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NSE Suspension: Oando Appeals Court Ruling

Oando Plc has taken the fight with Security and Exchange Commission, SEC over the suspension of its shares on the floor of the Nigerian Stock Exchange, NSE to the Court of Appeal.

The decision by the oil major followed at recent ruling by a Federal High Court sticking out its suit against SEC for lack of jurisdiction to hear the case.

Though Justice Rilwan Aikawa of the Federal High Court had earlier granted an interim injunction restraining SEC from carrying out the audit, the same judge, in a ruling on November 23, 2017, struck out Oando’s suit, saying he had no jurisdiction to entertain it.

The judge said the appropriate forum to ventilate the issue was the Investment and Securities Tribunal.

Displeased with the decision, Oando, through its lawyer, Mr. Seyi Sowemimo (SAN), is now before the Court of Appeal seeking the reversal of Justice Aikawa’s ruling.

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