Saturday, 28 September 2019 05:39

FG sacks Investment and Securities Tribunal chair

Rate this item
(0 votes)

Chairman of Investment and Securities Tribunal (IST), Mr Isiaka Idoko, was on Thursday removed from office by the federal government. No reason was immediately given for his removal.

Idoko, a lawyer from Kogi State, worked with the Securities and Exchange Commission (SEC Nigeria) before retiring in 2006 as a director.

It was not immediately clear if Idoko’s removal had anything to do with allegations of corruption levelled against him by the staff union.

IST is an independent, specialised judicial body, originally established under Section 224 of the now-repealed Investments and Securities Act (ISA) No. 45 of 1999.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.

A source close to the tribunal said his successor, Mr Jude Udunni, announced his resumption of office at a staff meeting on Friday.

Aggrieved workers of the tribunal had petitioned Economic and Financial (EFCC), accusing Idoko of corruption.

The committee set up to investigate the allegation completed its work without finding anything against him.

However, a letter signed by Permanent Secretary of Federal Ministry of Finance, Mr Mahmoud Isa-Dutse, asked Idoko to handover over to the most senior member of the tribunal.

The chairman 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 specialized knowledge of the 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.

 

PT

December 20, 2024

Naira expected to weaken further, says CBN business survey

Nigerian businesses anticipate further depreciation of the naira through early 2025, despite maintaining overall optimism…
December 20, 2024

Atiku questions alleged hack of NBS website, says timing suspicious

Former Vice President Atiku Abubakar has raised concerns over the recent claim that the website…
December 15, 2024

102-year-old on living a long, happy life: 'I don't do exceptions'

Often, centenarians, people ages 100 and up, say their purpose in life keeps them going,…
December 21, 2024

‘Professional Back-Scratchers’ charge up to $130 per hour

The Scratcher Girls is an unconventional relaxation therapy studio that charges clients up to $130…
December 21, 2024

NAFDAC busts illegal rice repackaging operations in Nasarawa, Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has cracked down on…
December 21, 2024

Here’s the latest as Israel-Hamas war enters Day 442

Israeli military says Yemen missile lands near Tel Aviv, 14 lightly injured, ambulance service says…
December 20, 2024

OpenAI launches voice and text access to ChatGPT through new phone service

OpenAI has introduced a novel way to interact with its popular ChatGPT artificial intelligence system…
December 17, 2024

Ademola Lookman named 2024 CAF Men’s Player of the year. These players won in other…

Ademola Lookman, the Super Eagles winger, was crowned the 2024 CAF Men’s Player of the…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.