Make A Difference Initiative (MADI), a well-known advocacy group, has asked the Senate to look into what it calls a violation of the Investment and Securities Act 2025 in the appointment of the Chairman of the Investment and Securities Tribunal by the Secretary to the Government of the Federation (SGF), Senator George Akume.
The petition, which was sent to Senate President Godswill Akpabio, raised concerns about what MADI called the illegal appointment of Barrister Aminu Junaidu by the SGF just a few weeks after President Bola Tinubu approved the re-appointment of Barrister Amos Isaac Azi as the tribunal’s chairman and CEO.
MADI says that on August 13, 2025, President Bola Ahmed Tinubu properly reappointed Barrister Azi and gave him a letter to that effect, completing all administrative tasks.
The organization said that after Azi was reappointed, the SGF released a statement saying that Barrister Junaidu would take over the same job. The petition said that the supposed overriding appointment brought up complicated legal, constitutional, and administrative issues.
The group said that when Azi asked why he was being appointed to an office he was already in, fully armed police officers stormed his office and threw him out, apparently following orders from higher up.
The petition said, “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.”
MADI said that the development goes beyond just being an administrative mistake. The group said that “it constitutes a direct affront to statutory compliance and governance discipline” and went on to say that it was much worse than that.
The group also pointed out Section 315(a) of the Investment and Securities Act 2025, which says that the Chairman of the Tribunal must have at least 15 years of experience in capital market matters after being called to the bar.
The petition says that the intentional change from “cognate experience” to “experience” shows that the lawmakers wanted to set a higher and more specific standard that requires people to be involved in the capital market ecosystem in a practical and direct way.
“This isn’t just for looks.” Ughegbe said, “It is a substantive safeguard designed to make sure that the Tribunal is led by someone who has a lot of practical experience with how capital markets work.”
MADI said that the SGF does not have the constitutional or legal power to override a valid presidential appointment in any way.
The petition said, “The supposed appointment of a second Chairman, where a valid appointment already exists, is ultra vires, null and void, and of no legal effect.”
The group reminded the Senators that it is their constitutional duty to make sure that Acts of Parliament are followed exactly. It warned that letting the supposed appointment of Jinaidu happen would make investors less confident and make Nigeria’s capital market less certain about its rules.
“Investor confidence is based on certainty, predictability, and strict adherence to the law.” The petition said, “Any deviation puts the system at serious risk.”
MADI said that copies of the petition have been sent to the appropriate Senate committees, such as those on Capital Markets, Judiciary, Human Rights and Legal Matters, and Ethics, Privileges, and Public Petitions.
The group asked the Senate to use its constitutional oversight powers to fully look into the matter in order to make sure that the law is being followed.
People who know about the capital markets said that the petition could lead to more legislative scrutiny, such as “passing a resolution urging President Tinubu to reign in his overzealous SGF.”
MADI asked all relevant authorities to act quickly and decisively to uphold the rule of law and make the leadership of the Tribunal clear again.
