A Federal High Court in Lagos has restrained the Securities and Exchange Commission (SEC) from removing Wale Tinubu as Oando Plc’s Group Chief Executive Officer.
The court on Monday also restrained the commission from removing Omamofe Boyo as Oando’s Deputy Group Chief Executive Officer.
Justice Mojisola Olatoregun granted an interim injunction filed by Messrs Tinubu and Boyo.
They had applied for enforcement of their fundamental rights.
The court also restrained SEC from taking any step concerning the commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years.
It also restrained the commission from imposing a fine of N91.13 million on Tinubu.
Also, the federal court restrained Mutiu Sunmonu from acting as the head of Oando’s interim management team pending hearing and determination of the motion.
It urged the parties to maintain status quo ante pending the determination of the motion.
The court adjourned the case until June 14.
SEC had on Sunday set up an interim management team to be headed by Mr Sunmonu for Oando Plc after its statement on Friday ordered the resignation of Tinubu, Boyo and some board members.
