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From Godwin Tsa, Abuja
A civil society group, Make A Difference Initiative (MADI) has called on the Federal government and National Assembly to intervene in the controversy rocking the Investment and Security Tribunal due to the issuance of two different appointment letters for the position of Chairman.
The incumbent Chairman, Amos Isaac Azi was reappointed in accordance with the provisions of the Investment and Securities Act 2005, via a letter from the Federal Ministry of Finance.
His reappointment followed established legal procedures and received formal approval from President Bola Tinubu on August 13, 2025.
The approval was duly communicated, fully implemented, and all necessary administrative processes, including placement on the Federal Government payroll, were completed.
However, in a controversial circumstances, a former Attorney General of Zamfara State, Aminu Junaidu, armed with an appointment letter dated September 24, 2025, signed by the Secretary to the Government of the Federation (SGF), Senator George Akume, claiming same position.
In a statement yesterday, MADI said this sequence of events has generated considerable concern within legal, policy, and investment circles, particularly as it appears to raise fundamental questions about the sanctity of presidential approval, the limits of administrative authority, and the consistency of governance processes.
Its Executive Director, Dr. Lemmy Ughegbe noted that beyond the procedural inconsistencies, we are equally concerned about compliance with the statutory requirements governing the office of the Chairman of the Investment Tribunal.
Ughegbe explained that the Investment and Securities Act 2025 clearly stipulates that the occupant of this office must possess not less than fifteen years of cognate experience in capital market law and practice.
He said emerging concerns from stakeholders regarding whether this requirement has been strictly met further underscore the need for clarity.
While acknowledging the importance of the capital market, the group described the Investment Tribunal as a critical pillar of Nigeria’s capital market architecture.
“Any perception of irregularity or ambiguity in its leadership has far-reaching implications for investor confidence, regulatory credibility, and the overall stability of the financial system.
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“Investor confidence is built on certainty, predictability, and respect for established legal processes. Any deviation from these principles introduces risk and uncertainty.
“In light of the foregoing, MADI calls on the Federal Government to urgently provide clarity on the sequence of events and to ensure that all actions taken are fully aligned with the provisions of the Investment and Securities Act 2025.
We also draw the attention of the National Assembly to what appears to be a potential breach of the very law it enacted. The legislature owes a constitutional and moral duty to ensure that its laws are not only respected in principle but strictly complied with in practice.
“We therefore urge the National Assembly to exercise its oversight powers by instituting a thorough and transparent inquiry into the circumstances surrounding these developments.
At this critical moment, it is imperative that all relevant authorities act decisively in a manner that reinforces public confidence in governance, upholds the sanctity of lawful processes, and protects the integrity of Nigeria’s capital market.
Nigeria’s economic aspirations depend significantly on the strength and credibility of its institutions. That credibility must not be compromised”, the statement reads.
