Court Adjourns Oando Case Against SEC To July 22

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 manangement changes to 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 agued by Mr Tayo Oyetobo SAN on 3rd of June 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 it counsel Chief Anthony Idigbe SAN filed a motion to discharge the order as well as priliminarry objections challenging that some material facts was concealed in the process of obtaining the order.

Justice Ayokunle Faji adjourned the case to 22nd of July for the hearing of all pending applications.

Oando has dismissed the SEC charges as unsubstantiated and called for the SEC 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