The Senate Committee on Capital Market has rejected the 2025 budget proposal submitted by the Investments and Securities Tribunal (IST) due to discrepancies and errors in the figures and items presented.
The decision was made during the tribunal’s budget defense session on Thursday, 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 re-present a corrected budget on Friday at noon.
In his motion, Senator Dickson acknowledged the tribunal’s admission of the errors, stating, “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.”
IST Chairman Amos Azi apologized for the inconsistencies, assuring the committee that efforts were underway to correct the errors.
Senator Izunaso, in his remarks, highlighted the tribunal’s vital role in maintaining investor confidence and fostering growth in the capital market. He noted, “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 added that the review of the 2025 budget proposal would focus on enhancing the tribunal’s operations, expanding its reach, and addressing emerging challenges in the capital market.
The IST, which plays a pivotal role in the financial sector, has been tasked with re-evaluating its budget to align with the expectations of the Senate Committee and ensure transparency in its financial plans.
