This was contained in a memo released by the office of the President which read
“I write to convey the approval of Mr. President for your removal from office as the Chairman of the Investment and Securities Tribunal (IST) with immediate effect. Accordingly, you are required to hand over the office of the Chairman including all property(ies) of the IST in your custody to Mr. J. I. Udunni, a full-time member of the Tribunal, who by this same letter from the State House has been appointed as Acting Chairman of the IST”.
It was gathered from a report that It became obvious that the IST was being mismanaged by the current chairman which necessitated his removal. The chairman’s corrupt activities had already been reported by his ministry. The EFCC and ICPC are currently making investigating about that.