House of Representatives Proposes Trustee Bill to Modernize Investments

The House of Representatives has initiated the process to repeal the Nigeria Trustee Investment Act of 1957 and replace it with the Trustee Bill, 2026. During a public hearing in Abuja, Hon. Solomon Bob, Chairman of the Committee on Capital Market and Institutions, emphasized that the existing law is outdated, having been established when Nigeria only had Federal Government bonds.

He noted that Nigeria's capital market is now valued at over N80 trillion, with pension assets exceeding N30 trillion and a variety of new asset classes available. The proposed bill aims to modernize the investment framework by expanding the investment universe to include corporate bonds, equities, collective investment schemes, infrastructure funds, real property, and foreign investments through licensed custodians.

Speaker of the House, Hon. Tajudeen Abbas, represented by Hon. Dahiru Abubakar Sarki, stated that the legal framework for trust investments must evolve to reflect the current economic landscape, making reform both necessary and timely.