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).
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.
Mr Idigbe argued that the issues canvassed by Oando in its appeal “are not substantial in law.
Oando Drags SEC To Appeal Court
