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UTL boss seeks speedy passage of Investment Trustees Bill

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UTL Trust Management Services Limited on Friday urged the National Assembly to ensure speedy passage of the Investment Trustees Bill into law, to enhance adoption of trusteeship in Nigeria.

Mrs Olufunke Aiyepola, UTL Trust Managing Director, made the appeal at a news conference in Lagos.

Aiyepola said that passage of the all-embracing proposed Trustees legislation to be made applicable across the federation would cure the anomalies of the subsisting Trustee Investment Act.

She also called for a more trust-friendly tax ecosystem that would reduce stamp duties for the transfer of assets, to encourage increased utilisation of trust solutions.

Aiyepola said that an allowance for nominal stamping in security trusteeship transactions would ease the burden of borrowing costs for corporate entities.

She, however, urged government to ensure re-inclusion of trust arrangements in Pension Reform Act 2004.

Speaking on apathy to Will writing, Aiyepola said that the company had demystified the practice with its WillPower product.

She said that the company, in February, launched WillPower to discredit the myths surrounding Will writing in Nigeria and Africa as a whole.

According to her, WillPower, an online solution, is seamless and can be accessed from the privacy of the home and the business space.

She said that any adult could access the service, emphasising that the company disrupted the provision of the services by providing it at a very nominal cost of N50,000.

The managing director said that the service was aimed at encouraging the populace to tidy their affairs and protect their loved ones.

“Nigerians in the Diaspora can now write their will from any part of the world and file same in Nigeria,” Aiyepola said.

She said that the company would continue to embrace advocacy to inform the public of the need to write a Will.

Aiyepola said that the campaign was aimed at effecting a change of perspective to estate planning.

She said that WillPower recently won the BusinessDay Banks and other Financial Institutions (BAFI) award as the Best Non-Bank Financial Product/Service of the year 2019.

According to her, UTL, in her 53 years of existence, has been offering superior trusteeship services to both local and foreign clients at affordable rates.

“Aside from being licensed to provide trust services, UTL is also duly licensed by the Securities and Exchange Commission as funds and portfolio managers,” she said.

On its future outlook, Aiyepola said that the company would continue to provide unique trust services to its clients, rendered with integrity on the platforms of expertise and technology.

Edited by Oluwole Sogunle

Chinyere Nwokeoma: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

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