The Senate Committee on Capital Market has rejected the 2025 budget proposal from the Investments and Securities Tribunal (IST) due to discrepancies and errors in the figures presented.
This decision came during the tribunal’s budget defence session on Thursday, chaired by Senator Osita Izunaso.
Following a motion by Senator Seriake Dickson, seconded by Senator Aliyu Wadada, the committee instructed IST Chairman Amos Azi to return on Friday with a corrected budget.
Senator Dickson acknowledged the IST’s admission of the errors, suggesting they meet with the committee leadership for further review.
Azi apologised for the mistakes and assured that the errors would be rectified.
Senator Izunaso highlighted the IST’s vital role in resolving capital market disputes, emphasising its contribution to investor confidence and market growth.