Senate Urged to Probe SGF Over Alleged Illegal Appointment

Make A Difference Initiative (MADI), a well-known advocacy group, has asked the Senate to look into what it calls a violation of the Investment and Securities Act 2025 in the alleged appointment of the Chairman of the Investment and Securities Tribunal by the Secretary to the Government of the Federation (SGF), Senator George Akume.

The petition, which was sent to Senate President Godswill Akpabio, raised concerns about what MADI called the illegal appointment of Barrister Aminu Junaidu by the SGF weeks after President Bola Tinubu approved the re-appointment of Barrister Amos Isaac Azi as the tribunal’s chairman and CEO.

MADI says that on August 13, 2025, President Bola Ahmed Tinubu properly reappointed Barrister Azi and gave him a letter to that effect. All administrative steps were completed.

The organization said that after Azi was reappointed, a statement came out from the SGF that said Barrister Junaidu would be taking over the same job. The petition said that the supposed overriding appointment brought up complicated legal, constitutional, and administrative issues.

The group said that when Azi asked why he was being appointed to an office he already held, fully armed police officers, who were said to be acting on orders from above, stormed his office and threw him out.

“The rise of conflicting appointments to the same statutory office raises serious questions about adherence to due process, respect for the rule of law, and the integrity of our institutions,” the petition said.

MADI said that the situation goes beyond just administrative problems. The group said, “Far beyond that, it is a direct affront to statutory compliance and governance discipline.”

The group also pointed out Section 315(a) of the Investment and Securities Act 2025, which says that the Chairman of the Tribunal must have at least 15 years of experience in capital market matters after they were called to the bar.

The petition says that the deliberate change from “cognate experience” to “experience” shows that the lawmakers wanted to make the standard stricter and more specific, one that requires direct and practical involvement in the capital market ecosystem.

“This isn’t just for looks.” Ughegbe said, “It is a substantive safeguard designed to ensure that the Tribunal is led by a person with deep, practical knowledge of capital market operations.”

MADI reminded that the SGF does not have the legal or constitutional power to, in any way, go against a valid presidential appointment.

The petition said, “The supposed appointment of a second Chairman, where a valid appointment already exists, is ultra vires, null and void, and of no legal effect.”

The group reminded the Senators that it is their constitutional duty to make sure that Acts of Parliament are followed exactly. It warned that letting Jinaidu be appointed would make investors less confident and make the rules less clear in Nigeria’s capital market.

“Investor confidence is based on certainty, predictability, and strict adherence to the law.” The petition said, “Any deviation introduces serious risks into the system.”

MADI said that copies of the petition have been sent to the right Senate committees, such as those on Capital Markets, Judiciary, Human Rights and Legal Matters, and Ethics, Privileges, and Public Petitions.

The group asked the Senate to use its constitutional oversight powers to fully look into the matter in order to make sure that all parts of the law are followed.

People who know about the capital markets said that the petition could lead to more scrutiny from lawmakers, such as “passing a resolution urging President Tinubu to reign in his overzealous SGF.”

MADI urged all relevant authorities to act quickly and firmly to uphold the rule of law and make the leadership of the Tribunal more clear.