Oando Appeals Court Ruling on Suit against SEC

Says battle far from over

Dissatisfied with yesterday’s ruling of the Federal High Court, Abuja striking out its suit against the Securities and

Exchange Commission (SEC), Oando Plc has approached the Court of Appeal to overturn the decision of the lower court.

The court, in a ruling by Justice Giwa Ogunbanjo, declined jurisdiction to hear the suit on its merits, stating that the Investment and Securities Tribunal (IST) is the appropriate forum to hear the matter.

The Justice Ogunbanjo based his decision on Section 36(2) of the constitution, which allows aggrieved individuals to first approach any tribunal or administrative agency to determine civil rights and obligations as long as that process and the resulting decision is not final.

Consequently, he said the IST has primary jurisdiction over the applicants (Oando and its principals) in respect of capital market issues and not the Federal High Court.

However, Oando in a statement explained that as much as it respects the decision of the court, it argued that the court did not address its concern.

The company stated that the battle is far from over as it has lodged an appeal with the appeal court in Abuja, contesting the lower court’s decision to refer the suit to the IST.

The company and its affected directors argued that the powers conferred by the Constitution of the Federal Republic of Nigeria on its citizens to enforce their fundamental rights supersede the provisions of the Investment and Securities Act 2007.

It stated that it has also filed an application for stay of execution as well as an injunction pending the appeal on the SEC’s May 31, 2019 letter to the company, and as such the status quo that existed before yesterday’s ruling remained unchanged.