Leadership crisis hits Investment and Securities Tribunal over dual appointments eco

The Investment and Securities Tribunal (IST) has been thrown into uncertainty following the issuance of two separate appointment letters naming different individuals as chairman of the tribunal.

Mr Aminu Junaidu and Amos Isaac-Azi are both laying claim to the position, a development that has unsettled staff and triggered calls for President Bola Tinubu to intervene to prevent further institutional disruption.

Documents available to newsmen on Wednesday in Lagos show that on Aug. 21, the Federal Ministry of Finance issued a letter renewing the appointment of Mr Isaac-Azi as Chairman of the IST for a final five-year term.

The letter, with reference number X/19404/VII/85, was reportedly signed by the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Jafiya on behalf of the Permanent Secretary of the ministry.

However, about a month later, a separate letter dated Sept. 24, reportedly signed by the Secretary to the Government of the Federation (SGF), Sen. George Akume, appointed Barr. Aminu Junaidu, as chairman of the same tribunal, cited provisions of the Investment and Securities Tribunal Act 2025.

Staff of the tribunal told newsmen that the dual appointments had created confusion over leadership, affecting morale and day-to-day operations.

Sources said the situation had polarised the workforce, with employees uncertain about which appointee to officially relate with.

Stakeholders have urged the Presidency and the Federal Ministry of Finance to urgently resolve the matter, warning that prolonged uncertainty could undermine confidence in the capital market.

“This explains why the Presidency must immediately resolve the imbroglio in the interest of the economy and to sustain current growth,” a source said.

Newsmen gathered that the dispute began in September following the alleged appointment of Junaidu, in spite of claims that Isaac-Azi had earlier been reappointed for another term after first assuming office in July 2020.

While Junaidu maintains that his appointment was duly issued by the Office of the SGF, some stakeholders have questioned his eligibility.

A source alleged that Junaidu does not meet the 15-year capital-market experience requirement stipulated under the Investments and Securities Act (ISA), raising concerns about due diligence.

The source said Junaidu’s experience was largely limited to his roles as Zamfara State Attorney-General and Commissioner for Justice, as well as Chairman of a Rent Tribunal.

In a joint statement, the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) said the Federal Government has the authority to appoint suitable leadership, but stressed the need for strict adherence to the law.

The groups referred the Minister of Finance, Mr Wale Edun, to Part XVII, Section 314 of the Investments and Securities Act 2005.

They warned that unresolved leadership disputes could undermine the credibility of the capital market, a key pillar of Nigeria’s $1 trillion economy target.