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Tag: suspension

  • Stock Exchange lifts suspension on Ikeja Hotel

    The Nigerian Stock Exchange (NSE) yesterday lifted its one and a half years suspension on trading in the shares of Ikeja Hotel, paving the way for resumption of trading in the shares of the hospitality and tourism company.

    Ikeja Hotel’s share price rose by 4.49 per cent or 8.0 kobo to close at N1.86 per share during trading yesterday at the NSE.

    Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), Godstime Iwenekhai, said the Quotations Committee of the National Council of the Exchange had on Friday May 11, 2018 approved the lifting of the full suspension.

    The board and management of Ikeja Hotel had also on Friday May 18, 2018 provided a status update to the market during an interactive session on the underlying facts behind the restructuring of the company. The interim board of the company indicated that it has undertaken considerable resolutions of the challenges facing the company.

    Iwenekhai stated that the Securities and Exchange Commission (NSE) has been notified of the lifting of suspension, in line with extant rules at the capital market.

    The NSE had in November 2016 suspended trading on the shares of Ikeja Hotel Plc in response to the high-stake dispute in the Ibru family. The Ibrus own the majority shareholdings in the hospitality and tourism company.

    The full suspension on Ikeja Hotel implied no trading whatsoever in the shares of the company. Unlike technical suspension where trading can take place without price movement, full suspension disallows both trading and price movement.

    The Exchange noted that the full suspension was taken “to safeguard the investments of shareholders of Ikeja Hotel Plc following the continued dispute between the major shareholders which has negatively impacted on the company’s governance structure”.

    The NSE stated that it acted pursuant to the provisions of rule 15.45: suspension on trading of securities, rulebook of the Exchange, 2015. The suspension took effect on November 10, 2016.

    In May 2017, SEC dissolved the board of directors of Ikeja Hotels Plc and ordered a forensic investigation into the affairs of the hospitality and tourism company. The Commission appointed Chief Anthony Idigbe (SAN) as the interim chairman for the company.

    The apex capital market regulator said it took the decision to sack the board due to unresolved internal crisis involving some majority shareholders of Ikeja Hotels Plc, in apparent reference to the squabbles within the Ibru family, which holds the largest shareholdings in the company.

    In a statement announcing the dissolution, SEC described the dissolution as proactive measure in order not to allow the warring parties to take certain actions that would give them an advantage over one another.

    Ikeja Hotel, incorporated in 1972 and quoted on the NSE in 2007, controls a chain of hotels directly and through other subsidiaries and affiliates including Tourist Company of Nigeria (TCN) Plc and Capital Hotel Plc. Ikeja Hotel owns Sheraton Hotel, Ikeja, Lagos. TCN owns Federal Palace Hotel while Capital Hotel owns Abuja Sheraton Hotel. The Ibru family owns the single largest individual shareholding.

    SEC noted that it had, in a bid to forestall chaos in the company, in conjunction with other distinguished personalities had previously held various meetings with the existing board towards resolving the crises but the company continues to be plagued with unhealthy corporate governance practices in disregard with the code of corporate governance for public companies.

    According to the Commission, as a public company, it is paramount that the activities of the company are conducted within the confines of existing corporate governance regulations in the Nigerian capital market, to ensure the protection of minority shareholders and other investors.

  • Suspension of NEMA directors, others in order, says HoS

    Head of Service of the Federation Mrs. Winifred Oyo-Ita yesterday said the suspension of six directors and other employees of the National Emergency Management Agency  (NEMA) is “in order and in line with Public Service Rules.”

    Her comment laid to rest the issue before the House of Representatives Committee on Emergency and Disaster preparedness which is investigating the activities of the agency.

    She said the Governing Council led by Vice President Yemi Osinbajo, has the powers to suspend the directors and other employees of the agency if the situation so warranted.

    Those placed on suspension are the Director of Finance and Accounts, Akinbola Hakeem Gbolahan; Ag. Director, Special Duties, Mr. Umesi Emenike;  Director, Risk Reduction, Mallam Alhassan Nuhu; Pilot in-charge Air Ambulance and Aviation Unit, Mr. Mamman Ali Ibrahim; the Chief Maintenance Officer, Mr. Ganiyu Yunusa Deji; and the Director of Welfare, Mr. Kanar Mohammed.

    The Isa Ali-led committee invited the Head of Service to guide it on the procedure for suspending staff of the Agency and to ascertain if the Governing Council had the powers to suspend the six staff of the agency.

