Markets

The Securities and Exchange Commission in a brazen show of high handedness and a total disregard for the Nigerian justice system which they are sworn to uphold, has disregarded the directives of the Federal High Court, Lagos to suspend the implementation of sanctions against Oando PLC.

UN Secretary-General António Guterres on Tuesday assured the President-elect of the 74th UN General Assembly, Amb. Tijani Mohammad-Bande, of his support to actualise his vision.

Capital market operators on Wednesday called for urgent intervention of the Federal Government in the conflict between the Securities and Exchange Commission (SEC) and Oando Plc.

With the enlisting of the leading mobile operator in the country on the Nigeria Stock Exchange, the Nigerian Communications Commission, NCC, says other operators including Bharti Airtel, Globacom and 9Mobile are getting set to do so.

The Lagos Division of the Federal High Court has restrained the Securities and Exchange Commission (SEC) from removing Wale Tinibu and Omamofe Boyo as Oando Plc’s Group Chief Executive Officer (GCEO) and Deputy Group Chief Executive Officer (DGCEO), respectively.

Oando Plc on Monday said that it had yet to receive any letter from the Securities and Exchange Commission (SEC) on the appointment of its interim management team.

The Federal High Court in Lagos has granted the Group Chief Executive, Oando, Wale Tinubu and his deputy, Omamofe Boyo, an injunction restraining the SEC from executing the sanctions in the letter to Oando dated the 31st of May, 2019.

Fireworks on the controversy over corporate governance issues in Oando Plc may begin today as the management of the company is set to contest the veracity of the sack of its directors by the Securities and Exchange Commission, SEC, last weekend.

The battle for the headship of the Securities and Exchange Commission (SEC) got fiercer Monday morning as the Association of Senior Civil Servants of Nigeria, SEC Branch, locked up offices of the headquarters of the Commission over attempts by suspended DG Mounir Gwarzo to resume duties.

The announcement by the Securities and Exchange Commission (SEC) on Sunday June 2, 2019, on the alleged appointment of Mr. Mutiu Olaniyi Adio Sunmonu, CON, to head an Interim Management Team at Oando may have been executed without recourse to due process.

Oando Plc has demanded from the Securities and Exchange Commission the report of the forensic audit carried out by Deloitte & Touche for it to have a better understanding of the findings that culminated in the decisions taken by the commission.

The long awaited results from the forensic audit into Oando PLC, was finally released on Friday, May 31, 2019 on the website of the Securities and Exchange Commission (SEC) indicating weighty infractions with attendant sanctions leveled against the Company.

Some capital market operators on Saturday applauded the industrial court judgment on the reinstatement Malam Mounir Gwarzo as the Director-General of the Securities and Exchange Commission (SEC).

Oando Plc said on Friday that it would challenge the Securities and Exchange Commission (SEC) ruling on the outcome of its forensic audit.

The crucial market indices of the Nigerian Stock Exchange (NSE) dropped by 0.17 per cent on Thursday after the work-free day to mark the May 29 inauguration date.

The National Industrial Court, Abuja, on Thursday ordered the immediate reinstatement of Mounir Gwarzo, the suspended Director-General of the Securities and Exchange Commission (SEC), back to his position.

Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, said on Tuesday it was considering a stock market flotation in London to reduce existing debt.

Nigerian capital market regulatory body, the Securities and Exchange Commission (SEC) has warned operators in the capital market to desist from unethical practices that can lead to strict regulatory actions.