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Ex-Investment and Securities Tribunal Chair Drags FG to Court

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idoko-Akoh

By Dipo Olowookere

The former Chairman of Investment and Securities Tribunal (IST), Mr Siaka Idoko-Akoh, has asked the National Industrial Court to compel federal government to compensate him for emotional and psychological trauma.

Mr Idoko-Akoh informed the court that his removal from the IST has caused him pains because it was not only wrong, but also unlawful.

He dragged the Minister of Finance, Mrs Zainab Ahmed; Mr Mahmoud Isa-Dutse, the Permanent Secretary in the Ministry of Finance; J.I Udunni, the acting Chairman of IST; the tribunal; and Mr Abubakar Malami, the Attorney-General of the Federation (AGF) before the court.

According to Mr Idoko-Akoh, his appointment as the chairman of IST was for a secured tenure of five years and could not be removed from office except in accordance or in compliance with the provisions of sections 277 to 279 of the IST Act, 2007.

He asked the court to declare that his successor does not possess or qualify to be the acting Chairman of the tribunal as prescribed by the IST Act, 2007.

In view of this, he wants the court to declare as invalid, null, void and of no effect the letter dated September 24, 2019 removing him as the chairman of IST.

He urged the court to set aside, nullify and invalidate the letter of September 24,2019 purporting to have removed him from office as the Chairman of the tribunal and then compel the defendants in the alternative pay him  N251.2 million as salaries, allowances and other entitlements in lieu of the remaining three-year tenure, as Chairman and an additional N10 million as cost of prosecuting the suit.

Mr Idoko-Akoh was appointed as Chairman of the IST on August 1, 2017 and removed on September 24, 2019, a move he said was wrongful, unlawful and contravened sections 277 to 279 of the IST Act, 2007, having not been either found culpable or indicted or charged for any misconduct.

Counsel to the claimant, Mr Mimi Ayua, at the resumed hearing on Monday, told the court that he had served all parties with all relevant processes, which counsel to IST and Udunni, C.I Okpoko, confirmed.

However, the Ministry of Finance, the Minister Mr Isa-Dutse and the AGF had no legal representation.

The trial judge, Justice Sanusi Kado, has adjourned the matter until May 5, 2020 for hearing.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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US Suspends Immigrants Visa for Nigerians, 74 Others

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By Adedapo Adesanya

Nigeria is among 75 countries the US government will suspend the processing of immigrant visas for its citizens.

According to the US State Department, the citizens of the 75 countries are those whose nationals are deemed likely to require public assistance while living in the United States.

The State Department, led by Secretary Marco Rubio, said it had instructed consular officers to halt immigrant visa applications from the countries affected in accordance with a broader order issued in November that tightened rules around potential immigrants who might become “public charges” in the US.

Business Post gathered that alongside Nigeria are Afghanistan, Albania, Algeria, Antigua and Barbuda, Armenia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belarus, Belize, Bhutan, Bosnia, Brazil, Burma, Cambodia, Cameroon, Cape Verde, Colombia, Cote d’Ivoire, Cuba, Democratic Republic of the Congo, and Dominica.

Others include Egypt, Eritrea, Ethiopia, Fiji, Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea, Haiti, Iran, Iraq, Jamaica, Jordan, Kazakhstan, Kosovo, Kuwait, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Macedonia, Moldova, Mongolia, Montenegro, Morocco, Nepal, Nicaragua, Pakistan, Republic of the Congo, Russia, Rwanda, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Tanzania, Thailand, Togo, Tunisia, Uganda, Uruguay, Uzbekistan, and Yemen.

The suspension, which will begin on January 21, will not apply to applicants seeking non-immigrant visas, or temporary tourist or business visas.

“The Trump administration is bringing an end to the abuse of America’s immigration system by those who would extract wealth from the American people,” the department said in a statement.

“Immigrant visa processing from these 75 countries will be paused while the State Department reassess immigration processing procedures to prevent the entry of foreign nationals who would take welfare and public benefits.”

President Donald Trump’s administration has already severely restricted immigrant and non-immigrant visa processing for citizens of dozens of countries, many of them in Africa.

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Nigeria Hires $9m American Lobby Firm to Counter Christian Genocide Claims

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By Adedapo Adesanya

Nigeria has reportedly engaged the services of a Washington-based lobbying firm, DCI Group, in a $9 million contract aimed at communicating its efforts to protect Christians in Nigeria to the United States government.

According to The Africa Report, the amount appears to be a record for African lobbying in the US capital, citing documents filed with the US Department of Justice by Aster Legal, a Kaduna-based law firm, acting on behalf of National Security Adviser (NSA), Mr Nuhu Ribadu.

