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On Tuesday, the Senate questioned the Investments and Securities Tribunal’s (IST) management over the N16 million it spent on office cleaning and fumigation in 2025, calling the expenditure dubious during a period of severe economic hardship.
When the tribunal defended its 2026 budget before the Senate Committee on Capital Market, members expressed worry about what they saw as misaligned objectives in the agency’s spending profile.
The Investments and Securities Act of 2007 created the IST, a specialized fast-track civil court that was most recently updated in 2025. The IST decides capital market issues, while the Court of Appeal hears appeals.
The questioning was conducted by Senator Osita Izunaso (APC, Imo West), the committee chairman, who demanded explanations for the N16 million spent on cleaning and fumigation out of the N30 million for the item in the 2025 budget.
Even if investors and market participants were not aware of the tribunal’s operations, Izunaso questioned why such a large sum was allocated to cleaning services while crucial measures like public awareness and outreach seemed underfunded.
In defense of the expense, tribunal chairman Aminu Junaidu stated that fumigation is done every three months to protect confidential documents from rodents and other pests.
He also mentioned that the cost was influenced by the fact that cleaning services were contracted out to various regional offices of the judiciary.
“We have to safeguard our documents. We cannot destroy the important documents we have. Fumigation is therefore done on a regular basis,” he informed the committee.
But MPs said that agencies need to show restraint and match spending to public expectations during a time of budgetary restraint.
In spite of growing calls for the digitization of government activities, the committee also criticized the tribunal’s persistent reliance on stationery and consumables.
In an effort to save expenses, Senator Ogoshi Onawo of Nasarawa South criticized what he called exorbitant office supply spending and urged the tribunal to adopt digital procedures.
According to the committee’s presentation of the 2025 budget performance report, the IST spent N6.134 million for computer consumables and office supplies.
In his response, Junaidu stated that the tribunal’s work necessitates a great deal of documentation, including the creation of rulings and judgments and the provision of Certified True Copies (CTCs) to applicants and litigants.
It is a tribunal. Our decisions and rulings must be in writing. We provide photocopies to litigants. We have to give a CTC to everybody applies for one. Our consumption is high because of this,” he said.
Despite the fact that petitioners pay for certified copies, Junaidu explained that the fees—roughly N10 per page—are paid straight to the Federal Government’s Treasury Single Account (TSA), depriving the tribunal of any earnings.
He continued, “We have no control over the money; it goes directly to the TSA.”
The 2025 cost profile of the tribunal showed considerable expenditures in areas other than cleaning and stationery. Local travel, transportation, and training cost N29 million, while additional local travel and transportation-related expenses came to N64 million.
Utility bills were also a major theme. N990 million was spent on telephones, and N981 million was spent on electricity. The cost of using the internet was N702 million.
N3.9 million was also spent on fuel for plants and generators, N3.4 million on vehicle and transport equipment maintenance, and N9.5 million on local training.
The numbers caused a stir in the committee chamber, and members indicated that they intended to look more closely at the agency’s spending habits.
As a crucial organization in Nigeria’s capital market dispute resolution system, the Senate panel emphasized that the IST must not only administer justice effectively but also exhibit fiscal restraint in its activities.
With the rising cost of life for many Nigerians, lawmakers cautioned that public institutions must justify every kobo spent and show value for money when implementing the budget.
The committee is anticipated to carry on reviewing the tribunal’s financial records as part of the larger analysis of the budget recommendations for capital market authorities in 2026.
