Some Civil Society Organisations (CSOs), under the aegis of Coalition of Civil Society Organisations for Justice and Equity (CCSO-JE), have bemoaned the spate of “corruption, lack of transparency” and other misconducts by the staff of Investments and Securities Tribunal (IST).
The tribunal was established as an agency under the supervision of the Federal Ministry of Finance, to use judicial means to resolve disputes arising from the Nigerian Capital Market and related matters.
But the coalition, at a press briefing in Abuja Wednesday, felt the supervising ministry had comprised in its oversight functions, thus, calling for the probe of the management and staff of the agency.
Specifically, the group called on the Minister of Finance, Zainab Ahmed to look into the activities of the tribunal between 2016 to 2017.
Speaking on behalf of the groups, the Chief Convener, Comrade Olayemi Success, said the staff of the agency, “seem to have their collaborators in the supervising ministry, as the new tribunal is not enjoying the much-needed cooperation in the ministry to rescue the situation and bring the perpetrators to book”.
He alleged that, before the inauguration of the tribunal on September 19, 2017, the agency was inactive for almost two years as a result of the dissolution of the previous tribunal without immediate replacement.
This, he alleged, had made officials of the tribunal to grow wild in corruption and lack of transparency.
“Obviously, this period has made the officials grow wild in corruption, lack of transparency, lateness to work, abandoning of duty post without permission, siphoning government’s fund without due process, these were the status quo the staff want to maintain even after the inauguration of a new tribunal that are ready to work and pursue the vision of the tribunal.
“We call on the Minister of Finance to personally look into the issues at the Investment and Security Tribunal by personally listening to the officials agitation and the response of the tribunal with a view of salvaging the situation as it is in our view that the scheming of the union is to sabotage and undermine the federal government’s efforts of building a veritable capital market and entrenching a sustainable and vibrant investments and securities tribunal that can stand the test of time and give enough confidence to the investors on our capital market,” he said.
According to him, the officials, under the Amalgamated Union of Public Cooperation Civil Service Technical and Recreation Employees (AUPCTRE), are threatening to cripple the tribunal by bringing its activities to a halt.
When contacted on phone, the Special Adviser on Media and Communications to the Minister of Finance, Mr. Paul Ella, told our reporter that his principal, who resumed duties barely two months ago, would study the situation and make the position of the ministry known to the public shortly.
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