A Federal high court, sitting in Kano, on Wednesday, ruled that the Security and Exchange Commission acted arbitrarily when it sacked directors of Oando plc after a forensic audit of the books of the company, which revealed some infractions.
Following the infraction, the court consequently, awarded N250,000 cost against the Securities and Exchange Commission.
Justice Lewis Allagoa, while, delivering judgment in the suit instituted by a shareholder of the firm, Yakubu Gumel, granted all reliefs sought by the applicant, effectively restraining SEC and its agents from meddling in the affairs and management of Oando plc.
Also, the judge dismissed SEC’s argument that the matter should be resolved at the Investments and Security Tribunal, stating that SEC can intervene in matters involving capital markets but it must comply, with extant laws.
Counsel to the applicant, Dapo Ajagbe, said the judgment implied that the interim management, appointed by SEC was a nullity and stood dissolved.
SEC’s Counsel, Abdullahi, Ghazali did not concede to the N500,000 cost against his clients.
However, Justice Lewis Allagoa in his discretion awarded N250,000 cost against the Securities and Exchange Commission.
