MADI warned that the development, if left unresolved, could undermine investor confidence and weaken regulatory certainty in the capital market.
By Deborah Hassan
365Daily – A civil society group, Make A Difference Initiative (MADI), has asked the Senate to probe an alleged duplication of appointments by the Secretary to the Government of the Federation, Sen. George Akume, at the Investment and Securities Tribunal.
It urged the Senate to invoke its oversight powers to investigate the matter and ensure strict compliance with the law, while urging relevant authorities to act swiftly to restore clarity and uphold due process in the leadership of the Tribunal.
In a petition addressed to Senate President Godswill Akpabio, signed by its Executive Director, Dr. Lemmy Ughegbe, and dated April 8, 2026t, the group raised concerns over parallel claims to the chairmanship of the Tribunal involving Barrister Amos Isaac Azi and Barrister Aminu Junaidu.
MADI maintained that Azi was duly reappointed by President Bola Tinubu on August 13, 2025, with all administrative processes completed to give effect to the decision but a later announcement from the Office of the Secretary to the Government of the Federation (SGF) named Junaidu for the same position, a development it argued has triggered legal and constitutional concerns.
“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 described the situation as more than a routine administrative lapse, warning that it poses a direct challenge to statutory compliance and governance discipline.
Citing Section 315(a) of the Investment and Securities Act 2025, the group urged the Senate to ensure that the specified qualification which is that he or she must possess at least 15 years post-call experience specifically in capital market matters to be chairman applies.
According to Ughegbe, the use of the word “experience” in the new law reflects a deliberate legislative intent to demand practical and direct engagement in capital market operations, rather than a broad interpretation.
“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,” he said.
He further argued that the SGF does not have the constitutional or statutory powers to 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 added.
MADI warned that the development, if left unresolved, could undermine investor confidence and weaken regulatory certainty in the capital market.
“Investor confidence is built on certainty, predictability, and strict adherence to the rule of law. Any deviation introduces risk into the system,” it stated.
It disclosed that copies of the petition had been forwarded to key Senate committees, including Capital Market, Judiciary, Human Rights and Legal Matters, as well as Ethics, Privileges and Public Petitions.
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