The Senate Committee on Capital Market, on Thursday, rejected the 2025 budget proposal of Investments and Securities Tribunal due to errors in the figures and items it presented.
After a motion moved by Sen. Seriake Dickson (PDP-Bayelsa) and seconded by Sen. Aliyu Wadada (SDP-Nasarawa), Chairman of the committee, Sen. Osita Izunaso, rejected the proposal during the agency’s budget defence.
Izunaso directed the Chairman of the tribunal, Amos Azi to return on Friday by noon to re-present the budget.
Moving the motion, Dickson said that Azi had also 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 come back to correct whatever has to be corrected and meet with the leadership of this committee,” he said.
Chairman of the tribunal, after the grilling by the lawmakers, apologised for the discrepancies observed in the budget document.
Earlier, Izunaso said that the 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,” he said.
The senator stated that as the 2025 budget proposal was being reviewed, attention would be paid to the tribunal’s plans for enhancing its operations, expanding its reach and addressing emerging challenges in the capital market.