The agreement, signed on December 17, 2025, between Mr Oyetunji Olalekan Teslim, Managing Partner of Aster Legal, and Mr Justin Peterson, Managing Member of DCI Group, authorises the US firm to assist the Nigerian government “in communicating its actions to protect Nigerian Christian communities and maintaining US support in countering West African jihadist groups and other destabilizing elements.”

Under the terms of the contract, DCI Group will receive $750,000 monthly, amounting to $9 million over 12 months. The deal runs initially for six months, until June 30, 2026, with an automatic renewal clause for another six-month period.

A clause in the agreement also allowed either party to terminate the deal “for any reason without penalty” by giving 60 days’ advance written notice.

It was reported that on December 12, 2025, Nigeria paid DCI Group 50 per cent or $4.5 million prepayment covering the first six months of the retainership agreement. A second installment is due at the end of the initial contract period.

This comes amid recent threats by US President Donald Trump to invade the country after its redesignation of Nigeria as a “country of particular concern,” citing alleged attacks against Christian communities. However, the Nigerian government has repeatedly denied claims of a Christian genocide, insisting that violence in the country affects all regardless of their affiliations.

Following an engagement late last year, the federal government pledged to “engage with the American government through diplomatic and legal channels” to address the allegations. Since late November, the US has been conducting intelligence-gathering flights over large parts of Nigeria.

On Christmas Day, the US military launched airstrikes against Islamic State (IS) terrorist enclaves in Bauni Forest, Tangaza Local Government Area of Sokoto State, marking a significant escalation in US counterterrorism involvement in Nigeria.

On Tuesday, the US delivered critical military supplies to Nigeria to bolster the country’s operations, the US military’s Africa Command (AFRICOM) said.

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Nigeria, UAE Seal Trade Pact, to Co-host Investopia

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tinubu ADSW 2026

By Adedapo Adesanya

President Bola Tinubu has said Nigeria would co-host Investopia with the United Arab Emirates (UAE) in Lagos in February, an initiative aimed at attracting global investors and accelerating sustainable investment inflows.

President Tinubu made this announcement on the sidelines of the 2026 Abu Dhabi Sustainability Week (ADSW), where Nigeria also concluded a Comprehensive Economic Partnership Agreement (CEPA) with the UAE to deepen trade and cooperation in renewable energy, infrastructure, logistics, and digital trade.

“We warmly invite our partners to join us and help build the next chapter of sustainable and shared prosperity for Nigeria, Africa, and the world, ” President Tinubu said.

He described CEPA as a historic and strategic agreement that will also enhance cooperation in aviation, logistics, agriculture, and climate-smart infrastructure, creating enduring opportunities for the people of the two countries, stating that Investopia will bring together investors, innovators, policymakers, and business leaders to transform opportunities into commitment and ideas into investment.

Mr Tinubu told the summit that Nigeria aims to mobilise up to $30 billion annually in climate and green industrial finance as it accelerates energy transition reforms and expands nationwide electricity access.

“The foundation of every modern economy is electricity. As an emerging economy in the Global South, we understand the delicate balance between industrialisation and decarbonisation, ensuring neither is pursued at the expense of the other.

”We are calling for a fundamental shift in the global financial architecture: a move away from the restrictive requirement of sovereign guarantees, which unfairly penalise developing economies.

”Instead, the focus should be on blended finance and first-loss capital mechanisms that allow private sustainable capital flows directly into our green projects without further straining national balance sheets,” he said.

According to President Tinubu, Nigeria has strengthened its climate governance framework with the adoption of a National Carbon Market Activation Policy and the launch of a National Carbon Registry.

He explained that these measures are aimed at improving transparency and investor confidence.

Mr Tinubu highlighted the Electricity Act 2023 as a central pillar of Nigeria’s energy reforms, noting that it enables decentralised power generation and distribution to underserved communities.

He added that Nigeria’s climate investment drive includes a $500 million distributed renewable energy fund backed by the Nigeria Sovereign Investment Authority, as well as a $750 million World Bank programme expected to expand clean electricity access to more than 17.5 million people.

President Tinubu reaffirmed Nigeria’s target of net-zero emissions by 2060, under its Energy Transition Plan, while pursuing industrial growth and universal energy access.

He invited foreign investors to partner in Nigeria’s lithium and critical minerals sector, stressing that the government prioritises local processing and value addition.

President Tinubu noted that Nigeria’s ongoing economic reforms are producing tangible results, including a 21 per cent growth in non-oil exports.

”These reforms, alongside wider fiscal and monetary measures, are delivering results. Non-oil exports have grown by 21 per cent, supported by a more diversified product base. Capital importation has risen, and Nigeria now has over 50 billion dollars in investment commitments across key sectors.

”We are ready to work with partners across the world to ensure that the next era of development is not only green and inclusive, but just and enduring,” he said.

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