The leadership confusion within the Investment and Security Tribunal is unfortunate, writes SOLA ONI

Coded peace may have returned to the Investment and Securities Tribunal (IST), but the echoes of the leadership tussle that engulfed this temple of justice still ring loud. Justice, it seemed, stumbled on its own steps and market watchers felt the tremor. For a revered institution built to steady investor confidence, the recent power struggle was a costly slip and a dangerous precedent that must never be repeated.

The IST, established under the Investments and Securities Act (ISA) 2007, occupies a unique place in Nigeria’s investment ecosystem. It is the court of first instance for capital market disputes, mandated to deliver quick, fair, and expert decisions involving investors, operators, and regulators. Its credibility is therefore indispensable to the integrity of the entire market.

Yet, only weeks ago, the Tribunal found itself at the centre of an embarrassing leadership crisis that briefly turned it from a symbol of order to a theatre of confusion. Reports of two chairmen laying rival claims to the same office, each armed with different appointment letters, created needless anxiety across the capital market community. Mr. Aminu Junaidu, a former Attorney-General of Zamora State , assumed office on October 2, 2025, based on an appointment letter dated September 24 and signed by the Secretary to the Government of the Federation, Senator George Akume. However, the outgoing Chairman, Mr. Amos Isaac Azi, reportedly maintained that his tenure had been renewed earlier through a letter from the Ministry of Finance, dated August 2025. 

The standoff reportedly saw both men show up at the IST office with separate police escorts, prompting the Registrar to intervene just to keep peace. The dispute boiled dawn to one question: did the outgoing Chairman’s record justify a tenure extension, or was the new appointee better suited for the role ? Ultimately, the former Chairman stepped down but the drama exposed cracks in the appointment of the Institution’s helmsman that will not be easily forgotten. 

Thankfully, the Federal Government has since moved to clarify the situation. The new leadership has taken charge, and administrative calm has been restored. But the damage to perception, if not to function lingers. For a judicial body tasked with resolving capital market disputes, the sight of its leadership in open contention was unsettling. It projected the Tribunal as vulnerable to political interference and administrative disorder; a perception Nigeria can ill afford as it courts global investors.

The law is crystal clear on this matter. Section 315 of the Investments and Securities Act 2025 stipulates that the Chairman of the Tribunal shall be appointed by the President, on the recommendation of the Minister of Finance, and confirmed by the Senate. The Act also stipulates that the Chairman shall have a minimum of 15-year post bar experience in the capital market. This process ensures legality, transparency, and independence. Any deviation or ambiguity around this procedure erodes the sanctity of the Tribunal’s decisions and, by extension, investor faith in Nigeria’s regulatory order.

Even though the crisis has been contained, it set a bad precedent, one that calls into question the diligence and coordination of key government organs. For a capital market already battling to rebuild trust, leadership confusion within its own adjudicatory body was a serious misstep. It sent the wrong message to investors who constantly measure Nigeria’s commitment to the rule of law and institutional integrity.

Beyond the embarrassment, this episode should serve as a moment of introspection. Institutions like the IST must be insulated from bureaucratic ambiguity and political manoeuvring. Appointments should strictly follow statutory provisions, communicated clearly, and executed transparently. Anything less risks undermining years of effort to strengthen governance within the market.

The Securities and Exchange Commission (SEC) and the Federal Ministry of Finance must also treat this episode as a learning point. Their oversight duties extend beyond general regulation. They must ensure that every capital market institution operates within the law and projects professionalism. In a market where confidence is currency, delayed communication or silence in moments of uncertainty only breeds speculation. Regulators must move swiftly to clarify facts and reassure both local and foreign investors.

Equally important, the Federal Government must draw a clear line between administrative coordination and political patronage. The capital market thrives on predictability, not palace drama. Once confidence is shaken, recovery is slow and costly. Investors seek assurance that Nigeria’s institutions are governed by law, not by conflicting interests.

Nigeria stands at the threshold of implementing the new Investment and Securities Act 2025, a landmark law designed to modernise regulation, promote digital innovation, and attract global capital. It would be tragic if the very Tribunal responsible for enforcing this reform were again distracted by leadership uncertainty. The integrity of the IST must be preserved at all costs, not only for legal propriety but for the health of the market it anchors.

Going forward, the Presidency, Ministry of Finance, and market regulators must establish a clear, coordinated process for appointments to critical capital market institutions. Ambiguity breeds crisis, and crisis breeds distrust.

The IST leadership feud may be over, but its warning signals remain. Nigeria’s investment ecosystem cannot afford self-inflicted wounds. The capital market thrives on law, order, and trust, not chaos and controversy. How the new investment and securities Act 2025 takes root depends on whether lessons are learned today, not tomorrow. The time to act is now or risk watching reform die before it begins. 

Oni, an Integrated Communications Strategist, Chartered Stockbroker, Commodities Broker and Capital Market Registrar, is the Chief Executive Officer, Sofunix Investment and Communications 

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