SEC floor Oando & Directors at High Court Abuja

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The Federal High Court sitting at Abuja, on Thursday dismissed the fundamental human right suit against the Securities and Exchange Commission (SEC) by Oando Plc and three of its directors

In the ruling on Thursday, Justice F.O.G. Ogunbanjo, struck out the suit brought by Adewale Tinubu, Omamofe Boyo and Olufemi Adeyemo for lack of jurisdiction against SEC.

Oando Plc and the three Directors had instituted these cases against the SEC in view of the enforcement action taken against the Company and the affected directors in its letter dated May 31 2019, for their violation of the SEC Code of Corporate Governance, the provisions of the Investments and Securities Act (ISA) 2007 and the SEC Rules and Regulations.

The plaintiffs had prayed the court to hold that their fundamental human rights were violated because according to them, the SEC did not give them fair hearing in investigating some petitions received by the SEC in 2017 from some shareholders of Oando Plc.

The Court ruled that it cannot assume jurisdiction to entertain a matter where the subject matter falls outside its jurisdiction under the guise of enforcing fundamental human rights.

The Federal High Court noted that it lacks jurisdiction to entertain matters arising from the Nigerian Capital Market.

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