The Senate Committee on Capital Market on Thursday rejected the Investments and Securities Tribunal’s 2025 budget proposal due to errors in the figures and items presented.
This followed a motion moved by the Senator representing Bayelsa West, Seriake Dickson and seconded by Senator Aliyu Wadada from Nasarawa West during the agency’s budget defence in Abuja.
In his presentation, Dickson said the tribunal chairman, Amos Azi had publicly owned up to the errors.
He said: “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.”
The tribunal chairman after the grilling by the lawmakers apologised for the discrepancies observed in the budget document.
The committee chairman, Senator Osita Izunaso, directed Azi to return by noon on Friday to re-present the budget.
He said the tribunal played a critical role in resolving disputes arising from transactions in the capital market.
Izunaso said: “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.”