Judges of the Investment and Security Tribunal (IST) has called on the Federal Government to rescind the decision of dissolving them in error of thinking they are board members.
The federal government through its circular had advised that the boards of all its parastatals, agencies, institutions and government owned companies be dissolved.
The call is contained in a petition written by members of the Tribunal and address to the Vice President, Prof. Yemi Osinbajo (SAN), a copy of which was obtained by The Guardian.
The judges, who stressed that the dissolution of the tribunal will be setting a dangerous precedent, added that it will deter investors confidence in the capital market.
They therefore urged the government to reverse the dissolution because IST was not supposed to be affected by the directive.
Citing relevant sections of the law that set up IST, as well as the provisions for disqualification and removal of members, the judges contended that the dissolution was not in accordance with those provisions.
They said: “On November 6, 2015, we were served with a letter dated November 5, 2015 Ref. No. IST/OHC/320/001 signed by the honourable chairman of the IST, Dr. Ngozi Chianakwalam.
“The letter referred us to federal government circular Ref. No. SGF. 19/S.81/X1X/964 on the dissolution of Boards of federal government parastatals, agencies, institutions and government owned companies and accompanying letter from the office of the Government of the Federation (SGF) dated October 16, 2015, to the effect that the dissolution did not exempt the IST. We were therefore advised to ensure compliance with the directive by staying away from court sitting and work.”
According to them, the circular stated that nine out of ten members of the tribunal were affected by the directive, as the Chairman of the tribunal, Chianakwalam still remained in office.
Praying for audience with the VP, the judges maintained that the cost of the decision to the Nigerian tax payers and the investing public is enermous.
“Court sittings have been completely suspended, this means that even cases at judgment stage have been stalled. By section 289 of the ISA, 2007 cases before the Tribunal are to be completed within three months. If the Tribunal is dissolved, many of the cases where hearings have commenced would start denovo”, they stressed.
