Displeased with a Lagos Federal High Court which struck Oando plc’s suit against the Security and Exchange Commission (SEC) for lack of jurisdiction, Oando, has headed for the Court of Appeal.
Justice Rilwan Aikawa in his ruling had said the appropriate forum to ventilate the issue was the Investment and Securities Tribunal.
Oando appealed the decision of the lower court its bid to lift the technical suspension imposed on its shares on the floor of the Nigerian stock market by the SEC.
The oil company had earlier approached the Federal High Court to challenge SEC’s suspension of its shares and an audit of its business activities by forensic experts hired by SEC.
Oando, through its lawyer, Mr. Seyi Sowemimo (SAN), during Monday’s proceedings insisted that the Federal High Court rather than the Securities Tribunal was the appropriate forum to hear the case.
He averred that the judge erred in law to decline jurisdiction because the suit borders concerns the operation of a company incorporated under the Companies and Allied Matters Act.
Sowemimo insisted that by virtue of Section 251(i)(e) of the Constitution, the Federal High Court is empowered to entertain CAMA-related cases.
He therefore, urged the Court of Appeal to make an order reversing the earlier order striking out the suit and restoring the matter to the cause list of the Federal High Court for accelerated hearing.