Centre Clears Air On Due Process In Appointment Of IST Chairman

The Centre for Social Justice, Equity and Transparency has defended the appointment of Barrister Aminu Junaidu as Chairman of the Investment and Securities Tribunal (IST), insisting that the process followed due procedure and was backed by the constitutional authority of President Bola Ahmed Tinubu.

Addressing a world press conference on Friday in Abuja, the Centre’s executive director, Pastor David Yakubu, said recent criticisms suggesting the appointment violated the Investment and Securities Act 2025 were unfounded and lacked credible evidence.

“Before addressing the legal arguments, it is important to begin with what ultimately matters most in public service — performance,” Yakubu stated.

He noted that since Barrister Junaidu assumed office after a formal handover on October 26, 2025, the Tribunal has witnessed noticeable improvements in administrative efficiency, staff morale, and inclusiveness.

“Improved case flow and speed of adjudication directly impact investor confidence in a capital market where time and certainty are critical,” the Centre said.

The organisation highlighted growing international recognition of the Tribunal’s reforms.

On March 13, 2026, the Ethiopian ambassador to Nigeria visited the IST to study its processes, describing the engagement as productive.

This was followed by a delegation from Ethiopia’s capital market institutions on March 27, 2026, which expressed satisfaction with the Tribunal’s evolving systems.

“Such engagements are not routine. They reflect a level of confidence in the Tribunal’s direction and signal that its reforms are gaining recognition beyond Nigeria’s borders,” Yakubu added.

On the legal controversy, the Centre maintained that the appointment was properly approved by President Tinubu within his constitutional powers.

It dismissed claims that the Secretary to the Government of the Federation acted outside legal bounds, describing the process as a standard administrative procedure for heads of agencies.

“Governance is not static. Administrative decisions evolve in response to institutional needs and national priorities. To interpret this flexibility as illegality is to misunderstand the nature of executive responsibility,” the statement read.

The Centre also addressed concerns over qualification, noting that Barrister Aminu Junaidu, a former Attorney-General of Zamfara State, brings extensive experience in governance, legal advisory, and institutional management—competencies it described as highly relevant to leading the Tribunal at the intersection of law and economic regulation.

It warned that narratives capable of undermining confidence in Nigeria’s capital market must be approached with caution.

“While public scrutiny is essential in a democracy, it must be grounded in facts and exercised with a sense of proportion. Interventions that amplify uncertainty without sufficient basis risk weakening the very institutions they seek to protect,” Yakubu said.

The Centre urged stakeholders to prioritise stability, assess leadership based on measurable outcomes, and allow reforms to mature, emphasising that Nigeria’s progress depends on both decisions made and how they are interpreted.

It concluded that Barrister Junaidu’s appointment followed due process and that his early performance points to a strengthened role for the Investment and Securities Tribunal in the nation’s financial architecture.