Former chairman of Investment and Securities Tribunal (IST), Siaka Idoko-Akoh, on Monday, dragged the minister of finance, Zainab Ahmed, and five others before the National Industrial Court for alleged unlawful removal.
Mr Idoko-Akoh listed the following as co-defendants: Permanent Secretary, Ministry of Finance, Dr Mahmoud Isa-Dutse; the IST; acting chairman of IST, J.I Udunni; and the Attorney-General of the Federation.
The claimant is seeking N500 million as general damages against the defendants for the emotional and psychological trauma he allegedly suffered as a result of his removal from office.
At the resumed hearing on Monday, Idoko-Akoh’s counsel, Mimi Ayua, informed the court that he had served all parties with relevant processes.
While counsel to IST and Udunni, C. I. Okpoko, confirmed receipt of service with court’s processes, Mrs Ahmed, Isa-Dutse and the AGF had no legal representation.
Justice Sanusi Kado directed that hearing notices be sent to all parties in the matter with proof of service to be kept in the court’s file.
The case was then adjourned until May 5 for hearing.
Idoko-Akoh was appointed IST chairman on August 1, 2017, and removed on September 24, 2019.
He wants the court to declare that his removal was wrongful, unlawful and contravened sections 277 to 279 of the IST Act, 2007, since he has not been indicted or charged for any misconduct.
The claimant is further seeking the court’s declaration that his appointment as chairman of the tribunal 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.
Among others, Idoko-Akoh is also asking the court to compel the defendants to 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.
