Justice Ayokunle Faji of the Federal High Court in Lagos on Monday adjourned until 22 July a case brought by Oando to halt management changes ordered by the Securities and Exchange Commission.
The SEC’s action followed an investigation in which it allegedly found evidence of financial infractions by the company.
Earlier this month, a court blocked the SEC from replacing Oando’s chief executive and taking other action against the oil firm, pending further hearings on the case.
Legal fireworks and arguments were expected today between the sacked Oando directors, Jubril Adewale Tinubu and Omamofe Boyo and the Securities and Exchange Commission(SEC).
Tinubu and Boyo are fighting to retain their control of the oil company after SEC appointed an interim management headed by Mutiu Sunmonu, a former head of Shell Nigeria.
SEC has filed preliminary objection as well as counter-affidavit against the fundamental rights enforcement suit which Tinubu and Boyo, as applicants filed against it.
In the preliminary objection, SEC urges the court to dismiss the suit on several grounds: lack of jurisdiction, non-compliance with condition precedent prescribed by the investment and Securities Act, no, 29, 2007 for instituting an action against the respondent and failure to exhaust administrative remedy available.
SEC lawyers will argue that the suit by the sacked Oando directors is incompetent and an abuse of the process of the court.
“The entire action is frivolous, vexations, malicious, tantamount to forum shopping, an abusive use of the processes of the court, with the aim of interfering with the SEC’s discharge of regulatory duties and responsibilities”, SEC said.