From Uche Usim, Abuja
The Securities and Exchange Commission (SEC) has secured a big win as the Federal High Court sitting in Abuja, on Thursday, struck out three cases filed by Oando Plc and some of its directors against the Commission for lack of jurisdiction.
The Court dismissed the cases in a judgement delivered by Hon. Justice F.O.G. Ogunbanjo.
Oando Plc and three of its directors namely, Adewale Tinubu, Omamofe Boyo and Olufemi Adeyemo had instituted these cases against the SEC in view of the enforcement action taken against the Company and the affected directors in its letter dated May 31 2019.
The affected directors, according to the SEC letter dated May 31, 2019 had violated the Commission’s Code of Corporate Governance, the provisions of the Investments and Securities Act 2007 and the SEC Rules and Regulations.
Oando Plc and the three directors had prayed the court to hold that their fundamental human rights were violated because according to them, the SEC did not give them fair hearing in investigating some petitions received by the SEC in 2017 from some shareholders of Oando Plc.
But the Court in delivering its judgement, struck out the three cases and ruled that the Federal High Court cannot assume jurisdiction to entertain a matter where the subject matter falls outside its jurisdiction under the guise of enforcing fundamental human rights.
The court further held that the Federal High Court lacks jurisdiction to entertain matters arising from the Nigerian Capital Market.