The House of Representatives is proposing to replace Nigeria’s 69-year old Trustee Investment Act with a new law that caps trustees’ investment in a single issuer at 20 percent of a trust fund’s portfolio.
Solomon Bob, chairman of the house committee on capital market and institutions, disclosed the proposal on Monday at a public hearing on the Trustee Investment Bill, 2026 (HB 2762), at the national assembly in Abuja.
Bob said the proposed limit, contained in Clause 4 of the bill, is designed to prevent trustees from concentrating beneficiaries’ assets in one institution or investment.
The cable
