The Senate Committee on Capital Market on Thursday rejected the 2025 budget proposal of the Investments and Securities Tribunal (IST) due to errors in documentation and misplacement of itemization.
The decision came after a motion moved by Senator Seriake Dickson (PDP-Bayelsa) and seconded by Senator Aliyu Wadada (SDP-Nasarawa). Chairman of the committee, Senator Osita Izunaso, ruled against the proposal during the tribunal’s budget defense session, led by IST Chairman Amos Azi.
Izunaso directed Azi to return on Friday by 12 noon to re-present the revised budget with necessary corrections.
While moving the motion, Dickson stated, “Mr. Chairman, with the scrutiny they have undergone, and given that he [Azi] has publicly, on behalf of his team, acknowledged the shortcomings and errors, I believe they should be allowed to make the necessary corrections and return to meet with the leadership of this committee.”
Following the intense review by lawmakers, Azi apologized for the discrepancies observed in the budget document.
Earlier, Izunaso had highlighted the tribunal’s crucial role in resolving disputes arising from transactions in the capital market.
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“With its exclusive mandate to resolve these disputes, the tribunal has provided comfort and confidence to investors, thereby fostering the growth and development of our capital market,” he noted.
He further emphasized the tribunal’s achievements, stating, “In recent years, the tribunal has made significant strides, resolving disputes worth over N1 trillion since its inception in 2003. This underscores its commitment to ensuring the capital market operates with integrity and transparency.”
Izunaso assured that while reviewing the 2025 budget, the committee would focus on the tribunal’s strategies for improving its operations, expanding its reach, and addressing emerging challenges in the capital market.
