A group known as Make A Difference Initiative (MADI) has formally petitioned the Senate over what it describes as a violation of the Investment and Securities Act 2025 in the appointment of the Chairman of the Investment and Securities Tribunal.
The petition, addressed to Senate President Godswill Akpabio and signed by Lemmy Ughegbe, MADI’s Executive Director, raised concerns over conflicting appointments involving Amos Isaac Azi and Aminu Junaidu.
MADI stated that Azi was duly reappointed and approved by President Bola Tinubu on August 13, 2025, with the appointment fully implemented and all administrative processes completed.
However, the group noted that a subsequent announcement from the Office of the Secretary to the Government of the Federation (SGF) purportedly named Junaidu for the same position, triggering legal, constitutional, and administrative questions.
“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.
The organisation argued that the development goes beyond an administrative irregularity and constitutes a direct challenge to statutory compliance and governance discipline.
MADI drew particular attention to Section 315(a) of the Investment and Securities Act 2025, which provides that the Chairman of the Tribunal must possess at least 15 years post-call experience in capital market matters.
According to the petition, the deliberate use of the word “experience”, as opposed to the previously used “cognate experience”, reflects a clear legislative intention to impose a higher and more specific threshold requiring practical, direct engagement in the capital market.
“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,” Ughegbe stated.
MADI further contended that the Secretary to the Government of the Federation lacks the constitutional or statutory authority to override or supplant a valid presidential appointment.
