Members of the Senate Committee on Capital Market on Monday questioned the management of the Investments and Securities Tribunal (IST) over the expenditure of N16 million on cleaning and fumigation services in 2025, at a time when many Nigerians are grappling with economic hardship.
The IST is a specialised, fast-track civil court established under the Investments and Securities Act 2007 (amended in 2025) to resolve capital market disputes. It provides expert adjudication for investors and market operators, with appeals lying at the Court of Appeal.
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The Chairperson of the tribunal, Aminu Junaidu, appeared before the committee to defend the agency’s 2026 budget proposal.
Based on the tribunal’s 2025 budget performance report, the IST spent N16 million on cleaning and fumigation out of the N30 million appropriated for the item in the approved 2025 budget.
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The Chairperson of the committee, Osita Izunaso (APC, Imo West), was the first to question the expenditure, demanding an explanation for such a significant amount spent on cleaning services while critical areas such as publicity received little attention, despite low public awareness of the tribunal’s activities.
In response, Mr Junaidu explained that the tribunal conducts fumigation quarterly to prevent rodents from destroying sensitive documents. He added that cleaning services were outsourced across its zonal offices.
Ogoshi Onawo, the senator representing Nasarawa South Senatorial District, also criticised the agency’s continued spending on stationery at a time when operations should be increasingly digitised.
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The performance document shows that the tribunal spent N6.134 million on office stationery and computer consumables.
Responding, Mr Junaidu said the stationery was necessary for writing judgments and producing certified true copies (CTCs) for applicants.
Although applicants pay for certified copies, he noted that the fees are remitted directly to the Federal Government’s Treasury Single Account (TSA).
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“It is a tribunal. We must write our rulings, our judgement, we photocopy and give to litigants not, only litigants, whoever applies for CTC we have to give them. That is why we have more consumption than the internet.
“The issue of paying for certification is very minute, just N10 per page and that money goes to the TSA directly. We’re not in control of the money,” he explained.
Other expenditures by the tribunal in 2025 included local travel, transport and training – N29 million, local travel and transport (others) – N64 million, electricity charges – N981 million, and telephone charges – N990 million.
Internet access charges – N702 million, maintenance of motor vehicles and transport equipment – N3.4 million, plant/generator fuel costs – N39 million and local training – N9.5 million were the other expenditures.
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