Political, public, and judicial office holders will receive remuneration packages stipulated in accordance with the relevant constitutional provisions, the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. M. B. Shehu, has said.
Shehu spoke in Abuja on Thursday while receiving a delegation from the Investment and Security Tribunal (IST) led by its Chairman, Amos Isaac Azi, on a visit.
The Chairman said this was part of the commitment by the Commission to uphold its constitutional mandate of reviewing and recommending appropriate remunerations to all categories of political, public, and judicial office holders.
The RMAFC Chairman assured the IST delegation that the Commission would conduct a thorough review of their salary structure to ensure alignment with the relevant constitutional provisions.
He used the occasion to acknowledge the critical role of the tribunal for its Nigeria’s capital market, saying that accounts for its global recognition as one of the leading specialized tribunals for settlement of disputes on investments.
Shehu noted that similar models have been adopted internationally, adding that the tribunal’s significant contribution to investor confidence by efficiently resolving disputes among investors, companies, and individuals has ensured stability in the financial sector.
“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,” the Commission Chairman said.
The Chairman said the Commission would revisit the matter with a renewed sense of urgency.
“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 said.
In his address, the IST Chairman said the visit by the delegation was to seek the support of RMAFC to ensure the remunerations of the Chairman, members and Chief Registrar of the tribunal should be reviewed to be at par with those of the Chief Judge, Judges and Chief Registrar of the Federal High Court as enshrined in Section 220 of the Investment and Security Act 2007.
He expressed gratitude to the RMAFC’s Chairman for the prompt attention given to them and praised the Commission for its steadfastness and commitment to the implementation of 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,” he said.
Azi also highlighted the tribunal’s achievements to include the resolution of over ₦1.3 trillion worth of disputes in favour of investors and government agencies, and its pioneering role in introducing verbatim transcription and virtual hearings in Nigeria.
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.
