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SEC versus Oando: Court adjourns to July 22

Iheanyi Nwachukwu
3 Min Read

A Federal High Court sitting in Lagos on Monday adjourned till July 22 for the hearing of the substantive suit brought by the Group Chief Executive Officers of Oando Plc and his Deputy, seeking enforcement of their rights. The court also fixed July 4 to hear arguments on the motion for consolidation. 

At the resumed hearing, Yele Delano (SAN) announced appearance for Oando and expressed the company’s intention to be joined in the suit as well as seeking a consolidation of similar suits, pending before the court. Delano also sought an adjournment to enable him file his processes in the suit.

In response, counsel to SEC, Anthony Idigbe raised an objection to their request for joiner, on the grounds that it would pre-determine the respondent’s case.

He argued that the issue of application consolidation was intended to frustrate the case, thereby elongating the hearing of the case. He further argued that the party in question has not formally processed the application for consolidation, it was only a mere oral expression.

According to him, “My Lord, this matter was adjourned to today for hearing, and I am prepared to go on. The issue of consolidation of the cases is meant to accelerate the matter rather than taking it backward”.

He argued that if the court allows the joinder, it would have pre-determined the case of the defence and therefore urged the court to refuse the application.

On his part, counsel to the applicants,  Tayo Oyetibo (SAN) argued in favour of the request for joining and urged the court to allow the party seeking to be joined in the suit.

According to him, if the court refuses the application for joinder, and the party goes on to appeal, then the applicant will be affected.

In a short consideration of the issues, the court held that it was far-reaching to think that the grant of an adjournment to enable a party file a motion, will be considered prejudicial to the defence.

On that note, Justice Ayokunle Faji adjourned the cased until July 4, to hear arguments on the motion for consolidation, and also fixed July 22, for hearing of the substantive suit.

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Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).