The Chairman of Investment and Securities Tribunal, IST, Siaka Isiah Idoko-Akoh has been sacked by President Muhammadu Buhari.
This is contained in a circular by the Permanent Secretary Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse.
According to the memo, “I write to convey the approval of Mr. President for your removal from office as the Chairman of the Investment and Securities Tribunal (IST) with immediate effect. Accordingly, you are required to hand over the office of the Chairman including all property(ies) of the IST in your custody to Mr. J. I. Udunni, a full time member of the Tribunal, who by this same letter from the State House has been appointed as Acting Chairman of the IST.”
Mr Idoko, a lawyer from Kogi State, worked with the Securities and Exchange Commission, SEC, before retiring in 2006 as a director.
It was not immediately clear if Mr Idoko’s removal had anything to do with allegations of corruption levelled against him by the staff union.
The IST is an independent, specialised judicial body, originally established under Section 224 of the now-repealed Investments and Securities Act ISA No. 45 of 1999.
It is currently governed by Section 274 of the Investments and Securities Act No. 29.
His successor, Mr. Jude Udunni, announced his resumption of office at a staff meeting on Friday.
Aggrieved workers of the tribunal had petitioned the Economic and Financial, EFCC, accusing Mr Idoko of corruption.
The committee set up to investigate the allegation completed its work without finding anything against him.
Mr Idoko was appointed in 2017 along with nine other members after the tribunal was kept idle for two years without any activity.
He was among the full-time members, which included Jude Udunni, Nosa Osemwengie, Abubakar Ahmed and Albert Otesile.
The part-time members included Emeka Madubuike, Kasumi Kurfi, Edward Ajayi, Onyemachi Elujekor and Mamman Zargana. The new chairman would serve in an acting capacity until further notice.
The tribunal has specializes on capital market/securities and pension’s law and operations due to the varied technical and operational skills of its members and staff it uses in deciding each case brought before it.