    Represented by Mustapha Suleiman , a Permanent Secretary, The Head of the Civil Service guided the committee through the disciplinary processes in the Public Service Rules

    The Head of Service said: ” Under Section 4 serious misconduct is specified as serious wrongdoing and improper behaviour  which is inimical to the image of the Service, which if investigated and proven can lead to dismissal from service.

    “The list  is contained in sections 03, 04, 02 and it includes falsification of records, suppression of records, conviction of a criminal charge, bribery, corruption, misappropriation, embezzlement and sabotage etc.

    “Any indicted officer would cease to be on his / her duty and the suspension can come from the Civil Service Commission, Head of Service or the Governing Council.

    “That says suspension should not be used as a synonymy for interdiction. Because they are two situations, they’re different  where the case is proven already it (suspension) shall apply where there is a prima facie case the nature of which is serious has been established against the person, and it is considered necessary in public interest  that he or she should be prohibited from having access to his duties pending the investigation”.

    Chairman of the Committee said the Vice President had written to say because of his busy schedule, the Secretary of the Governing Council, who is also the DG of NEMA or members of the Council present at the hearing would answer questions meant for him.

    The Committee asked the NEMA DG to show them any law that gives the Council the power to suspend the directors and staff of the Agency.

    The Director- General said: “By the provision of the Act, the relevant section of the NEMA Act that allows the Governing Council to superintend the affairs of the Agency is Section 7(10).

    The Chairman of the Economic and Financial Crimes Commission ( EFCC ), Ibrahim Magu confirmed that the recommendation for the suspension of the said officers was given by the Commission in its interim report of its investigation.

    “We received a petition in December 2017 and we went into the investigation proper.

    “At a level, an interim position was provided and that those whose evidence of wrong doing has been established to be suspended in order not to hinder the investigation”.

    He pleaded that the committee allow him to provide the documentary evidence requested later.

    Magu told the Committee that the investigation has not been concluded and being a criminal issue, the affected officers cannot be allowed to continue to prevent the investigation from being hindered.

    In reaction to Committee’s question on whether or not members of the council were in agreement with the position canvassed by the DG, Olusegun Adekunle, a Permanent Secretary in the office of the Secretary to the Government of the Federation (SGF) affirmed that the decision was made by the council.

    “What has happened is a criminal investigation conducted by the  EFCC and the preliminary report was for us to take a decision.

    “I agreed with reason as canvased on how suspension should be done, if their continued stay in office will hinder investigation,” he said.

    Yobe State Education Commissioner, Mohammed Al Amin, tendered a letter that claimed that the state had not received any relief material from NEMA since the assumption of office of the current DG.

    Maihaja however refuted the claim saying that there must a communication gap as relief materials were supplied to the state.

    “Materials were supplied to Yobe, there must be communication gap because the  exercise was carried out by a Presidential Committee for the Northeast.

    “The government of the state was aware and the Ministry of Budget and National Planning that was in correspondence with the state government.

    “The supply was even witnessed by the Minister of Budget and National Planning as well as the Inspector General of Police.”

  • Oyegun not responsible for suspension of Ondo APC chair – Party

    Oyegun not responsible for suspension of Ondo APC chair – Party

    The Ondo state chapter of the All Progressives Congress (APC) has criticised the report credited to its former state chairman, Isaac Kekemeke, blaming his suspension on the national leadership of the ruling party.

    The party in a statement by its Director of Media and Publicity, Steve Otaloro, said Kekemeke in an effort to ‘distort’ allegations levelled against him by the party leading to his suspension, descended on the APC national leadership.

    It noted that the former chairman faulted the letter from the national secretariat that appointed Ade Adetimehin as the acting state chairman.

    The statement also quoted Kekemeke of accusing the National Chairman, Chief John Odigie Oyegun of unilaterally suspended him from office.

    In a statement which reads in part, the party said: “It is unfortunate that Kekemeke deliberately maligned our party national chairman and denigrated the highest authority of our party with a view to portraying himself as being innocent of all the allegations levelled against him.

    “All the allegations he levelled against the national chairman, according to him, are based on hearsay.”

    The party also pointed out that the former chairman as a lawyer should know that it was faulty to rely on hearsay to blame the national chairman in order to exonerate himself from allegations against him.

    It noted that the choice of Oyegun as APC national chairman was not only based on his political prowess but his dignity to speak the truth at all times.

