Abuja: Members of the Senate Committee on Capital Market have raised concerns over the Investments and Securities Tribunal’s (IST) expenditure of N16 million on cleaning and fumigation services in 2025. This inquiry took place during the presentation of the tribunal’s 2026 budget proposal.
According to News Agency of Nigeria, the IST is a specialized civil court created under the Investments and Securities Act 2007, amended in 2025, for resolving disputes within the capital market sector. With its decisions subject to appeal at the Court of Appeal, the tribunal plays a crucial role in providing expert adjudication for investors and market operators.
Aminu Junaidu, Chairman of the tribunal, disclosed the N16 million expenditure while defending the agency’s budget proposal before the committee, led by Sen. Osita Izunaso. The tribunal’s 2025 budget performance report indicated that the amount was part of the N30 million allocated for cleaning and fumigation in the approved 2025 budget. Junaidu explained that quarterly fumigation is necessary to protect sensitive documents from rodent damage, and cleaning services are outsourced across its zonal offices.
The report also revealed that the tribunal spent N6.13 million on office stationery and computer consumables. Junaidu justified this expenditure by stating that stationery is essential for drafting judgments and producing Certified True Copies (CTCs) for applicants. Although applicants pay for these certified copies, the fees are directly remitted to the Federal Government’s Treasury Single Account (TSA).
In addition to cleaning and stationery, the tribunal’s 2025 expenditures included local travel, transport, and training at N29 million; electricity charges at N981 million; and telephone charges at N990 million. Other costs were internet access at N702 million, maintenance of motor vehicles and transport equipment at N3.4 million, plant/generator fuel at N39 million, and local training at N9.5 million.
Sen. Ogoshi Onawo, representing Nasarawa South Senatorial District, criticized the tribunal’s continued reliance on stationery amid a push for digital operations. Sen. Izunaso, the committee chair, also demanded clarification on the substantial expenditure for cleaning services, particularly when other crucial areas such as publicity receive minimal funding.