RMAFC Pledges Review of IST’s Remuneration
By Patience Ikpeme
The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, has promised to uphold the Commission’s constitutional duty to review and recommend the remuneration of political, public, and judicial office holders.
Dr. Shehu made this statement when he received a delegation from the Investment and Securities Tribunal (IST), led by Chairman Hon. Amos Isaac Azi, on a courtesy visit.
Dr. Shehu assured the delegation that the Commission will conduct a thorough review of the IST’s salary structure to ensure it aligns with constitutional provisions.
He commended the tribunal for its role in Nigeria’s capital market, acknowledging its recognition as a leading specialized tribunal. He noted the tribunal’s contribution to investor confidence by resolving disputes among investors, companies, and individuals, thus ensuring stability in the financial sector.
“We recognize the work being done by the IST, and its reputation as a model tribunal in capital market adjudication is well deserved,” Dr. Shehu said. “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.”
The Chairman said the Commission will revisit the matter with urgency. “We understand that processes like these take time, as they require review and input from stakeholders. However, the Commission will ensure that this matter receives the attention it deserves. We have experienced legal professionals, including a commissioner with expertise, who will oversee the review. Once their findings are concluded, we will make a final recommendation.”
Hon. Amos Isaac Azi explained that the purpose of the visit was to seek RMAFC’s support in ensuring that the remuneration of the Chairman, members, and Chief Registrar of the IST is equivalent to that of the Chief Judge, Judges, and Chief Registrar of the Federal High Court, as stated in section 220 of the Investment and Securities Act 2007.
He thanked Dr. Shehu for the attention given to them and praised the Commission for its commitment to its mandate.
“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,” Hon. Azi said.
Hon. Azi also spoke about the tribunal’s achievements, including the resolution of over N1.3 trillion worth of disputes and its pioneering role in introducing verbatim transcription and virtual hearings.
He presented the Nigerian Investment and Securities Tribunal Law Reports to the Chairman of RMAFC.
Hon. Rakiya Tanko Ayuba Haruna, Federal Commissioner representing Kebbi State in RMAFC, thanked the IST for its engagement with the Commission. She said RMAFC is dedicated to ensuring that all public institutions receive fair remuneration, in line with constitutional provisions.
“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,” she said.