    The party, however, advised Kekemeke to wait till the issue will be sorted out by Asiwaju Bola Tinubu’s reconciliatory committee, stressing that his ‘concocted’ claims would not help his case.

    “The timing of this falsehood is wrong most especially when President Muhammadu Buhari has saddled the national leader, Asiwaju Bola Tinubu with the role to reconcile all aggrieved members of the party,” it concluded.

     

  • I’m unaware of my suspension from APC, says Usani

    I’m unaware of my suspension from APC, says Usani

    •Factional chairman carpets Abdulahi 

    Minister of Niger Delta Affairs, Pastor Usani Usani, yesterday denied knowledge of his suspension from the All Progressives Congress (APC).

    Usani told reporters at the Margaret Ekpo International Airport in Calabar where he was welcomed by supporters they were in the process of rebuilding the party for a greater future.

    Speaking on the conflict within the party in the state, he said: “Every party has a fight and how you resolve it is what is important. My worry is within the limits of known partisan tradition and conflict.

    “We are resolving it. When a resolution takes place, whether amicably or by victory, the important thing is that there is a resolution and we are resolving it.”

    Weeks ago, the acting chairman of the party, John Ochalla, after a meeting of the state working committee, announced Usani’s suspension.

    He accused the minister of working against the interest of the party by holding “illegal meetings” to install a new chairman to do his bidding.

    A faction of the party led by the State Organising Secretary, Ekpe Owan Ayang, held a meeting where it declared Usani’s suspension as null.

    The faction went ahead to announce the suspension of Ochalla as well as the National Vice Chairman South-South, Ntufam Hilliard Eta from the party.

    In a meeting at the party’s secretariat last Tuesday, the factional group declared Etim John as new acting chairman of the party in the state.

    But a statement from the National Publicity Secretary of the Party, Bolaji Abdulahi, countered the endorsement, saying Ochalla remained the chairman.

    He warned members involved in the appointment of a new acting chairman would be disciplined.

    But reacting John, who arrived Calabar with Usani, said the statement from the National Publicity Secretary was a misnomer.

    “That statement, as far as I am concerned, is a misnomer. The party guidelines stipulate clearly how and acting chairman is appointed.

    “As far is this concerned, Ochalla is yet to be appointed or elected because he only came in to hold brief,” John said.

    Ochalla took over as acting chairman of the party after Usani, who was the chairman, was appointed Minister of Niger Delta Affairs.

  • Group seeks CCT chair’s suspension pending trial

    Group seeks CCT chair’s suspension pending trial

    A human rights group, the Access to Justice (A2Justice), has called for the suspension of Code of Conduct Tribunal (CCT) Chairman Danladi Umar until his trial is concluded.

    It urged anti-corruption agencies to be consistent in fighting judicial corruption.

    A2Justice, Nigeria’s judicial watchdog, noted that there were “questionable dithering and capriciousness” prior to filing the charge against Umar.

    The Economic and Financial Crimes Commission (EFCC) charged Umar with demanding and receiving bribes from Rasheed Owolabi Taiwo, a defendant standing trial before the CCT.

    A2Justice, in a statement by its Director Joseph Otteh, welcomed efforts to ensure that institutions of justice, such as the CCT, function with integrity and that judicial officers do not pervert the cause of justice or abuse their authority.

    “In this respect, we welcome efforts to establish whether Umar is guilty of allegations made against him and is fit to continue in his current office.

    “However, A2Justice regrets that the EFCC did not act sooner with respect to Umar, and waited for nearly five years before reaching the decision to do something.

    “Unfortunately, that time interval has been a costly one: the failure to act before this time fostered the impression that Umar was invincible and unstoppable, and gave him the opportunity to run the CCT as a personal fiefdom,” the group said.

    A2Justice said right from the time of his appointment, Umar had been dogged by allegations of corruption and financial malpractices, claims that came both from within the Tribunal and outside of it.

    “Efforts by a number of whistle-blowers to draw the attention of anti-corruption agencies to what was going on within the CCT drew blank, and in the end, those people were forced out of the CCT.

    “The failure of the EFCC to act on the many allegations against Umar for many years, until now, will trigger doubts among many about whether the Commission is now going after Umar in good faith, or, if indeed, other overarching factors are at play in this dramatic turn of events.

    “These cynicisms will create ambivalent perceptions of the forthrightness of anti-corruption agencies, and, in this case, spark some level of public anxiety about the motive behind this prosecution, a scepticism that is wholly unhealthy in the fight against corruption.

