The Federal Government has sacked Chairman of Investment and Securities Tribunal, IST, Siaka Isiah Idoko-Akoh.
This is contained in a circular by the Permanent Secretary Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse on Friday.
It said Mr Jude Udunni has been appointed as Acting Chairman of the tribunal.
Udunni assumed duties on Friday and briefed staff of the organization on the new development.
Idoko, a former staff of the IST had retired in 2006 as a director and was reappointed Chairman of the tribunal in 2017, along with nine other board members.
He was among the full-time members, which included Jude Udunni, Nosa Osemwengie, Abubakar Ahmed and Albert Otesile, while the part-time members included Emeka Madubuike, Kasumi Kurfi, Edward Ajayi, Onyemachi Elujekor and Mamman Zargana.
The memo reads: “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.”
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.
The tribunal, an equivalent of a high court, adjudicates on issues bordering on the capital market and investments. It members have specialized knowledge of the capital market and securities and pension’s law and operations.
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