From Adesuwa Tsan, Abuja
Following the discovery of several discrepancies in figures and items presented in its budget, the Senate Committee on Capital Market has rejected the budget proposal submitted by the Investments and Securities Tribunal (IST).
The decision followed a motion moved by Seriake Dickson (PDP, Bayelsa) and seconded by Aliyu Wadada (SDP, Nasarawa) during the budget defence session led by the Chairman of the Tribunal, Amos Azi.
Chairman of the Committee, Osita Izunaso, directed Azi to return today at 12 noon to re-present a corrected version of the proposal.
Explaining his motion, Dickson said: “Mr Chairman, if you permit, that with the grilling that they have seen, he has also publicly, on behalf of his team, owned up to the shortcomings and errors. Therefore, Mr. Chairman, at any point that pleases you, I think they can return to correct whatever has to be corrected and meet with the leadership of this committee.”
Azi apologised to the lawmakers for the discrepancies in the budget document.
Earlier, Izunaso underscored the vital role of the Investments and Securities Tribunal in ensuring the integrity of Nigeria’s capital market.
“With a mandate to exclusively resolve these disputes, the tribunal has provided comfort and confidence to investors, thereby promoting the growth and development of our capital market.
“In recent years, the tribunal has made significant strides in resolving disputes. Notably, it has resolved disputes worth over N1 trillion since its inception in 2003.
“This is a testament to the tribunal’s commitment to ensuring that our capital market operates with integrity and transparency.
“As we review the 2025 budget proposal, we will be paying close attention to the tribunal’s plans for enhancing its operations, expanding its reach, and addressing emerging challenges in the capital market,” he said.