The leadership crisis that has engulfed the Investment Securities Tribunal (IST) in recent times reportedly demands President Bola Ahmed Tinubu’s urgent intervention to save “the Nigerian Capital Market from loosing it’s image from the international community.”
Investigations by the Nigerian Kicker revealed that the crisis began last September, when an alleged interest group within Aso Rock imposed one Aminu Junaidu, as Chairman on the IST, even when Mr Amos Isaac-Azi, reappointed by the President on August 13, for another five-years term is still in office.
A credible source within the Tribunal, who craved anonymity, expressed worry over the confusion that “has bedevilled the Tribunal from late September, when Junaidu surfaced with his appointment letter.”
The supposed Honourable Chairman of the IST, Amos Isaac Azi Esq, was reportedly first appointed on July 17, 2020, and reappointed on August 13, 2025 and was working “perfectly” before the arrival of Junaidu with alleged letter of appointment from the office of the Secretary to the Government of the Federation (SGF) dated September 24, 2025.
The source said that Junaidu’s alleged appointment and arrival with retinue of security men baffled the board members and the entire staff of the Tribunal since the Chairman, Amos Isaac Azi, has not received any contrary letter asking him to vacate his office.
“The issue at hand is that Junaidu, allegedly appointed in Sept. 24 does not meet the 15-year capital market Green experience requirement as stipulated in the ISA, thereby raising questions about his eligibility for the job,” the source stated.
The source claimed that “aside from serving in his home state, Zamfara, some years back as an Attorney General and Commissioner for Justice, and Chairman of a Rent Tribunal, Junaidu does not have any green experience of capital market.”
The Chartered institute of stockbrokers (CIS) and the Association of Dealing House of Nigeria (ASHON) were said to have expressed their concerns to the Coordinating Minister of the Ministry of Finance, Mr Wale Edun via a joint statement.
They believe that the confusion within the IST poses a significant concern, as it may undermine the confidence of the international community and investors, ultimately affecting the credibility and integrity of the Nigerian capital market.
The CIS and ASHON, in a joint statement dated Nov. 3 to the finance minister, strongly complained about the violation of section 315 (a) of Investment and Securities Act 2025 by Jinadu’s alleged appointment as Chairman of the Tribunal.
Their concern stems from the impact such an appointment would have on the Nigerian Capital Market even in the wake of the struggle to address the CGT levy imposed on market transaction and the bastardization of the unvestment and securities Act 2025 which was recently signed into law by President Bola Ahmed Tinubu.
The two unions declared: “Our attention has been drawn to the current unsavoury scenario whereby two individuals are laying claim to the chairmanship of the Investment & Securities Tribunal (IST).
“In view of the fact that the IST is an institution of prime importance to our business in the capital market, and a major facilitator of economic growth in Nigeria, the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON), wish to affirm our utmost trust and conviction in the disposition of the Federal Government of Nigeria to appoint the right person for the job.
“While we are not using this medium to recommend any particular person, our position is that the appointment of the Chairman and other members of the tribunal should be made in accordance with the provisions of Part XVII, Section 314 of the Investments & Securities Act (2025).
“The Act states, inter alia, that: 1) There is established the Investments and Securities Tribunal (in this Act referred to as “the Tribunal”).
“2) The Tribunal shall exercise the jurisdiction, powers and authority as conferred on it by this Act. 315.
“3) The Tribunal shall consist of 12 persons to be appointed as members by the President on the recommendation of the Finance Minister as follows: (a) a Chairman who shall be a legal practitioner with at least 15 years post call experience in capital market matters (emphasis ours).
“The IST 2025 clearly vests these appointments within the purview of the Minister of Finance, and there should not be any controversies surrounding it.
“Our position on this matter has been taken after very careful thoughts and in consideration of the following factors: The capital market is a major plank for achieving the $1trillion GDP economy that we all aspire for, and its credibility must be maintained as a matter of top priority.
“The IST is an institution of prime importance to the capital market and a major facilitator of economic growth in Nigeria. Its composition and other matters surrounding it therefore, have direct impact on the integrity of the market and on investor confidence,” they stated.
Another source within the Tribunal, who also spoke on anonymity, called on the President to look at the legal and economic implications, and the “bastardization of the selection/appointment process of Jinadu as Chairman of IST.”
“The appointment is very strange considering the violation of section 315 (a) of the Investment and Securities Act (ISA) 2025, and the selection/appointment of our chairman, who must be from the President through the supervisory finance ministry, ” the source said.
The source noted that leadership drives an institution, but that if the leadership is not competent, there will be “serious problems.”
“If you have a compromise, in an institution like IST, it will be difficult to meet up with the desired target.
“What has been the tradition here in IST is that appointment of a Chairman is always initiated by the ministry of finance to the President of the nation, who gives the approval.
“It’s unfortunate that in Jinadu’s case, the appointment letter came from the office of the Secretary to the Government of the Federation (SGF). This is indeed strange and abnormal, ” the source added.
While calling on the President Tinubu to quickly intervene and save the Nigerian Capital Market and the image of the Tribunal before the international community, the source claimed the nation’s economy is equally in “danger.”
In his response, Junaidu said that as Chairman of the Tribunal, the law does not allow him to talk to the press.
“By virtue of my position of IST Chairman, I’m not allowed to speak to the Press on issues relating to the Tribunal.
“But let me ask, who petition against me that the process of my appointment was wrong and that I’m not qualified to occupy that office? He asked.
While responding, Azi also said he was not suppose to talk to the Press as Chairman of the Tribunal, but that as it stands he has not received any contrary letter from either the finance ministry or President Tinubu.
“I’m not suppose to talk to the press on this matter, ” he stated.
However, pundits expressed the belief that once the President wades into the matter, the Tribunal shall know peace once again, more so that the supervisory finance ministry failed to handle it.
Read below the letter of Re-appointment of Mr Amos Isaac-Azi, the appointment letter of Aminu Junaidu, and the joint statement of CIS and ASHON on the issue:
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