On Monday, the Securities and Exchange Commission (SEC) solicitor, Anthony Idigbe (SAN), opposed an request to enter Oando Plc in a suit lodged with his Group Chief Executive Officer, Adewale Tinubu, and his deputy, Omamofe Boyo.
They are seeking enforcement before a Federal High Court in Lagos of their fundamental rights.
SEC had banned the candidates for five years from being company’s directors on May 31.
The suspension was the result of supposed breaches.
SEC also announced on June 2, that it had established an interim management team led by Mutiu Sunmonu to supervise Oando’s affairs and hold an extraordinary general meeting on or before July 1.
Unhappy with the decisions, on June 3, the candidates submitted an exparte petition seeking an interim order restricting SEC from making that decision.
The interim order was given by Justice Mojisola Olatoregun on the same June 3.
The court restricted SEC, its servants or agents from taking any steps with regard to its letter of 31 May in which it prohibited the candidates from being managers.
The court also restricted Mr Sunmonu from acting as the Interim Management Team Head of Oando, pending hearing and determining a substantive dispute on the issue.
The court instructed the parties to keep the status quo before Justice Ayokunle Faji, who scheduled a hearing on Monday on 13 June
Tayo Oyetibo appeared for the applicants on Monday, while for SEC Mr Idigbe appeared.
Yele Delano announced appearance as Oando’s representative.
He communicated the intention of the company to join the suit and sought to consolidate comparable suits pending before the court.
Delano also requested an adjournment so that procedures could be filed in the suit.
In reply, on the basis that it would pre-determine the situation of the respondent, Mr IIdigbe opposed the application.
“My lord, this matter was adjourned today for hearing, and I am prepared to go on,” he said.
He asserted that granting the request for joinder might predetermine the defense case.
Therefore, he asked the court to reject the request.
Mr Oyetibo, for his part, argued in favor of the application for entry and urged the court to allow the party seeking to join the suit.
According to him, the applicants will be affected if the court denies the joinder request and the party goes on appeal.
The court adjourned the case for hearing arguments on the consolidation motion until July 4.
It also decided to hear the substantive suit on July 22.
