We’ll Okay Suitable Pay For Public, Judicial Officers – RMAFC Assures
BY COBHAM NSA – Amid Nigeria’s biting economic situation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has pledged to execute its statutory mandate of reviewing and recommending appropriate remunerations for political, public, and judicial office holders.
Importantly, this constitutional authority would be carried out in line with the Act establishing the Commission to ensure fairness and suitability given the current economic realities.
The RMAFC Chairman, Dr Mohammed Bello Shehu, made the promise when a delegation from the Investment and Security Tribunal (IST) led by its Chairman, Hon. Amos Isaac Azi, visited the Commission recently.
Dr. Shehu said the Commission focuses on doing what is right and appropriate, assuring the delegation that the IST’s salary structure would soon undergo a thorough review to ensure it aligns with the constitutional provisions.
He commended the Tribunal for its critical role in Nigeria’s capital market operations, while also acknowledging its recognition as one of the leading specialized tribunals globally.
The Commission boss, who noted that similar models have been adopted internationally, acknowledged IST’s significant contributions to boosting investor confidence by efficiently resolving disputes among investors, companies, and individuals, thereby ensuring stability in the financial sector.
A statement by the RMAFC’s Head, Information and Public Relations Unit, Maryam Umar Yusuf quoted the Commission Chairman as saying; “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”.
Dr Shehu assured that the Commission would revisit the matter with a renewed sense of urgency, adding; “We understand that processes like these take time, as they require comprehensive review and input from various stakeholders.
“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.”
Speaking earlier, IST Chairman, Amos Azi said the visit was to solicit RMAFC’s support in ensuring the Chairman, members and Chief Registrar of the Tribunal enjoy remunerations equivalent to that of the Chief Judge, Judges and Chief Registrar of the Federal High Court (FHC) respectively as enshrined in section 220 of the Investment and Security Act 2007.
He appreciated Dr Shehu for the prompt attention given to the IST’s delegation, while also applauding the Commission’s steadfastness and commitment to its effective mandate implementation.
Azi further said; “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 also listed the Tribunal’s achievements to include the resolution of over ₦1.3 trillion worth of disputes in favour of investors and government agencies, as well as its pioneering role in introducing verbatim transcription and virtual hearings of cases in Nigeria.
The IST boss used the occasion to present the Nigerian Investment and Securities Tribunal Law Reports, a publication showcasing its commitment to legal excellence and transparency in capital market adjudication, to the RMAFC Chairman.
Offering the vote of thanks, the Federal Commissioner representing Kebbi State in the Commission, praised the IST’s engagement with RMAFC while also reaffirming its resolve to ensure all public institutions receive fair and just remuneration, in line with the constitutional provisions.
According to her; “RMAFC remains committed to reviewing and recommending appropriate remuneration structures, ensuring compliance with constitutional mandates while supporting institutions like the IST in their efforts to continuously strengthen Nigeria’s financial sector going forward”.
