Oando Plc has approached the Court of Appeal with a view to lifting the technical suspension imposed on its shares on the floor of the Nigerian stock market by the Securities and Exchange Commission (SEC), Channels TV reports.
Oando wants the Court of Appeal to make an order reversing the decision of Justice Rilwan Aikawa who struck out the suit at the Federal High Court, Lagos. Counsel to Oando, Mr Seyi Sowemimo (SAN) brought this information to the notice of Justice Aikawa at the resumption of proceedings today at the Federal High Court. In the light of the appeal, Mr Sowemimo urged Justice Aikawa to make an order “preserving the res to prevent the appeal from being rendered nugatory.”
But counsel for SEC and the Nigerian Stock Exchange, which was joined as the second defendant, Mr Anthony Idigbe (SAN), opposed Mr Sowemimo’s application for the preservation of res. He said the technical suspension was to prevent panic and dumping of Oando’s shares by investors and members of the public. He also added that the technical suspension was temporary and was imposed to allow for an independent forensic audit of Oando’s business activities. Justice Aikawa adjourned further proceedings in the case till Wednesday, December 13.