Fred Itua,  Abuja

The Senate Committee on Capital Market has launched a probe into the sack of former Chairman of the  Investment and Securities Tribunal,  Mr.  Siaka Idoko -Akoh.

A professor of Law at the Ahmadu Bello University, Zaria, Augustine Agom,  had petitioned the National Assembly following the sacking of Idoko -Akoh, by the Permanent Secretary of the Federal Ministry of Finance,  about two months ago.

The professor in the petition dated October 21, 2019, and addressed to the Senate President, wondered why the nation’s parliament failed to stop the sack of the IST boss.

Agom asked the National Assembly  to consider an amendment to the Investments and Securities Act, No. 29, 2007. He said the amendments should among others, relocate the Investments and Securities Tribunal to the Ministry of Justice.

The petition read in part: “I watched with trepidation the goings on in the Nigerian Capital Market and I could not in all conscience but write this letter to you in connection with the above subject. “In a strategic partnership between the Securities and Exchange Commission and the Faculty of Law, Ahmadu Bello University, Zaria, I began the teaching of the course “Nigerian Capital Market Law & Practice”.

“We have graduated so many undergraduate and postgraduate students in this area. I am a stakeholder of the Nigerian Capital Market. Recent happenings have given me cause for concern about our capital market.

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“No country in the world toils with its capital market the way we do, yet we desire  to grow our economy and reap the multiplier effect of wealth and job creation and occupy our pride of place in comity of nations.

“The utter disregard for the capital market and its regulation is becoming institutionalised.

“The event of September, 25, 2019 will go down as  another dark spot in the history of our capital market.

“The Investments and Securities Act, 2007 provides the regulatory framework for the Nigerian Capital Market. “The Act sets up the Investments and Securities Tribunal as the specialised dispute resolution mechanism for the Nigerian Capital Market. “It charged it with responsibility of resolving investments disputes in the Nigerian capital market speedily within three  months. “The law clearly states how the IST is to be constituted, term of years for its personnel and their removal from office. “There is no ambiguity at all in the enabling Act. Over the years, the IST have been struggling to discharge its mandate and meet the expectations of investors in the capital market. “It has indeed, resolved disputes running into billions of naira to the admiration of the investing community. Notwithstanding, what do we see?

“On September,25, 2019, the Chairman of the Tribunal was sacked by the Permanent Secretary Ministry of Finance clearly in violation of the Investments and Securities Act, 2007(section 279 & 280).

“The National Assembly, bearer of the peoples’ trust looked on unperturbed, yet the House of Representatives and the Senate have Committees on Capital market.