Wole Olajide
The legal battle between Securities and Exchange Commission (SEC) and Oando Plc might be more prolonged than expected.
Today, July 22, was scheduled for the substantive hearing of the case between SEC and Oando which is accompanied by several applications and suits. Interestingly, the court is on vacation. Recall that Justice Ayokunle Faji adjourned the court hearing to July 22 for substantive hearing of suits which actually falls within court vacation.
At the resumed hearing today, the vacation judge Justice (Prof) Chuka Austine Obiozor ruled that as a matter of principle, vacation judge should not dabble into substantive matter except it’s a matter of urgency.
Chief Anthony Idigbe, counsel to SEC however briefed the judge about the urgency of the case. According to him “The respondent took a regulatory action against the applicants as regards the operation of their business. This was done in order to save the company and the capital market.
There are issues of the company, there are issues of personal interest and there are issues of investors”
” there was an exparte order which as been pending as a result of several applications intended to delay this case. There is a risk of systemic collapse of the capital market should this case be delayed”
The judge moved that they pick a date for substantive hearing of the case before the vacation court.
Court hearing is adjourned to September 25th 2019.