JUST IN: SENATE REJECTS SECURITIES TRIBUNAL’S 2025 BUDGET PROPOSAL OVER ERRORS
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The Senate Committee on Capital Market has rejected the 2025 budget proposal of the Investments and Securities Tribunal (IST) owing to discrepancies and errors in the figures and items presented.
The decision was made on Thursday during the tribunal’s budget defense session, chaired by Senator Osita Izunaso.
Following a motion by Senator Seriake Dickson (PDP-Bayelsa), seconded by Senator Aliyu Wadada (SDP-Nasarawa), the committee directed IST Chairman Amos Azi to return on Friday at noon to re-present the corrected budget.
In his motion, Senator Dickson acknowledged the tribunal’s admission of the errors said, “Mr. Chairman, the IST Chairman has publicly owned up to the shortcomings in the budget. I suggest they return to address the discrepancies and meet with the leadership of this committee for further review.”
The IST Chairman, Amos Azi, apologised for the discrepancies, assuring the committee of efforts to correct the errors.
Earlier, Senator Izunaso highlighted the critical role the IST plays in resolving disputes in the capital market, which has contributed significantly to investor confidence and the market’s growth.
He said, “With a mandate to exclusively resolve disputes in the capital market, the tribunal has provided comfort to investors, resolving cases worth over one trillion naira since its inception in 2003. This underscores its commitment to ensuring integrity and transparency in the sector.”
The chairman emphasised that the review of the 2025 budget proposal would focus on the tribunal’s plans for improving its operations, expanding its reach and addressing emerging challenges in the capital market.
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