Senate dismisses 2025 budget proposal of Investment and Security Tribunal

The Senate Committee on Capital Market, on Thursday, turned down the 2025 budget proposal submitted by the Investments and Securities Tribunal, citing discrepancies in the figures and items outlined in the document.

Osita Izunaso, The Committee’s Chairman, rejected the proposal following a motion by Seriake Dickson (PDP Senator – Bayelsa), seconded by Aliyu Wadada (SDP Senator -Nasarawa), during the budget defence session presented by Amos Azi, the Tribunal’s Chairman.

Izunaso instructed Azi to revise the proposal and return on Friday at 12 noon for a fresh presentation.

Moving the 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.

Read also: IGP reacts to disruption during 2025 budget defence at National Assembly

“Therefore, Mr. Chairman, at any point that pleases you, I think they can return back to corect whatever has to be corrected and meet with the leadership of this Committee”.

Amos Azi, Chairman of Investments and Securities Tribunal after the grilling by the lawmakers apologised for the discrepancies observed in the budget document.

Earlier, Izunaso said that the Investment and Securities Tribunal played a critical role in resolving disputes arising from transactions in the 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 mark”, Azi noted.