Soil samples were collected from the dumpsite soil located at Lemna Road, Calabar Municipality, Cross River State, Nigeria to investigate the speciation and bioavailability of some trace metals namely: iron, cadmium, copper, zinc and lead. Extract from the soil were obtained by sequential extraction. This involved Acid extractable fraction, Oxidisable fraction, Reducible fraction and Residual fraction. These fraction were then analyzed for Pb, Cd, Cu, Fe and Zn using acetylene flame atomic absorption spectrophometer. The results obtained, showed that the metals occurred with the following percentage bioavailability: Fe (33.57%), Zn (43.59%), Cd (67.23%), Cu (82.98%) and Lead (69.96%). Acid extractable 5.57% reducible fraction accounted for over 9.33% of the total fractions, metal bound to residual and oxidisable fraction accounted for 10.90% and 13.05% respectively. Fe has the highest distribution in all the fractions followed by Zn while Cd has the least in all the fractions. The results of these findings indicates that the trace metals with exception of Cd were readily bioavailable in the dumpsite soil therefore, phytoremediation is advocated.