Senate Committee Questions Tribunal Over N16 Million Office Fumigation Costs

Members of the Senate Committee on Capital Market expressed their dissatisfaction on Monday as they questioned the administration of the Investments and Securities Tribunal (IST) regarding its expenditure of N16 million for cleaning and fumigation services in 2025, which comes at a time when many Nigerians are facing economic challenges.

The IST operates as a specialist civil court designed for swift resolution of disputes related to the capital market and was established under the Investments and Securities Act of 2007, amended in 2025. It offers expert adjudication for investors and market stakeholders, with its appeals directed to the Court of Appeal.

Aminu Junaidu, the tribunal's Chairperson, appeared before the committee to discuss the agency's proposed budget for 2026. According to the tribunal's performance report for 2025, they allocated N30 million for cleaning and fumigation services and spent N16 million from that fund.

Osita Izunaso, the committee's Chairperson from the APC in Imo West, was the first to address this expenditure, seeking an explanation for such a large amount assigned to cleaning, while other crucial areas like publicity were underfunded, leading to low public engagement with the tribunal’s activities.

In his defense, Mr. Junaidu stated that the tribunal carries out fumigation quarterly to deter rodents from damaging sensitive documentation and confirmed that cleaning operations are contracted out at its zonal branches.

Senator Ogoshi Onawo, representing Nasarawa South Senatorial District, also criticized the tribunal for its ongoing expenses on stationery during a period when the agency's operations could be more digitized. The tribunal's performance report indicates they spent N6.134 million on office supplies and computer consumables.

Mr. Junaidu responded by asserting that stationery remains essential for drafting judgments and producing certified true copies for applicants, emphasizing that while applicants pay for these copies, the fees are transferred straight to the Federal Government's Treasury Single Account.

He explained, "We are obligated to document our rulings, and we photocopy these documents for not just the litigants but anyone who requests a certified copy. Hence, our stationery consumption is perhaps higher than the digital expenses."

He further mentioned that the nominal fee for certification, just N10 per page, is not controlled by them as it goes directly to the TSA.

The tribunal outlined other expenditures for the year 2025, which included: local travel, transport, and training costs amounting to N29 million, extensive local travel and transport at N64 million, electricity bills totaling N981 million, and telephone expenses reaching N990 million. Additionally, charges for internet access reached N702 million, vehicle maintenance costs were N3.4 million, while fuel for generators stood at N39 million and local training sessions cost N9.5 million.