Trustee funding: House of Representatives transfer to repeal 69-year previous out of date legislation in Nigeria

The House of Representatives has commenced earnest transfer to repealing the Nigeria Trustee Investment Act of 1957, and to subsequently enact the Trustee Bill, 2026.

Speaking throughout a public listening to on the invoice in Abuja on Monday, Chairman of the Committee on Capital Market and Institutions, Hon. Solomon Bob mentioned the legislation was made when Nigeria had solely Federal Government bonds.

“Today, we have a sophisticated capital market worth over N80 trillion, pension assets over N30 trillion, and new asset classes from REITs to Infrastructure Funds, to Green Bonds. The world has moved. Our law has not. This hearing is to correct that,” he said.

He added that the invoice into consideration seeks to repeal and re-enact the Act with trendy provisions, together with “expanded investment universe-corporate bonds, equities, collective investment schemes (ETFS, REITs), infrastructure funds, real property, foreign investments via licensed custodians,” and extra.

Also, Speaker of the House, Hon. Tajudeen Abbas, who declared the occasion opened, represented by Hon. Dahiru Abubakar Sarki famous that “the law governing the investment of trust funds carries a responsibility that extends beyond financial management.”

“Nigeria’s Trustee Investments Act of 1957 was enacted in a considerably completely different financial and monetary surroundings. Nearly seven a long time later, the funding panorama has modified significantly. Capital markets have expanded, monetary devices have turn into extra refined, and new alternatives for funding and wealth creation have emerged.

“Yet the legal framework governing trust investments has not kept pace with these developments. This makes reform both necessary and timely,” he mentioned.