The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, has reiterated the commission’s commitment to upholding its constitutional mandate of reviewing and recommending the remuneration of political, public, and judicial office holders in the country.
Shehu, who made this remark when he received a delegation from the Investment and Security Tribunal (IST) led by the Chairman, Hon. Amos Azi, who paid a courtesy visit to him, promised that the commission would conduct a thorough review of the IST’s salary structure to ensure alignment with constitutional provisions.
Commending the Tribunal for its role in Nigeria’s capital market, the chairman of the FMAFC, acknowledged its global recognition as one of the leading specialized tribunals contributing to investor confidence in capital markets by resolving disputes among investors, thereby ensuring stability in the financial sector.
Bello said: “We recognize the remarkable work being done by the IST, and its reputation as a model tribunal in capital market adjudication is well deserved. Your role in ensuring swift and fair dispute resolution is instrumental to investor confidence and market stability.
“Given the importance of your work, it is only right that we give due attention to your remuneration structure to ensure it reflects your responsibilities.
“We understand that processes like these take time, as they require comprehensive review and input from various stakeholders. However, the Commission will ensure that this matter receives the attention it deserves. We have within the Commission highly experienced legal professionals, including a commissioner with extensive expertise, who will oversee the review. Once their findings are concluded, we will make a final recommendation”, he added
Earlier in his address, the IST Chairman disclosed that the purpose of the visit was to seek the support of RMAFC in ensuring that the remuneration of the Chairman, members and Chief Registrar of his organisation should be equivalent to that of the Chief Judge, Judges and Chief Registrar of the Federal High Court respectively as enshrined in section 220 of the Investment and Security Act 2007.
He explained: “As the custodian of investment dispute resolution in Nigeria, the Investment and Securities Tribunal must remain a beacon of efficiency and investor confidence. Just as the law mandates parity in remuneration between the Tribunal and the Federal High Court, so must its implementation reflect this statutory provision without delay.”
Azi also spoke on the tribunal’s achievements, including the resolution of over N1.3 trillion worth of disputes in favor of investors and government agencies, and its pioneering role in introducing verbatim transcription and virtual hearings in the country.
The IST Chairman presented the Nigerian Investment and Securities Tribunal Law Reports, a publication showcasing its commitment to legal excellence and transparency in capital market adjudication to the Chairman of RMAFC
In her vote of thanks, Federal Commissioner representing Kebbi State in RMAFC, Hon. Rakiya Haruna, expressed appreciation for the IST’s engagement with the Commission and reaffirmed the commission’s dedication to ensuring that all public institutions receive fair and just remuneration, in line with constitutional provisions.
She said: “RMAFC remains committed to reviewing and recommending appropriate remuneration structures, ensuring compliance with constitutional mandates while supporting institutions like the Investments and Securities Tribunal in their efforts to strengthen Nigeria’s financial sector.”
Dr. Mohammed Bello Shehu, has reiterated the commission’s commitment to upholding its constitutional mandate of reviewing and recommending the remuneration of political, public, and judicial office holders in the country.
Shehu, who made this remark when he received a delegation from the Investment and Security Tribunal (IST) led by the Chairman, Hon. Amos Azi, who paid a courtesy visit to him, promised that the commission would conduct a thorough review of the IST’s salary structure to ensure alignment with constitutional provisions.
Commending the Tribunal for its role in Nigeria’s capital market, the chairman of the FMAFC, acknowledged its global recognition as one of the leading specialized tribunals contributing to investor confidence in capital markets by resolving disputes among investors, thereby ensuring stability in the financial sector.
Bello said: “We recognize the remarkable work being done by the IST, and its reputation as a model tribunal in capital market adjudication is well deserved. Your role in ensuring swift and fair dispute resolution is instrumental to investor confidence and market stability.
“Given the importance of your work, it is only right that we give due attention to your remuneration structure to ensure it reflects your responsibilities.
“We understand that processes like these take time, as they require comprehensive review and input from various stakeholders. However, the Commission will ensure that this matter receives the attention it deserves. We have within the Commission highly experienced legal professionals, including a commissioner with extensive expertise, who will oversee the review. Once their findings are concluded, we will make a final recommendation”, he added
Earlier in his address, the IST Chairman disclosed that the purpose of the visit was to seek the support of RMAFC in ensuring that the remuneration of the Chairman, members and Chief Registrar of his organisation should be equivalent to that of the Chief Judge, Judges and Chief Registrar of the Federal High Court respectively as enshrined in section 220 of the Investment and Security Act 2007.
He explained: “As the custodian of investment dispute resolution in Nigeria, the Investment and Securities Tribunal must remain a beacon of efficiency and investor confidence. Just as the law mandates parity in remuneration between the Tribunal and the Federal High Court, so must its implementation reflect this statutory provision without delay.”
Azi also spoke on the tribunal’s achievements, including the resolution of over N1.3 trillion worth of disputes in favor of investors and government agencies, and its pioneering role in introducing verbatim transcription and virtual hearings in the country.
The IST Chairman presented the Nigerian Investment and Securities Tribunal Law Reports, a publication showcasing its commitment to legal excellence and transparency in capital market adjudication to the Chairman of RMAFC
In her vote of thanks, Federal Commissioner representing Kebbi State in RMAFC, Hon. Rakiya Haruna, expressed appreciation for the IST’s engagement with the Commission and reaffirmed the commission’s dedication to ensuring that all public institutions receive fair and just remuneration, in line with constitutional provisions.
She said: “RMAFC remains committed to reviewing and recommending appropriate remuneration structures, ensuring compliance with constitutional mandates while supporting institutions like the Investments and Securities Tribunal in their efforts to strengthen Nigeria’s financial sector.”
