Leading energy firm in Nigeria, Oando Plc, on Friday, lost its appeal to stop plans by the Securities and Exchange Commission (SEC) to conduct a forensic audit of its affairs. Oando, after first losing its bid to stop the process at the Federal High Court sitting in Lagos last month, filed an appeal to challenge the lower court’s judgement. On Wednesday, the company filed a motion before the high court, seeking an injunction to preserve the ‘res’ pending the final determination of the appeal.
This was challenged by counsel to SEC, Mr Anthony Idigie, who argued that a motion for injunction calls for the exercise of the court’s jurisdiction.
He stressed that for the motion to scale through, the applicant (Oando Plc) must show exceptional circumstances on why it thinks the court has jurisdiction to entertain it.
He noted that the court had already delivered a declarative judgement in the matter and that there was nothing again to be stayed.
The presiding judge, Justice Rilwan Aikawa, then fixed today for ruling on the matter.
At the court today, the judge struck out the case instituted by Oando for stay of execution with respect to the forensic audit and suspension of trading placed on its shares on the floor of the Nigerian Stock Exchange (NSE).
He maintained that the Investment and Securities Tribunal (IST) remains the best place for Oando to take its matter to because it was established to entertain capital market disputes.
“I hold that the subject matter of this issue falls within the exclusive jurisdiction of the Investment and Securities Tribunal (IST) and not this court,” he added.