    “To fight judicial corruption effectively, anti-corruption agencies must, as a rule of thumb, be consistent and unwavering, and not permit the public to read mixed messages from what they do, or do not do,” A2Justice said.

    It called for the Umar’s suspension from office until his trial ends. Meanwhile, A2Justice urged Umar to go on an indefinite leave pending when he is formally suspended.

    “Notwithstanding the trial, and as we said in our 2016 report of the CCT: ‘It is no longer tenable for Umar to continue in office as the Chairman of the Tribuna,’ ” the group said.

    According to A2Justice, the allegations of corruption against Umar have brought public ridicule and embarrassment on CCT, adding that it has done incalculable harm to the image of the Tribunal and the Judiciary.

    “The Tribunal under Umar does not have the integrity, public trust and ‘moral character’ it needs to fight corruption, which is something of a paradox given that the Tribunal is established to enforce public morality.

    “The CCT needs a new leadership that will restore public trust in it, provide purposeful leadership for the staff and put the tribunal’s powers to effective use,” the group said.

    A2Justice called for the appointment of a third member of the tribunal as well as its reform.

    Among others, it said the CCT should be removed from executive control and placed under the supervision of the Judiciary.

    “The failure of the Federal Government to appoint a third member of the CCT to fill a position that has been vacant for many years greatly undermines the work of the CCT and the fight against corruption.

    “There are many aspects of the framework of the CCT that sub-serves the Tribunal’s ability to function efficiently and with integrity.

    “The government should use this opportunity to reform the framework of the CCT.

    “Most importantly, it should ensure that the CCT is no longer placed under the executive branch of government but under the Judiciary and is made accountable to judicial oversight bodies – such as the National Judicial Council (NJC).

    “This will give the Tribunal greater independence and ensure more effective oversight of Tribunal members.

    “It will make the Tribunal a more accountable anti-corruption institution,” A2Justice said.

  • NJC overrules Abia CJ suspension

    National Judicial Council (NJC) has declared as unconstitutional, the suspension of Abia State Chief Judge, Justice T. U. Uzokwe by the House of Assembly.

    The NJC also queried Justice Obisike Orji for allegedly submitting himself to be unlawfully sworn-in as the state’s Acting Chief Judge.

    It said the decision by the Abia State House of Assembly and Governor Okezie Ikpeazu to suspend the Chief Judge and the swearing-in an Acting Chief Judge without the input of the NJC was unconstitutional, null and void.

    The NJC issued query to Justice Orji and suspended him from acting as a judge. It also directed Justice Uzokwe to stay away from office.

    It asked Governor Ikpeazu to appoint the next most senior judge, Justice Onuoha Arisa Kalu Ogwe,  to act as the Chief Judge of Abia State pending its final resolution of the issue.

    The NJC took these decisions at its emergency meeting yesterday during which it considered the recent development in the Abia State Judiciary, particularly the suspension of the Chief Judge and the swearing in of the next most senior judge.

    NJC’s Director, Information, Soji Oye gave details, in a statement yesterday, of the body’s resolution.

    He said the NJC, after considering the Abia development, “Agreed that the decision to suspend the Chief Judge and the swearing-in of an Acting Chief Judge without the input of the National Judicial Council is unconstitutional, null and void.

    “It noted that its attention had been drawn to the crisis in Abia State Judiciary by petitions written against Hon. Mr. Justice T.U. Uzokwe and the one written by the Chief Judge against Hon. Mr. Justice C. U. Okoroafor, but in the course of the investigation by the Committees set up by Council, some elderly Judicial Officers of Abia State Judiciary waded in and pleaded with the Committees to allow the matter to be resolved amicably by them, which was granted by Council at its plenary.

    “At the last meeting of Council, which was held on 6th December, 2017, Council directed the Committees to continue and conclude with the petitions before them if there were no reports of the settlement by the peace makers.

    “While this was going on, the problem escalated and Council was informed of the suspension of Hon. Mr. Justice Uzokwe and the swearing-in of Hon. Mr. Justice Obisike Orji as the Acting Chief Judge.”

  • Southwest group faults Kashamu’s suspension

    Southwest group faults Kashamu’s suspension

    A group, the Southwest for Good Governance(SWGG), has decried the suspension of  the Peoples Democratic Party (PDP) chieftain, Senator Buruji Kashamu, over his agitation that Yoruba should become the national chairman of the opposition party.

    The group also supported his commitment against imposition in the PDP.

