Senate Seeks Explanation from IST Over N16m Fumigation Bill

The Investments and Securities Tribunal (IST) management was questioned by the Senate on Tuesday regarding their 2025 office cleaning and fumigation expenditure of N16 million, which the Senate described as dubious during a period of severe economic hardship.

Members of the Senate Committee on Capital Market questioned the tribunal’s 2026 budget defense, pointing out what they saw as misaligned objectives in the agency’s spending pattern.

Established by the Investments and Securities Act of 2007 and most recently updated in 2025, the IST is a specialized fast-track civil court that decides capital market issues. Appeals are heard at the Court of Appeal.

In the course of the interrogation, Senator Osita Izunaso (APC, Imo West), the committee chairman, demanded explanations for the N16 million spent on cleaning and fumigation out of the N30 million allocated for the item in the 2025 budget.

Despite the tribunal’s operations being little known to investors and market participants, Izunaso questioned why such a large sum was allocated to cleaning services while crucial measures like public awareness and outreach were underfunded.

Aminu Junaidu, the tribunal’s chairman, justified the expense by stating that each quarter, fumigation is done to protect confidential documents from rodents and other pests.

“Cleaning services were outsourced across the zonal offices of the tribunal, which contributed to the cost,” he added.

“Our documents must be safeguarded. It is imperative that our confidential documents not be destroyed. Regular fumigation is carried out for this reason,” he informed the committee.

Nonetheless, legislators insisted that agencies must exercise caution and match expenditures to public expectations during a time of financial restraint.

Despite growing calls for government operations to be more digitally streamlined, the committee also criticized the tribunal’s ongoing reliance on stationery and consumables.

The tribunal should use digital procedures to reduce expenses, Senator Ogoshi Onawo of Nasarawa South said, criticizing what he called exorbitant office supply spending.

Office supplies and computer consumables cost the IST N6.134 million, according to the 2025 budget performance report that was sent to the committee.

The job of the tribunal necessitates a great deal of documentation, according to Junaidu, who responded. This includes authoring rulings and judgments and producing Certified True Copies (CTCs) for litigants and other applicants.

“It is a tribunal.” We have to write down our decisions and rulings. Photocopies are provided to litigants. We are required to issue a CTC to the person who applies. “That explains why we consume so much,” he said.

Junaidu explained that although petitioners pay for certified copies, the money is sent straight to the Federal Government’s Treasury Single Account (TSA), meaning the tribunal does not receive any of the money made. The prices are approximately N10 per page.

“The TSA receives the money directly; we have no control over it,” he continued.

In addition to cleaning and stationery, the tribunal’s 2025 spending profile showed large expenditures in other categories. N64 million was spent on additional local travel and transportation-related expenses, while N29 million was spent on training, transportation, and local travel.

Also conspicuously displayed were utility bills. Telephone costs came to N990 million, and electricity costs came to N981 million. It cost N702 million to use the internet.

Local training cost N9.5 million, motor vehicle and transport equipment maintenance cost N3.4 million, and plant and generator fuel costs N39 million.

The numbers caused a stir in the committee chamber as legislators indicated that they intended to examine the agency’s spending patterns in further detail.

As an important body in Nigeria’s capital market dispute resolution system, the Senate panel emphasized that the IST must operate with fiscal restraint in addition to providing justice effectively.

Legislators issued a warning, stating that public institutions must justify every kobo spent and show value for money in budget implementation, as many Nigerians confront escalating living expenses.

In the course of its investigation of the capital market agencies’ 2026 budget proposals, the committee is anticipated to keep looking at the tribunal’s financial records.