Ex-Investment and Securities Tribunal Chair Drags FG to Court

March 3, 2020

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

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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