(Adds statement from Oando)
By Libby George and Alexis Akwagyiram
LONDON/LAGOS, June 3 (Reuters) - A federal court in Lagos on
Monday blocked Nigeria's financial watchdog from replacing
Oando's chief executive and taking other action against the oil
firm, pending further hearings on the case, according to a court
document seen by Reuters.
Nigeria's Security and Exchange Commission (SEC) had set up
an interim management team and ordered chief executive Wale
Tinubu and others to resign following an investigation.
The SEC said it had found "certain infractions of securities
and other relevant laws" during an investigation into the
company. It had ordered that certain board members refund
"improperly disbursed remuneration" and said unidentified
individuals would have to pay financial penalties.
On Monday, a judge issued an injunction against the removals
of Tinubu and of deputy chief executive Omamofe Boyo, barred the
SEC's appointed chief executive from taking over the company and
blocked the imposition of a 91.125 million naira ($297,900) fine
against Tinubu.
The court also blocked an SEC order barring Tinubu and Boyo
from directing public companies for five years, pending further
hearings on the company's challenge to the SEC ruling.
It said the case was adjourned until June 14.
"Pursuant to the court order Oando's management team and
board of directors remain unchanged," the company said in a
statement, adding the injunction called on those involved to
maintain the status quo.
The SEC had no immediate comment.
Tinubu told Reuters last week he was shocked by the SEC's
statement and that the charges were unsubstantiated and invalid.
Oando has evolved from a fuel retailer into a major
indigenous oil producer competing with multinationals such as
Royal Dutch Shell RDSa.L and Exxon Mobil XOM.N in Nigeria.
($1 = 305.9200 naira)