Court strikes out Oando’s suit to stop SEC’s forensic audit

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A Federal High Court sitting in Lagos has struck out a case filed by Oando PLC against the Securities and Exchange Commission (SEC) seeking to stop SEC from conducting a forensic audit on the company and also lift a technical suspension placed on its shares, Premium Times reports.

The presiding judge, Mohammed Aikawa, on Thursday struck out the case on the grounds that the court lacked jurisdiction over the matter. He advised Oando to take its case to the Investment and Securities Tribunal (IST). The ruling was consequent to a preliminary objection filed by counsel to SEC, George Uwechue, SAN.

In his ruling, the judge said, “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. In addressing this issue, I find the provisions of the Investment and Securities Act 2007 quite instructive.”