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OANDO PLC - Press Statement Oando PLC Responds to Abuja Court Ruling

Release Date: 01/03/2021 07:05
Code(s): OAO     PDF:  
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Press Statement
Oando PLC Responds to Abuja Court Ruling

Oando PLC
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
(“Oando” or the “Company”)

Press Statement
Oando PLC Responds to Abuja Court Ruling

Lagos, Nigeria – On Thursday, February 25, 2021, the Federal High Court, Abuja (under presiding Judge
Giwa-Ogunbanjo), the three (3) suits between Oando PLC, (referred to as “Oando” or the “Company”), its
Principals, Group Chief Executive, Adewale Tinubu, and Deputy Group Chief Executive, Omamofe Boyo;
and its Group Chief Financial Officer, Olufemi Adeyemo; and the Securities and Exchange Commission
(SEC) came up for judgement.

The Court declined jurisdiction to hear the Fundamental Rights suits on its merits, stating that the
Investment Securities Tribunal (IST) is the appropriate forum to hear the matter.

The Judge therefore declined to assume jurisdiction over the suits and struck out same. As such the suits
were not determined on their merits.

The Company is of the opinion that the judgement is misconceived and as such has appealed the decision
on the grounds that the powers conferred by the Constitution of the Federal Republic of Nigeria on its
citizens to enforce their fundamental rights supersedes the provisions of the Investment and Securities Act

Furthermore, the Company and its Principals have filed applications for stay of execution as well as an
injunction pending appeal in respect of the judgement of the Federal High Court, Abuja in relation to SEC’s
May 31, 2019 letter to the Company (refer to footnote**).

**For full details of Securities and Exchange Commission’s May 31, 2019 letter to the Company please visit

It is important to note that the following related suits are pending before various courts:
1.      Judicial Review Actions
        (i)     Mr. Jubril Adewale Tinubu & Anor vs SEC (Suit No: FHC/L/CS/911/19)
        (ii)    Oando PLC vs SEC (Suit No: FHC/L/CS/1031/19)
        These suits were instituted by Oando PLC and its Principals, asking the court to exercise its
        supervisory jurisdiction over SEC by way of a judicial review of SEC’s decisions as contained in its
        May 31, 2019 letter.

2.      Shareholder Actions
        (i)     Engr. Patrick Ajudua vs SEC & Oando Plc (FCT/HC/BW/CV/347/2020)
        This matter was instituted by a shareholder of Oando PLC at the High Court of the FCT, Abuja and
        judgment was given in respect thereof on February 23, 2021, to the effect that SEC’s May 31, 2019
        letter is illegal, null and void and of no effect, amongst others.

        (ii)    Alhaji Yakubu M. Gumel & ORS vs SEC & Oando Plc (FHC/KN/CS/17/2021)
        This matter was instituted by certain shareholders of Oando PLC at the Federal High Court, Kano.
        The said shareholders obtained various interim orders against SEC

        pending the determination of the substantive suit. These include an interim order restraining SEC
        from acting on its May 31, 2019 letter.

From the foregoing, SEC is restrained from acting on its findings and carrying out any of the sanctions
specified in its May 31, 2019 letter. As such the status quo that existed before yesterday’s ruling remains
unchanged and Oando PLC’s current management team remains in place.
The Company reiterates its unwavering commitment to its regulatory obligations and support for the
Nigerian Government’s effort to enhance the oil and gas sector, however, all actions taken to date have
been predicated on the belief that the SEC has shown bias, a lack of due process and fair hearing in its
dealings with the Company. Furthermore, the Company would like to assure the public of its commitment
to taking the necessary steps to protect its business and assets while always acting in the best interest of
its shareholders as well as other key stakeholders.

For further information, please contact:
Ayotola Jagun
Company Secretary
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159

Alero Balogun
Head, Corporate Communications
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, ext. 6761

For Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary
26 February 2021

Sponsor: Sasfin Capital (a member of the Sasfin Group)

Date: 01-03-2021 07:05:00
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