INVESTMENT AND SECURITIES TRIBUNAL PROTESTS
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Union members of the Investment and Securities Tribunal under the affiliate of the Nigeria Labour Congress has demanded the immediate removal of the chairman of the tribunal Isaiah Idoko-Akoh over what they described as high handedness, disregard for civil service rules and corrupt practices.
The protesting staff of the Investment and Securities Tribunal besieged the entrance of the Federal Ministry of Finance singing and displaying different placards to explain their mission to the minister of finance. They alleged gross misconduct, nepotism, violation of the public procurement rule and corrupt practices against the chairman of the tribunal.
The protesters were attended to by the acting Permanent secretary of the Ministry of Finance Olubunmi Siyanbola who assured them that ministry of Finance is looking into the matter. She promised that every anomaly in the Investment and Security Tribunal will be addressed.
The Investments and Securities Tribunal (IST) is an independent specialized judicial body, originally established under Section 224 of the now repealed Investments and Securities Act (ISA) No. 45 of 1999, but currently having its enabling statutory provision under Section 274 of the Investments and Securities Act No. 29 of 2007.
It is vested with the onerous responsibility of interpreting the ISA and adjudicating on disputes and controversies in capital market transactions.
As a Tribunal, the IST combines the rule of law applicable in traditional law courts with the responsiveness, flexibility, speed and cost effectiveness associated with specialized courts and alternative disputes resolution (ADR) systems.
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