The SEC’s suspension of a company’s annual meeting has drawn criticism and a reviewed call for a examination of the Commission’s powers.
On 10 June 2019, the news broke that SEC suspended the proposed Annual General Meeting of Oando. The obvious question is whether the Regulator had the power to do so.
Section 13 (v) of the ISA empowers SEC to do ‘whatever’ it deems fit with a ‘capital market operator’, in order to protect investors. This power is further strengthened and defined in Part VII of ISA, which provides for inspections and investigations by the Commission. The question has always been, whether public companies are capital market operators for the purpose of application of the Section, and in what manner should SEC exercise its powers generally, under Section 13 of the ISA. The Court of Appeal tried to answer this question sighting the Oni versus S.E.C. case.
Read more at: https://www.vanguardngr.com/2019/07/sec-v-oando-a-review-of-secs-powers/