Emma Ujah – Abuja Bureau Chief
There is confusion over the Chairmanship of the Investments and Securities Tribunal (IST).
As at Thursday, there was a rumour that Mr Isiaka Idoko had been removed as Chairman.
When Vanguard contacted officials of the Tribunal, on Thursday, they said there was nothing other than the rumour which they had heard also.
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However, it was learnt last night that Mr Jude Udunni, a member of the tribunal called a meeting of staff, yesterday and announced himself as Acting Chairman of the organisation.
Mr Idoko worked with the Securities and Exchange Commission (SEC Nigeria) before retiring as a director.
It was not immediately clear if Mr Idoko’s removal had anything to do with allegations of corruption levelled against him by the staff union.
Mr Idoko was said to have faced serious antagonism from almost immediately after his appointment about two years ago by entrenched interests who resisted his moves to reposition the organisation.
According to sources at the Tribunal, Mr Uduunni does not have the qualifications for the position of Chairman.
He was said to be Deputy Director before his appointment as a member of the tribunal
The law establishing the IST provides that whoever would be chairman must have at least 10 years experience in the capital market which he was said not.to possess.
It was learnt that in spite of efforts by the interests and the union which.had accused Mr Idoko of corruption, neither the EFCC nor ICPC had found hin culpable in any way. Therefore he was said not to have faced any panel nor indicted any to warrant his removal.
Since 2015 the following have headed IST, Dr Ngozi Chianakwalam, Habu Yerima Saleh, Isaiah Idoko-Akoh and now Jude Udunni, thereby making it a one year: one Chairman Tribunal, if the attempt to replace Mr Idoko is sustained due to the interference.