Capital Gains Tax: Taiwo Oyedele dismisses claims Nigerian investors are frustrated

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has dismissed claims the investors are frustrated with him over the Capital Gains Tax contained in the Nigerian Tax Act.

He disclosed this in a clarification statement released on his X account on Monday.

This comes amid a report that claimed during a virtual engagement organised by Standard Chartered that Nigerian investors are frustrated with his tax reforms, especially the Capital Gains Tax, which is 30 per cent on gains from the disposal of Nigerian assets.

Reacting, Oyedele, in a lengthy statement, said the claim mischaracterised both the policy and his engagements with key stakeholders.

He also clarified that his stance on tax and fiscal reforms is not socialism; rather, it is progressive and embedded in an advanced economy.

Oyedele explained that the CGT does not portend troubling signals about Nigeria’s competitiveness and predictability, noting that competitiveness is not defined by the absence of CGT.

“A total of 281 participants attended the call from more than 10 countries. Contrary to claims of “frustration” and “unease”, about 80% of participants who gave feedback after the event rated the engagement 9 or 10 out of 10, with an overall average of 8.6. From the comments, many wished we had more time – certainly not the expected reaction of frustrated investors.

“My statement was in the context of low-income earners and nano businesses. Exempting the poor while taxing the wealthy fairly is not socialism; it is progressive taxation, a principle embedded in virtually every advanced economy.

“Competitiveness is not defined by the absence of CGT. The most advanced capital markets – the U.S., U.K., and South Africa, among others – apply CGT and remain attractive to investors, while many countries with no CGT lack robust capital markets altogether. Competitiveness depends on overall returns and risk factors, not on the absence of CGT.

“While ensuring progressivity and equity across the board beyond CGT, the tax reform addresses a myriad of tax issues plaguing the capital market. This is an opportunity to attract more investments into the market, especially by retail investors, away from gambling and virtual asset trading that today attract more interest from Nigerians than the capital market.

“Along with my team, I remain focused on the national assignment I have been entrusted with: contributing modestly but firmly to reforms that strengthen Nigeria’s economy and promote fairness,” he wrote on X.

Recall that in June 2025, President Bola Ahmed signed tax reform bills into law expected to be implemented in January 2026.