Senate can right the wrongs in IST —Sacked chair

Former Chairman of Investments and Securities (IST) Tribunal, Siaka Isaiah Idoko-Ako has urged the Senate Committee on Capital Market to reposition the capital market by righting the wrongs in the tribunal, so that investors would gain more confidence to participate.

The sacked chairman said this in Abuja over the weekend, while protesting his removal without due process, two years into his five-year tenure. He said the Nigerian Senate, through its Committee on Capital Market, could achieve through due diligence in investigating the conspiracy that led to his sack.

He said: “My removal from office was without due process and justification. It was a product of grand conspiracy by those, who did not understand the importance of capital market, as a vehicle to the nation’s economic development and growth.”

He appealed to the committee’s Chairman, Senator Ibikunle Amosun to allow him make his presentation before the panel for a fair-hearing.He said he had not received any query over any infraction while delivering his mandate, adding: “My appeal to the Senate Committee on Capital Market is predicated on the publication/report in some National Dailies of 21/11/19 said the Senate was investigating the sack of the Chairman of Investments and Securities Tribunal.

“Having waited for over three weeks without any invitation from the Committee, I consider it of utmost importance to appeal for indulgence to make a presentation to enable the Committee arrive at a balanced and informed decision that will take the Nigerian Capital Market to the next level.

“My removal from office was wrongful and unjust, as it did not follow due process, as provided for under Section 278 and 279 of the ISA, 2007, which provides for circumstances and conditions for the removal of a member of the Tribunal.

“My appointment was for the tenure of five years, subject to renewal for another term of five years …”