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2021-03-26

Motion for Injunction and Stay of Execution – Engineer Patrick Ajudua Vs SEC & OANDO Plc

The Securities and Exchange Commission (SEC) is seeking an injunction and stay of execution regarding a court judgment delivered on February 23, 2021, citing a lack of service of court processes and ongoing appeals in related matters. The SEC contends that the original lawsuit filed by Engineer Patrick Ajudua was pursued in bad faith and challenges the court's jurisdiction over regulatory directives concerning Oando Plc. The commission argues that granting the stay of execution is necessary to preserve the status quo and prevent irreparable damage to the integrity of the Nigerian capital market.

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Nigeria

Securities and Exchange Commission Nigeria

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SECURITIES AND EXCHANGE COMMISSION

IN THE HIGH COURT OF THE FEDERAL CAPITAL TERRITORY, ABUJA IN THE BWARI JUDICIAL DIVISION SUIT NO: FCT/HC/BW/CV/347/2020

BETWEEN ENG. PATRICK AJUDUA (APPLICANT/RESPONDENT) AND

  1. SECURITIES AND EXCHANGE COMMISSION (1ST RESPONDENT/APPLICANT)
  2. OANDO PLC (2ND RESPONDENT)

MOTION ON NOTICE BROUGHT PURSUANT TO SECTION 36(1) OF THE CONSTITUTION OF THE FEDERAL REPUBLIC OF NIGERIA, 1999 (AS AMENDED); ORDER 61 RULE 1 OF THE HIGH COURT OF THE FEDERAL CAPITAL TERRITORY, ABUJA (CIVIL PROCEDURE) RULES 2018 AND UNDER THE INHERENT JURISDICTION OF THIS HONOURABLE COURT

TAKE NOTICE that this Honourable Court will be moved on [Date] 2021 at the hour of 9 O' clock in the forenoon or so soon thereafter as Counsel may be heard on behalf of the 1st Respondent/Applicant herein praying this Honourable Court for the following reliefs:

  1. AN ORDER OF INJUNCTION restraining the Applicant/Respondent and the 2nd Respondent from giving effect to the judgment of this Honourable Court delivered on the 23rd day of February 2021 in any way whatsoever pending the hearing and determination of the Motion on Notice dated and filed on 10th March 2021 by the 1st Respondent seeking to set aside the judgment of this Honourable Court delivered on 23rd February 2021.

  2. AN ORDER OF INJUNCTION restraining the Applicant/Respondent, the 2nd Respondent or any other persons acting on their behalf from holding the Annual General Meeting of the 2nd Respondent pending the hearing and determination of the Motion on Notice dated and filed on 10th March 2021 by the 1st Respondent seeking to set aside the judgment of this Honourable Court delivered on 23rd February 2021.

  3. AN ORDER STAYING EXECUTION of the judgment and orders of this Honourable Court delivered on the 23rd day of February 2021 pending the hearing and determination of the Motion on Notice dated and filed on 10th March 2021 by the 1st Respondent seeking to set aside the judgment of this Honourable Court delivered on 23rd February 2021.

  4. AN ORDER granting accelerated hearing of the 1st Respondent's Motion on Notice dated and filed on 10th March 2021 seeking to set aside the judgment of this Honourable Court delivered on 23rd February 2021.

IN THE HIGH COURT OF THE FEDERAL CAPITAL TERRITORY IN THE BWARI JUDICIAL DIVISION SUIT NO: FCT/HC/BW/CV

BETWEEN ENG. PATRICK AJUDUA (APPLICANT/RESPONDENT) AND

  1. SECURITIES AND EXCHANGE COMMISSION (1ST RESPONDENT/APPLICANT)
  2. OANDO PLC (2ND RESPONDENT)

AFFIDAVIT IN SUPPORT OF MOTION FOR INJUNCTION/STAY OF EXECUTION

I, DARE OJOBULEAMO, Adult, Male, Christian, Nigerian Citizen, Legal Officer in the Legal Department of the Securities and Exchange Commission of Plot 272, Samuel Adesujo Ademulegun Street, Central Business District, Abuja do hereby make oath and state as follows:

  1. That I am a Legal Officer in the Legal Department of the Securities and Exchange Commission, the 1st Respondent/Applicant herein.

  2. That by virtue of my aforesaid position, I am conversant with the facts of this case.

  3. That I have the consent and authority of the management of the 1st Respondent/Applicant to depose to this affidavit.

  4. That the facts deposed herein are facts within my personal knowledge except as otherwise stated.

  5. That I know that the 2nd Respondent is a public limited company registered with the Securities and Exchange Commission, the 1st Respondent herein as a Capital Market Operator in the Nigerian Capital Market.

  6. That the suit filed by the Applicant/Respondent was done in bad faith and showcases no-twist the 1st Respondent in the exercise of its statutory powers under the Investment and Securities Act; and the originating processes were never served on the 1st Respondent.

  7. I am aware that the directives of the 1st Respondent contained in its letter of 31st May 2019 was made against some of the Respondent and some of the Board members who are subject to the regulatory authority of the 1st Respondent.

  8. I am aware that both the 2nd Respondent and some individuals affected by the directives of the 1st Respondent have commenced several actions against the 1st Respondent at the Federal High Court part of which have been struck out for want of jurisdiction.

  9. I am aware that the 2nd Respondent and the affected individuals have also filed an appeal and an injunction pending the determination of the appeal. The Notices of Appeal and Injunction pending appeal filed by the 2nd Respondent/affected individuals is hereby attached as Exhibit C1, C2, C3 and C4 respectively.

  10. I am equally aware that some members of the Board of Oando Plc have complied with the directive of the 1st Respondent and discontinued the action filed at the 1st Respondent. A copy of the Notice of Discontinuance filed by a member of the Board is hereby attached and marked as Exhibit D.

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