*Says only President can appoint CEO
A prominent advocacy group, Make A Difference Initiative (MADI) has petitioned the Senate over what it described as a breach of the Investment and Securities Act 2025 in the purported appointment of the Chairman of the Investment and Securities Tribunal, by the Secretary to the Government of the Federation (SGF), Senator George Akume.
The petition, addressed to Senate President Godswill Akpabio highlighted concerns arising from what MADI described as the illegal appointment of Barrister Aminu Junaidu by the SGF weeks after President Bola Tinubu approved the re-appointment of Barrister Amos Isaac Azi as the tribunal’s chairman and CEO.
According to MADI, Barrister Azi was duly reappointed by President Bola Ahmed Tinubu on August 13, 2025, and was handed a letter to that effect, with all administrative procedures concluded.
After Azi’s re-appointment, noted the organisation, a statement later emanated from the SGF purportedly appointing Barrister Junaidu for the same position. The purported overriding appointment, noted the petition, raised complex legal, constitutional, and administrative concerns.
The group noted that when Azi questioned the rationale for an appointment into an office he was already occupying, fully-armed policemen, ostensibly acting on superior orders, stormed his office and forcefully ejected him.
“The emergence of conflicting appointments to the same statutory office raises serious questions about adherence to due process, respect for the rule of law, and the integrity of our institutions,” the petition stated.
MADI maintained that the development transcends mere administrative irregularity. Far beyond that, stated the group, “it constitutes a direct affront to statutory compliance and governance discipline.”
The organisation further drew attention to Section 315(a) of the Investment and Securities Act 2025, which stipulates that the Chairman of the Tribunal must possess not less than 15 years post-call experience in capital market matters.
According to the petition, the deliberate substitution of the word “experience” in place of the previously used “cognate experience” reflects a clear legislative intent to impose a more rigorous and specific standard, one that demands practical and direct engagement within the capital market ecosystem.
“This is not a cosmetic requirement. It is a substantive safeguard designed to ensure that the Tribunal is led by a person with deep, practical knowledge of capital market operations,” Ughegbe stated.
MADI reminded that the SGF lacks the constitutional or statutory authority to, under any guise, override a valid presidential appointment.
“The purported appointment of a second Chairman, where a valid appointment already exists, is ultra vires, null and void, and of no legal effect,” the petition stated.
The organisation reminded the Senators of their constitutional duty of ensuring the strict adherence to Acts of Parliament. It cautioned that allowing the purported appointment of Jinaidu would undermine investor confidence and weaken regulatory certainty within Nigeria’s capital market.
“Investor confidence is built on certainty, predictability, and strict adherence to the rule of law. Any deviation introduces serious risks into the system,” the petition stated.
MADI confirmed that copies of the petition have been dispatched to relevant Senate committees, including those on Capital Markets, Judiciary, Human Rights and Legal Matters, and that of Ethics, Privileges and Public Petitions.
The organisation urged the Senate to deploy its constitutional oversight powers by comprehensively investigating the matter with the aim of ensuring full compliance with the provisions of the law.
Those with knowledge of the capital markets confirmed that the petition could trigger increased legislative scrutiny, including “passing a resolution urging President Tinubu to reign in his overzealous SGF.”
MADI called on all relevant authorities to act swiftly and decisively in order to uphold the rule of law and restore clarity to the leadership of the Tribunal.
