SEC Versus Oando: Court hearing for consolidation adjourned to July 22

Wole Olajide

It appears the legal battle between Securities and Exchange Commission (SEC) and Oando Plc might be elongated as hearing for consolidation has been adjourned to July 22, 2019.

At the court today July 4th, which was originally scheduled for hearing of motions for consolidation, Counsel to Oando Plc, Mr Yele Delano pointed out that they were served an application by Counsel to SEC only 24 hours before the court hearing and as such, they need more time to respond.

Recall that Mr Yele Delano, at the court hearing in June 24 expressed the company’s intention to be joined in the suit FHC/L/CS/910/19 between Mr Jubril Adewale Tinubu & Anor V Securities and Exchange Commission; as well as sought consolidation of similar suits pending before the court. Delano sought an adjournment to enable him to file his processes in the suit. The judge having granted this request to ensure fair hearing gave 48 hours for all parties to file and serve their applications and adjourned argument for consolidation to July 4 and substantive hearing of suits to July 22.

At the court today, Mr Yele Delano claimed that Chief Anthony Idigbe, Counsel to SEC, was not in time with the stipulated time to file their application. According to Delano “I have filed and served my application since June 26, my learned counsel was entitled to 5 days and it expired on July 2nd. He served me late which is July 3rd and I need time to respond”

Chief Antony Idigbe however argued that the applicant’s counsel should have speed up response within the 24 hours, being aware of the pressure of time as regards the case.

Justice Ayokule Faji intervened by stating that “if you do not file and serve application within 5 days, you are out of time”

Delano demanded an apology and also moved that the respondent’s counsel should file application to regularize. Chief Anthony Idigbe apologized and orally moved motion to regularize. No objection was made.

The Judge ruled that each party should file and serve their applications within 48 hours and hearing for consolidation is adjourned to July 22 which actually the same day for substantive hearing of suits.

Justice Ayokunle Faji is starting vacation this week. It appears he might not be the one to preside over this case in July 22.



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