Federal High Court Adjourns SEC Vs Oando Case to July 22

Monday, June 24, 2019 / 08.00PM  /  Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: The Eagle

A Federal High Court sitting in Lagos has adjourned till July 22, 2019, hearing of the substantive suit brought by two chief executive officers of Oando Plc, seeking enforcement of their rights.

The court also fixed July 4th to hear arguments on the motion for consolidation.

At the resumed hearing, Mr. Yele Delano (SAN) announced appearance for Oando and expressed the company’s intention to be joined in the suit as well as seeking consolidation of similar suits, pending before the court.

Delano also sought an adjournment to enable him to file his processes in the suit.

In response, counsel to SEC, Idigbe objected to their request for joiner, because it would pre-determine the respondent’s case.

He argued that the issue of application consolidation was intended to frustrate the case, thereby elongating the hearing of the case. He further argued that the party in question has not formally processed the application for consolidation; it was only a mere oral expression.

According to him, “My Lord, this matter was adjourned to today for hearing, and I am prepared to go on. The issue of consolidation of the cases is meant to accelerate the matter rather than taking it backward”.

He argued that if the court allows the joinder, it would have pre-determined the case of the defence and therefore urged the court to refuse the application.

On his part, counsel to the applicants, Mr. Tayo Oyetibo (SAN) argued in favour of the request for joining and urged the court to allow the party seeking to be joined in the suit.

According to him, if the court refuses the application for joinder, and the party goes on to appeal, then the applicant will be affected. 

In a short consideration of the issues, the court held that it was far-reaching to think that the grant of an adjournment to enable a party file a motion, will be considered prejudicial to the defence.

On that note, Justice Ayokunle Faji adjourned the cased until July 4, to hear arguments on the motion for consolidation, and also fixed July 22, for hearing of the substantive suit.

Visit Oando Plc IR Page in Proshare MARKETS

Graph 1: Oando Plc – One Year Share Price Movement

Table: Unaudited Q1 2019 Results

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2.      Oando PLC Responds to SEC’s Statement Regarding Fair Hearing in the Investigation of the Company – Jun 17, 2019

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Proshare Reports - Oando Investigation

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

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

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

Quick Recall of Past Market Memorandum(s)

4.      Beyond The Noise: MTN’s Post Listing Reactions, Gaps in Rules and Lessons Learnt – May 25, 2019

5.      PDF Report - JUMIA IPO and Q1 2019 Result – May 16, 2019

6.      Surviving Uncertain Times in the Nigerian Financial Market – Jan 19, 2019

7.      Memo To The Market – The NSE, Oscar Onyema Foundation And Corporate Governance – Aug 20, 2018

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

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

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

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

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

13.  The Proshare Transcorp White Paper - 2007 – Jan 14, 2007

List of Appendix

14.    Corporate Governance Rating System (CGRS)

15.   Facts Behind the Figures (FYE 2016 & Q1 2017 Performance Review)

16.  Oando Plc Half Year Update Call (FYE 2015 & Q1 2016 Performance Review)

17.   NSE X- Compliance Report February 21, 2014

18.  NSE X- Compliance Report August 7, 2015  

19.  NSE X- Compliance Report May 2019

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21.  OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k) – Apr 25, 2019

22. Oando PLC Announces Divestment of its Residual 25% Interest in Axxela Limited – Apr 04, 2019

23. Oando’s Plan to Deleverage and Remain Profitable – Apr 04, 2019

24. Axxela Now 100 Percent Owned by Helios – Apr 04, 2019

25.  Oando Plc Announces FYE 2018 Results, Posts N28.8 Billion Profit-After-Tax – Apr 02, 2019

26. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Apr 01, 2019

27.  Oando PLC, Canadian Government and Accountability Lab Champion the SDG 16 Innovation Challenge 2019 – Mar 26, 2019

28. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Mar 15, 2019

29. Oando Female Engineers Mentor Female Pupils in Celebration of International Day of Women in Science – Mar 08, 2019

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33. Oando PLC, Nestle Nigeria, Union Bank and others lead conversations on Heritage Branding – Nov 01, 2018

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35.  Oando Plc Eyes Growth After Curbing $2.5 Billion Debt – Aug 28, 2018