    A statement in Akure, the Ondo State capital by its Coordinator, Akintayo Johnson, and Secretary, Muyiwa Bayo, hinged the suspension to  boldness and criticism against those who wanted to hijack the PDP.

    It noted that”Senator Kashamu stand against the plan to ridicule Yoruba forced them to seek all means to send him out of the party, which we resist to the last.

    SWGG therefore urged PDP National Chairman, Uche Secondus to immediately lift the ‘arbitrary’ suspension placed on kashamu,  so as not to jeopardize the chances of the party in the Southwest.

    The group acknowledged the roles played by the lawmaker in stabilising the PDP and liberating the  Yoruba race with its resources.

    It also decried the statement credited to the former National Caretaker Committee Chairman, Senator Ahmed Markafi, that the Southwest contributed to its own failure to clinch the national chairmanship.

    The group noted that Kashamu had earlier warned the Southwest caucus against the Markafi’s Committee in collaboration with Governors Nyesom Wike and Ayodele Fayose to allegedly impose Secondus on the PDP.

    SWGG warned those in the habit of ridiculing Yoruba in the Southwest to stop in order not to incur the wrath of Oduduwa, its progenitor.

  • Oando asks Court of Appeal to lift suspension of shares by SEC

    Oando asks Court of Appeal to lift suspension of shares by SEC

    Oando Plc has filed an application before the Court of Appeal, Lagos Division, seeking the order of the court to lift the technical suspension imposed on its shares on the floor of the Nigerian Stock Exchange (NSE) by the Securities and Exchange Commission (SEC).

    The company,  through its lawyer, Mr. Seyi Sowemimo (SAN), went before the Court of Appeal seeking the reversal of Justice Rilwan Aikawa’s ruling..

    Oando had earlier approached the Federal High Court in Lagos to challenge SEC’s suspension of its shares and an audit of its business activities by forensic experts hired by SEC.

    Though Justice Aikawa of the Federal High Court earlier granted an interim injunction restraining SEC from carrying out the audit, the same judge, in a ruling on November 23, 2017, struck out Oando’s suit, saying he had no jurisdiction to entertain it.

    The judge said the appropriate forum to ventilate the issue was the Investment and Securities Tribunal.

    But displeased with the decision, Oando, through its lawyer, Sowemimo (SAN), went before the Court of Appeal seeking to an order of the court reversing the lower court’s  ruling.

    Sowemimo had insisted that the Federal High Court rather than the IST was the appropriate forum to hear the case.

    Sowemimo argued that the judge erred in law to decline jurisdiction because “the suit touched and concerned the operation of a company incorporated under the Companies and Allied Matters Act”.

    He said: “By virtue of Section 251(i)(e) of the Constitution, the Federal High Court is empowered to entertain CAMA-related cases”.

    He is, therefore, urging the Court of Appeal to make an order “reversing the (Justice Aikawa’s) order striking out the suit and restoring the matter to the cause list of the Federal High Court for accelerated hearing”.

    At resumed proceedings yesterday, Sowemimo informed the court about the appeal and urged the trial judge to make an order “preserving the res to prevent the appeal from being rendered nugatory”.

    But counsel for SEC and the Nigerian Stock Exchange, which was joined as the second defendant, Chief Anthony Idigbe (SAN), opposed Sowemimo’s application for the preservation of res.

    Idigbe argued that the issues canvassed by Oando in its appeal “are not substantial in law.”

    He contended that it was in the best interest of investors, shareholders and members of the public that SEC placed Oando’s shares under technical suspension.

    He said the technical suspension was to prevent panic and dumping of Oando’s shares by investors and members of the public.

    Idigbe told the court that the technical suspension was temporary and was imposed to allow for an independent forensic audit of Oando’s business activities, emphasising that there was no need for Justice Aikawa to make any order preserving the res.

    This, according to him was because “the suspension of the trading of the plaintiff’s shares in the Nigerian Stock Exchange has already been completed”.

    “The forensic examination of the plaintiff’s business activities has already commenced and the parties are waiting for the report of the said investigation.

    “The temporary suspension of trading of the shares is not a punitive action against the plaintiff but a device to protect the shares of the plaintiff from further decline because of the investigation.

    “The undertaking of the forensic examination of the plaintiff by independent experts will not prevent a return to status quo if the appeal succeeds,” Idigbe added.

    Sowemimo prayed for time to file a reply to Idigbe’s counter-affidavit.

    Justice Aikawa adjourned further proceedings in the case till tomorrow.

