Controversy Trails Investment Tribunal Leadership as Group Drags Akume to Senate

By Our Reporter

A significant legal and institutional controversy is unfolding in Nigeria’s capital market as the Make A Difference Initiative (MADI) has formally petitioned the Senate over what it described as a breach of the Investment and Securities Act 2025 in the appointment of the Chairman of the Investment and Securities Tribunal.

The petition, addressed to Senate President Godswill Akpabio and signed by the organisation’s Executive Director, Dr. Lemmy Ughegbe, highlights serious concerns regarding conflicting appointments involving Barrister Amos Isaac Azi and Barrister Aminu Junaidu.
According to MADI, Barrister Azi was properly reappointed and approved by President Bola Ahmed Tinubu on August 13, 2025, with all administrative procedures duly completed and the appointment fully implemented.
However, the group noted that a later announcement from the Office of the Secretary to the Government of the Federation (SGF) named Barrister Junaidu for the same position, thereby raising legal, constitutional, and administrative concerns.
“The emergence of conflicting appointments to the same statutory office raises serious questions about adherence to due process, respect for the rule of law, and the integrity of our institutions,” the petition stated.
MADI maintained that the situation goes beyond a mere administrative error, describing it as a direct challenge to statutory compliance and sound governance.
The organisation specifically referenced Section 315(a) of the Investment and Securities Act 2025, which requires that the Chairman of the Tribunal must have at least 15 years post-call experience in capital market matters.
It explained that the use of the term “experience,” instead of the previously used “cognate experience,” signals a deliberate legislative intent to impose a stricter requirement, emphasizing practical and direct involvement in capital market operations.
“This is not a cosmetic requirement. It is a substantive safeguard designed to ensure that the Tribunal is led by a person with deep, practical knowledge of capital market operations,” Ughegbe stated.
MADI further argued that the Secretary to the Government of the Federation does not possess the constitutional or statutory authority to override or replace a valid presidential appointment.
“The purported appointment of a second Chairman, where a valid appointment already exists, is ultra vires, null and void, and of no legal effect,” the petition added.
The group warned that if the issue is not urgently addressed, it could undermine investor confidence and weaken regulatory certainty in Nigeria’s capital market.
“Investor confidence is built on certainty, predictability, and strict adherence to the rule of law. Any deviation introduces risk into the system,” the petition noted.
In what appears to escalate the matter within the legislature, MADI confirmed that copies of the petition have been sent to key Senate Committees, including those on Capital Market, Judiciary, Human Rights and Legal Matters, as well as Ethics, Privileges and Public Petitions.
The organisation urged the Senate to exercise its oversight responsibilities by launching a comprehensive investigation and ensuring strict compliance with the law.
Observers believe the petition could prompt legislative scrutiny, with possible hearings if the Senate decides to take up the matter.
MADI also called on relevant authorities to act swiftly and decisively to uphold the rule of law and restore clarity in the leadership of the Tribunal.