ Motion on Notice.

 

AND SUCH FURTHER order or orders that this Honourable Court may deem fit to make in the circumstance.

 

Dated this 3rd Day of June 2019



Proshare Nigeria Pvt. Ltd.


 

Related News on SEC Investigation Report

1.       NSE Release: Oando Plc Warns Against Unofficial Company News Circulating In The MediaJun 03, 2019

2.      SEC Appoints Interim Management Team For Oando Plc Headed By Mr. Mutiu Olaniyi Adio SunmonuJun 02, 2019

3.      Post-Forensic Exchanges: The SEC Letter to Oando Plc and The Oando RebuttalJun 02, 2019

4.      Oando Challenges SEC’s Ruling On The Outcome Of The Forensic Audit Into Oando PLC – May 31, 2019

5.      SEC Announces Far Reaching Decisions On The Investigation Of Oando Plc – May 31, 2019


 

 

Proshare Nigeria Pvt. Ltd.


 

Proshare Reports - Oando Investigation

6.      Memo to The Market: The Oando Corporate Journey – At the Regulators Gate – Nov 22, 2017

7.      Download Full (PDF) Report - Memo to The Market: The Oando Corporate Journey – At The Regulators Gate – Dec 2017

8.     Review of the SEC Technical Committee Recommendations, Opinion and Final Report – Dec 08, 2017

 


Proshare Nigeria Pvt. Ltd.


 

Quick Recall of Past Market Memorandum(s)

9.      Beyond The Noise: MTN’s Post Listing Reactions, Gaps in Rules and Lessons LearntMay 25, 2019

10.  The Bull in the China Shop – A New Paradigm in the Banking Sector (analysis of the SLS Intervention) ... - Proshare Aug 21, 2009

11.   Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare Sept 06, 2010

12.  Memo to the Market: Reappointing Arunma Oteh as DG, SEC - Proshare Dec 31, 2014

13.  Where Nigeria got it Wrong - Proshare Dec 01, 2014

14.  Leadership, Change and Corporate Transformation – The Nigerian Experience ... - Proshare Nov 07, 2017  

 

 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

 



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