36. Oando Plc Successfully Concludes 41st Annual General Meeting  - Jul 28, 2018

37.  Oando Plc Sets the Record Straight Regarding the LCIA’s Ruling on Whitmore, OODP BVI and Ansbury – Jul 16, 2018

38. Oando Plc Awarded EPC Mandate to Develop Ajaokuta-Kaduna-Kano Gas Pipeline Project by the NNPC – Apr 19, 2018

39. Oando PLC Announces YTD September 2017 Results; Gives Operational Highlights

40. Oando Plc state Positions on the Securities and Exchange Commission Alleged Findings

41.  Oando Secures Court Injunction, restraining SEC, NSE

42. Oando Shares Now Available for Trading, No Price Movement During Technical Suspension

43. JSE Follows NSE, Suspends Trading in the Shares of Oando Plc

44. Oando Gives Holding Response on SEC’s Directive to NSE to Suspend Trading of Its Shares

45.  Oando PLC’s Official Statement on the SEC’s Directive to The NSE to Suspend Trading of Its Shares

46. NSE, SEC Confirm Decision To Suspend Trading On The Shares of Oando Plc

47.  Trading on the Shares of Oando Plc Suspended; Reasons Unknown

48. Oando Gas & Power Rebrands as Axxela

49. House of Reps gives SEC Two weeks to submit Report on Oando PLC

50. Oando Plc. - AGM Resolution

51.   Oando Plc holds 40th AGM, engages Shareholders on the Progress of its Restructuring Plan

52.  Oando Plc's 40th AGM To Hold As Planned Following SEC Confirmation

53.  Oando Plc to Hold 40th AGM on Sept 11, 2017

54.  Oando Plc Issues an Update on Claims of a SEC Investigation

55.  OANDO Declares N4.56bn Profit in Q2 2017 Results,(SP:N7.80k)

56.  Oando Issues Press Release over SEC Investigation

57.  Corporate Earnings for the Week Ending 140717 – UCAP declares N1.99 billion Profit in Q2'17 Results

58. SEC Investigating Oando Plc

59.  OANDO Plc Announces Closed Period

60. Oando Provides Clarifications on its Refinery Ambitions

61.  OANDO Declares N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)

62. OANDO Plc Announces Closed Period

63. Oando Plc to Hold 2016 AGM on Tuesday 2nd August

64. Oando Plc Key Highlights on Q4 15 and Q1 16

65.  OANDO Concludes Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations

66. Material Uncertainty May Cast Doubt on Oando’s Ability to Continue as a Going Concern – Ernst & Young

67.  OANDO Releases Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k

68. Oando Plc Secures 5 Year N94.6 Billion Medium Term Facility with 10 Nigerian Banks

69. Oando explains what Deregulation of Petrol Price means for its Downstream Operations

70. OANDO to acquire OER Minority Shares for a Consideration of US 1.20 per share in Cash

71.   The Corporate Governance Rating System – Proshare

72.  ETI, Oando Plc under Fire over Ownership, Governance

Related News on SEC Laws and Corporate Governance

73.  NSE Notifies Of The Effective Dates Of Its Rules On Listing On The Growth Board, Free Float – May 22, 2019

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75.The FRCN Nigerian Code of Corporate Governance 2018 – Jan 18, 2019

76.  The-Market-Memorandum---Fundamental-Considerations-for-Capital-Market-Reforms-in-Nigeria/2910

77.  Corporate Governance and Directors' Remuneration

78. SEC Proposes New Rules & Amendments to Rules on Book Building, Corporate Governance

79.  Good Corporate Governance is Good Business

80.SEC, Udo Udoma And Corporate Governance: The Fact Files

81.Enabling Law – Investment and Securities Act (ISA) 2007

82.           SEC Nigeria’s Executed Rules and Regulations as at June 2017

83. SEC Nigeria’s Consolidated Rules and Regulations as at 2013

84. Code of Corporate Governance for Public Companies_4 April 2011

Related News on Oando from Other Sources

85. N236bn Liability: Oando Shareholders Protest in Ibadan – Independent

86. Intel’s Volpi Steps Up Battle Against Wale Tinubu over Control of Oando - ThisDay

87. Suspension of OANDO PLC – SEC

88.Oando Shareholders Set To Sack Wale Tinubu, Board – Independent

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94. Oando and IAS 24: What the law cannot do by @Doubleeph - Nairametrics

Acknowledgement/Research Links

95.  Securities and Exchange Commission, Nigeria  

96. The Nigerian Stock Exchange

97.  Oando Plc

98. Convention for Business Integrity

99. Vetiva Capital Management Ltd

100.         Oando’s Investors Relation Page - TheAnalyst

101.          Oando Plc Audited Financial Statements – 2012

102.         Oando Plc Audited Financial Statements - 2013

103.         Oando Plc Audited Financial Statements - 2014

104.         Oando Plc Audited Financial Statements - 2015

105.            Oando Plc Audited Financial Statements - 2016

106.         Oando Plc Audited Financial Statements – 2017

107.          Oando Plc Audited Financial Statements – 2018