…says reforms boosting investor confidence in capital market
The Centre for Social Justice, Equity and Transparency (CSJET) has defended the appointment of Barrister Aminu Junaidu as Chairman of the Investment and Securities Tribunal (IST), insisting that due process was followed and rejecting claims that the appointment violated the Investment and Securities Act 2025.
Speaking at a press conference held on Friday in Abuja, Executive Director of the Centre, Pastor David D. Yakubu, said the appointment was approved by President Bola Ahmed Tinubu within his constitutional authority, and that there was no evidence of any breach of established legal or administrative frameworks.
CSJET said much of the public debate surrounding the appointment had been shaped by misinterpretation of governance processes, stressing that executive decisions must be understood within the context of institutional needs and constitutional powers.
“The appointment was duly approved by President Bola Ahmed Tinubu, acting within the constitutional powers vested in his office. In a constitutional democracy, such authority is exercised within defined legal and administrative frameworks, not arbitrarily,” Yakubu said.
The Centre also urged caution in interpreting administrative developments as illegality, warning against what it described as “selective readings” of government actions.
“The existence of differing narratives does not automatically translate into illegality. What must guide public judgment is the totality of the process, not isolated fragments of it,” he added.
CSJET further noted that appointments of heads of agencies are processed through the Office of the Secretary to the Government of the Federation, with formal letters issued through established channels.
“For clarity, appointments of Heads of Agencies are processed through the Office of the Secretary to the Government of the Federation, and formal letters of appointment are issued accordingly. This is a well-established administrative procedure,” Yakubu said.
The group also defended Junaidu’s qualifications, describing him as a seasoned legal practitioner with extensive experience in governance and public administration.
“Barrister Aminu Junaidu is a seasoned legal practitioner with extensive experience in governance and public administration. As a former Attorney-General of Zamfara State, he operated at the highest levels of legal advisory and institutional management,” CSJET stated.
The group added that his experience was relevant to the demands of the tribunal, which operates at the intersection of law and economic regulation.
“The argument that qualification must be narrowly restricted to a specific segment of capital market practice overlooks the broader competencies required for modern institutional leadership—analytical depth, legal expertise, and administrative capacity,” the Centre said.
On performance, CSJET said the tribunal had recorded improvements since Junaidu assumed office following a formal handover on October 26, 2025.
“Since assuming office, Barrister Aminu Junaidu has demonstrated a commitment to restoring order, stability, and efficiency within the Investment and Securities Tribunal,” he said.
The group added that there had been improvements in efficiency, inclusiveness, and case management, which it said had contributed to rising confidence among legal practitioners.
“More lawyers are increasingly bringing new cases before the Tribunal, encouraged by a growing reputation for timely and efficient dispute resolution,” CSJET said.
He also highlighted international engagements as evidence of growing institutional credibility, citing visits by foreign delegations.
“On March 13, 2026, the Ethiopian Ambassador to Nigeria paid an official visit to the tribunal to understudy its processes and engage with its leadership,” the group said.
“On March 27, 2026, a delegation from Ethiopia’s capital market institutions visited the tribunal to exchange ideas and learn from its evolving systems. These visits reflect increasing confidence in the tribunal’s direction,” he said.
CSJET said such engagements demonstrated that Nigeria’s capital market institutions were gaining recognition beyond the country’s borders.
“These visits reflect increasing confidence in the tribunal’s direction and the reforms being implemented. They show that Nigeria’s capital market institutions are being recognised beyond our borders,” he stated.
The organisation warned against what it described as narratives that could undermine institutional stability.
“We must be careful not to elevate disagreement into crisis, or to reinterpret administrative developments as constitutional breaches without clear and compelling evidence,” he said.
CSJET further stressed that investor confidence depended on stability and trust in regulatory institutions.
“The capital market thrives on trust, predictability, and stability. It is important that discourse around its institutions remains factual and balanced,” the group added.
The Centre reiterated that the appointment of Junaidu followed due process and was consistent with constitutional provisions.
“The appointment of Barrister Aminu Junaidu followed due process and reflects the lawful exercise of constitutional authority,” he added.
