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Breach of Trust finally resolved in Investment and Securities Tribunal of Nigeria

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Tribunal finally breaths air of peace after series of industrial restiveness

The investment and Securities Tribunal, IST, is now enjoying stable peace after series of strikes following disagreements between the labour union and the management.

The issues arising had consequently led to the ouster of the former Chairman, Mr Isiaka Idoko Akoh, by President Muhammadu Buhari in September 2019.

Akoh was sacked over the petition by members of the Amgamated Union of Public Corporation, Civil Service, Technical and Recreational Services Employees (AUPCTRE).

The staff of Investment and Securities Tribunal of Nigeria celebrating the exit of the former chairman

The union had petitioned the Federal Ministry of finance, the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Presidential Initiative on Continues Audit (PICA), alleging that the tribunal was on the verge of collapse due to the level of financial misappropriation, maladministration and high level corruption by the then management of IST.

The Union also accused the former chairman of using youth corps members and seconded officers to occupy offices and positions meant for substantive staff members; denying them a chance at career progression.

The allegations were investigated; and Akoh was indicted by PICA.

Mr Jude Udunni was then appointed to replace the sacked Chairman on acting capacity.

Udunni during an interaction with newsmen in his office in Abuja on Thursday, said that among the challenges faced on his assumption of office, is paucity of funds.

He listed others to include lack of trust between management and staff, delay in staff promotion, inability to restore the organogram in order of seniority, tackling the issue of staff on secondment and union dues, among others.

Udunni, who said he had spent the last four months trying to salvage the situation, however, thanked God that
trust was being restore in the system.

”Stakeholders and the supervising Unit have assisted in raising some funds for the tribunal, though that is inadequate for smooth running of the the tribunal,” he said.

The acting Chairman said though there was still the issue of complete trust between the labour and IST management, a structure was already in place to restore confidence in the system and make progress.

The Acting Chairman of Investment and Securities Tribunal of Nigeria (Mr Jude Udunni)

Members of staff illegally posted out of their respective stations within and outside the states were back to their duty posts, he said.

He also said efforts were being made to gradually address genuine grievances of the union before the end of first quarter of this year.

Front view of The Office of Investment and Securities Tribunal

Udunni, however, stressed that the current management under his watch, had zero tolerance for corruption, therefore, every effort would be made to motivate staff and ensure that they gave back their best to the tribunal, in order to restore confidence of all stakeholders in the capital market.

IST staff celebrating the sack of their former Chairman
The Branch Chairman of AUPCTRE, IST,
Mr Ikechukwu Ugwu, commended the acting Chairman for the efforts he had so far put in to move the tribunal forward, but insisted that urgent steps towards addressing the union’s demands such as restoring check up dues and the issue of seconded staff should be addressed for lasting peace.

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2020IYD: NYCN urges youths to turn Covid-19 adversaries to advantage of Nigeria.

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2020IYD: NYCN urges youths to turn Covid-19 adversaries to advantage of Nigeria.

The National Youth Council of Nigeria (NYCN) has urged Nigerian youths to take advantage of the adversaries that Covid-19 presented to the world to the benefits of the country.

Mr Solomon Adodo, National President of NYCN, gave the advice in his remark at the International Youth Day (IYD) 2020 Celebration, on Wednesday in Abuja.

Gistflash reports that the theme of International Youth Day 2020, was “Youth Engagement for Global Action, ” which seeks to highlight the ways in which the engagement of young people at the local, national and global levels was enriching national and multilateral institutions.

The aim of IYD 2020 is to shed light on the need to enable the engagement of youths by making local, national and global institutions more inclusive for the purpose of strengthening their capacity (and relevance) to achieve global action.

Adodo also enjoined the Nigerian youths to rise as one and look beyond the problems and challenges facing the country.The NYCN president admonished the youths to avoid being used as tools in the hands of politicians whose only mission was to bring the government down.”

If the youths allow themselves to be use as tools to bring the government down, they have brought the nation down.” Let us see how we can contribute our qouter to national development. Let us put aside our ethnic, political, religious differences and have one culture and one political party which is development of Nigeria.” Let us unite to build the new Nigerian economy.”

Nation that have developed that we run to for loan and other assistance like China and US, they do not fall from the sky rather they harness their potential and utilise them.” I urge the Nigerian youths to take advantage of adversaries that Covid-19 presented to the world and turn it to the advantage of Nigerian economy and development,” Adodo said.

He used the occasion to commended President Muhammadu Buhari for the recent approval of N75 billion for the establishment of the Nigerian Youth Investment Fund.

Adodo pledged that the NYCN had offered itself, it’s members and the potential of the millions of the Nigerian youths to bring solutions to the problems bedeviling the country.

According to him, “there are millions of job all around us and there is so much wealth that the national youth council of Nigeria can create for the country.”

We are grateful that the government is giving the youths vistas of opportunities through its policies and programmes.” The recent approval of the N75 billion for the establishment of the Nigerian Youth Investment Fund is one of those programmes of government through which the Nigerian youths can harness their potential and translate it into productivity.” Theme of IYD Year 2020 is youth engagement for global action

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Wikipedia Lists Nigeria Among the “Failed States”

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Wikipedia Lists Nigeria among failed states
Wikipedia Lists Nigeria Among the “Failed States”

Web based encyclopedia – Wikipedia has updated its list of failed states and Nigeria is now one of the countries on the list.

Wikipedia Lists Nigeria Among the “Failed States”

The free web-based encyclopedia project which contains information on a wide variety of subjects, described a failed state as a political body that has disintegrated to a point where basic conditions and responsibilities of a sovereign government no longer function properly.

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It further added that a state can also fail if the government loses its legitimacy even if it is performing its functions properly. For a stable state, it is necessary for the government to enjoy both effectiveness and legitimacy. Likewise, when a nation weakens and its standard of living declines, it introduces the possibility of total governmental collapse.

Some countries listed as a failed state include; Syria, Somalia, Myanmar, Nigeria, Iraq, Yemen, Turkey, Democratic Republic of Congo, Central African Republic, Rwanda, Liberia, Yugoslavia, Lebanon, Afghanistan, Sudan, South Sudan.

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I don’t care about what people say about me when I’m dead – Obasanjo

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Olusegun Obasanjo
I don’t care about what people say about me when I’m dead – Obasanjo

Ex-President Olusegun Obasanjo has fired back at people criticising him over his condolence message to the family of late Buruji Kashamu, a former senator and factional leader of the Peoples Democratic Party (PDP) in Ogun State.

Speaking in an interview with Premium Times, Obasanjo said: “When I was growing up, in our community, when anyone known with bad character died, we usually only mourn him and bury him. No eulogy. No praise-singing.

There is an English saying that urges us never to talk ill of the dead. But in this case, we are not talking ill of the dead. We are only drawing lessons from the life and history of the dead. I am not gloating over his death. It is sad for anyone to die and we must mourn him.

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But we must learn from such a passage. There will be bad lessons. There will be good lessons. But we should not just be praise-singing or eulogising the dead, especially when there is no need to do so.

We should not cover up bad histories and conducts so that the right lessons can be learnt.

As you know, I say my mind as truthfully as I know them and in line with my convictions. People are free to say whatever they want about my comment. I don’t begrudge people for holding opinions on whatever I say or do.

Let people say whatever they like when I transit. Now that I am alive, am I not being abused? Whenever I transit, let people say whatever they know or think about me. Let them say it as it is. What my maker thinks of me is what matters most.

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