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The Senate, on Thursday, rejected the 2025 budget proposal of the Investment and Securities Tribunal (IST) due to errors in the figures and items presented before its committee.
The rejection was announced by the Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso (APC, Imo West), after a motion was moved by Senator Seriake Dickson (PDP, Bayelsa West) and seconded by Senator Aliyu Wadada (SDP, Nasarawa West) during the budget defence session with IST Chairman, Amos Azi.
Senator Dickson, a former Governor of Bayelsa State, stated, “Mr. Chairman, if you permit me, he (Azi) has 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.”
Following the adoption of the motion, Izunaso directed Azi to return on Friday, January 24, 2025, to present a revised budget proposal.
In response to questions from the committee, Azi apologised for the discrepancies observed in the budget document and acknowledged the need for corrections.
Earlier, Izunaso praised the IST’s pivotal role in resolving disputes arising from transactions in the capital market. He noted, “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.”
He added, “In recent years, the tribunal has made significant strides in resolving disputes. Notably, it has resolved disputes worth over N1tn 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.”
Izunaso emphasised that during the review of the 2025 budget proposal, the committee would closely examine the tribunal’s plans for enhancing its operations, expanding its reach, and addressing emerging challenges in the capital market.
“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 concluded.