  • Peterside condemns suspension of APC lawmaker

    Peterside condemns suspension of APC lawmaker

    Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has condemned the suspension of a member of the Rivers State House of Assembly, Azubike Nwanjoku (Ikwerre).

    He said the lawmakers must be called to order, adding that the Ikuinyi-Owaji Ibani-led Assembly lacked the powers to suspend Nwanjoku, who is also the President-General of Ikwerre Youth Movement (IYM) International.

    Peterside, in a statement yesterday by his media team, said if the PDP lawmakers were properly informed, they would have known that they lacked the authority to suspend their colleague.

    He referred the lawmakers to a recent suit filed by Senator Ali Ndume, challenging his suspension by the Senate leadership, stressing that Justice Babatunde Quadri ordered Ndume’s reinstatement.

    The DG accused the PDP lawmakers of being used by an external influence, maintaining that the latest action would only heat up the polity.

    The statement reads: “The leadership of the Rivers State House of Assembly must be called to order. They want to embark on a journey which can cause unnecessary tension in the state. It is trite in law that even an accused must be given the opportunity to defend himself.

    “By becoming a law unto itself, the Rivers Assembly leadership is unwittingly bringing home ant-infested wood, and it must be ready to dance when the music is played. The PDP members in the House can quickly correct themselves and salvage whatever pride left in them.

    “From the way the House operates, one can effortlessly affirm that the once-honourable House has self relegated its core essence to petty local political rivalry, and has become a laughing stock, a cadre of lawmakers who ought not to be taken seriously.

    “The attempt by a certain individual to become an emperor will only last but for a moment. The unfolding drama in House is being orchestrated by the emperor and at the fullness of time, his end will become history.”

    Nwanjoku was on Monday suspended for alleged misconduct, following a vote by 15 Peoples Democratic Party (PDP) lawmakers, while the two APC lawmakers in attendance voted against the decision.

     

  • Investors strike 14 deals as Oando remains on technical suspension

    Investors strike 14 deals as Oando remains on technical suspension

    •SEC, NSE still studying court order 

    Investors struck 14 deals for 142,250 shares of Oando yesterday at the Nigerian Stock Exchange (NSE) but the indigenous energy group’s share price remained unchanged at N5.99 per share, despite a court order that restrains the NSE from putting the company under technical suspension.

    A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.

    The NSE had on Monday October 23, 2017 placed the shares of Oando on technical suspension, “thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists”.

    Securities and Exchange Commission (SEC) had last week ordered the placement of full suspension on the shares of Oando as the apex capital market regulator launched a forensic investigation into allegations leveled against the management of Oando by two aggrieved shareholders. The Commission also indicated that the full suspension should be relaxed to technical suspension after 48 hours.

    Oando obtained an interim court order on Monday October 23, 2017, restraining the NSE and any other party working on their behalf from giving effect to the directive of the SEC to implement a technical suspension of the shares of the company pending the hearing and determination of the motion for injunction and also an order restraining the SEC and any other parties claiming through or working on behalf of the Commission from conducting any forensic audit into the affairs of the company pending the hearing and determination of the motion for injunction.

    However, both the NSE and SEC were served with the enrolled court order on Tuesday, October 24, 2017 after the technical suspension was carried out by the NSE on Monday, October 23, 2017.

    A regulatory source said there was no immediate compliance with the ex-parte order because the regulators were seeking legal interpretation and implication of the court order.

    According to the source, the court order rather than seeking to vacate and lift the suspension on the company’s shares sought to restrain a directive that was already in process since last week and completed on Monday with the relax of the full suspension to technical suspension.

    In a statement signed by Chief Compliance Officer and Company Secretary, Oando Plc, Ayotola Jagun, Oando stated that it was of the view that the SEC’s directives were illegal, invalid and calculated to prejudice the business of the company.

    Two petitioners -Alhaji Dahiru Mangal and Ansbury Inc had filed petitions against Oando with SEC, alleging gross abuse of corporate governance and financial mismanagement. SEC had ordered placement of Oando’s shares under trading suspension at the NSE while directing a forensic audit of Oando.

    Oando stated that it found it necessary to take legal action because of contradictions in the directives by SEC and the need to protect the interest of its shareholders.

    Oando noted that it had fully co-operated with the SEC since the commencement of this investigation in May 2017 and provided all information requested but it was evident that submissions made to the SEC were not duly considered due to the conclusions reached and actions taken, as all of the matters raised have been responded to in great detail with all supporting documents requested by the SEC.