Securities and Exchange Commission (SEC) has directed Oando Plc to suspend its annual general meeting scheduled for Tuesday (tomorrow).
SEC said in a statement on Monday that the directive was based on a court injunction which ordered all parties in the suit to maintain status quo.
The deposed Group Chief Executive Officer of Oando, Wale Tinubu, and his deputy, Omamofe Boyo, sued SEC after the commission sacked and barred them from being directors of public companies for five years.
SEC had on June 2 said it had set up an interim management team to oversee Oando’s affairs and conduct an extraordinary general meeting on or before July 1, 2019, to appoint new directors who would subsequently select a management team for the company.
However, the commission’s statement on Monday read: “The Securities and Exchange Commission hereby notifies the public that further to the ex-parte order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/CS/910/19 IN Mr Jubril Adewale Tinubu & Anor V Securities & Exchange Commision & Anor, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold…on Tuesday, June 11, 2019 at 10:00 a.m. has been suspended till further notice.
“Accordingly, the commission has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties to maintain status quo.”
SEC said it would update relevant stakeholders and the public on the outcome of the ongoing litigation.
