The Investment and Securities Tribunal has been thrown into uncertainty following the issuance of two separate appointment letters naming different individuals as its chairman.

Aminu Junaidu and Amos Isaac-Azi are both laying claim to the position, a development that has unsettled staff and triggered calls for President Bola Tinubu to intervene to prevent further institutional disruption.

Documents, on Wednesday in Lagos, show that on August 21, the Federal Ministry of Finance issued a letter renewing Mr Isaac-Azi’s appointment as chairman of the IST for a final five-year term.

The letter, with reference number X/19404/VII/85, was reportedly signed by the ministry’s permanent secretary, Lydia Jafiya.

However, about a month later, a separate letter dated September 24, reportedly signed by the secretary to the government of the federation, George Akume, appointed Mr Junaidu as chairman of the same tribunal and cited provisions of the Investment and Securities Tribunal Act 2025.

Staff of the tribunal said that the dual appointments had created confusion over leadership, affecting morale and day-to-day operations.

Stakeholders have urged the presidency and the finance ministry to urgently resolve the matter, warning that prolonged uncertainty could undermine confidence in the capital market.

The dispute began in September following the alleged appointment of Mr Junaidu, despite claims that Mr Isaac-Azi had earlier been reappointed for another term after first assuming office in July 2020.

Mr Junaidu maintained that his appointment was duly issued by the SGF’s office, but some stakeholders questioned his eligibility.

In a joint statement, the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria said the federal government had the authority to appoint suitable leadership but stressed the need for strict adherence to the law.

The groups referred finance minister Wale Edun to Part XVII, Section 314 of the Investments and Securities Act 2005. They warned that unresolved leadership disputes could undermine the credibility of the capital market, a key pillar of Nigeria’s $1 trillion economy target.

“The capital market is a major plank for achieving the one trillion dollar GDP economy, and its credibility must be preserved as a top priority,” the statement said.

The groups, in a statement co-signed by Oluropo Dada, chairman of the CIS Council, and Samuel Adewale, chairman of ASHON, reaffirmed their support for government reforms.

They called for strict compliance with the Investments and Securities Act 2025 in the appointment of the tribunal’s chairman.

(NAN)