A governance accountability group, Make A Difference Initiative (MADI), has raised concerns over an unfolding leadership crisis at the Investment and Securities Tribunal, following the purported appointment of a new chairman weeks after President Bola Tinubu re-appointed Barrister Amos Isaac Azi as the Chairman/CEO for a five-year tenure.
The group warned that the situation was a direct threat to the rule of law, investors’ confidence, and the stability of Nigeria’s capital market.
In a statement issued on Sunday and signed by its Executive Director, Dr Lemmy Ughegbe, the organisation frowned at what it said was the flagrant usurpation of presidential powers by Secretary to the Government of the Federation (SGF), Senator George Akume.
According to MADI, Azi’s reappointment followed due process, and was pursuant to the Investment and Securities Act 2025, before it was formally approved by Bola Ahmed Tinubu on 13 August 2025.
According to the organisation, the approval was duly communicated and acted upon, with all necessary documentation completed and Azi placed on federal government payroll.
However, regretted the group, weeks after Azi’s appointment, a statement from the office of the SGF purportedly announced the appointment of Barrister Aminu Junaidu to the same position.
MADI noted that the sequence of events has generated suggestions within legal and policy circles that the latter appointed may have effectively displaced the presidential approval, thereby raising serious constitutional and governance questions.
The organisation further expressed concern over the role of the Federal Ministry of Finance under Mr. Wale Edun, noting that the circumstances surrounding the appointment process point to possible administrative inconsistencies.
Beyond the procedural concerns, MADI drew attention to the statutory requirements governing the office of the Chairman of the Tribunal.
Citing the Investment and Securities Act 2025, the organisation stated that the law clearly provides that the Chairman must possess not less than fifteen years cognate experience in capital market law and practice.
It said concerns have now been raised by stakeholders within the capital market regarding whether the current appointee, Barrister Aminu Junaidu, meets this requirement.
“This situation raises fundamental questions about compliance with the law, respect for due process, and the integrity of our institutions,” the organisation stated.
MADI warned that the development goes beyond an administrative disagreement and touches directly on the credibility of Nigeria’s governance framework.
According to the organisation, the Investment and Securities Tribunal is a critical pillar of the capital market, and any perception of irregularity or inconsistency in its leadership threatens investor confidence.
The group noted that the capital market had recorded relative stability in recent years and warned that the current crisis risks reversing those gains.
The organisation also drew the attention of the National Assembly to what it described as a potential breach of the Investment and Securities Act 2025, a law duly enacted by the legislature to regulate the capital market and strengthen institutional integrity.
MADI noted that the installation of a new Chairman of the Tribunal under circumstances that have raised questions about compliance with statutory requirements calls for urgent legislative scrutiny.
It emphasised that the National Assembly, having passed the law, owes a constitutional and moral duty to ensure that its provisions are not only respected in principle but strictly complied with in practice.
“The legislature cannot afford to be indifferent where a law it has enacted appears to be subjected to questionable interpretation or application,” the organisation stated.
MADI therefore urged the National Assembly to exercise its oversight powers by instituting a thorough inquiry into the circumstances surrounding the appointment and to take all necessary steps to safeguard the integrity of the legal framework governing the capital market.
“Investor confidence is built on certainty, predictability, and respect for established legal processes. Any deviation introduces risk and uncertainty,” the statement said.
MADI further cautioned that if the situation is not urgently clarified and resolved, it could send negative signals to both domestic and international investors, weaken regulatory credibility, and undermine the broader economic aspirations of the Federal Government.
The organisation called on the Federal Government to immediately address the matter, provide clarity on the sequence of events, and ensure strict adherence to the provisions of the Investment and Securities Act 2025.
It also urged all relevant authorities to act in a manner that reinforces public confidence in governance and upholds the sanctity of lawful processes.
