By Kehinde Akinseinde-Jayeoba
Copyright tribuneonlineng
The Nigerian Exchange Group (NGX Group) has stepped up efforts to safeguard market stability by hosting a high-level stakeholder forum on the Capital Gains Tax (CGT) provisions of the Tax Reform Act 2024, which is scheduled to take effect in January 2026.
The virtual engagement brought together policymakers, issuers, investors, market intermediaries and regulators to examine the implications of the new tax regime and explore ways to maintain Nigeria’s capital-market competitiveness. The session clarified key aspects of the law and allowed participants to provide feedback that could guide implementation.
Central to the discussions was the proposed 30 percent tax on gains from the disposal of shares, a rate aligned with corporate income tax. Speakers compared global benchmarks and stressed the need to calibrate the policy carefully to keep Nigeria attractive to both local and foreign investors. Other technical issues raised included how to determine the base cost of shares, where some recommended using a prospective calculation from the law’s effective date, and the treatment of cross-listed securities to avoid double taxation.
NGX Group Chairman, Alhaji Umaru Kwairanga, said the Exchange is committed to bridging policy and market realities. “Significant policy shifts must be clearly understood and calibrated to preserve market confidence. Our role is to facilitate engagement between policymakers and the market so that reforms translate into sustainable economic growth,” he stated.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, assured investors that the reforms aim to create a fair and transparent tax environment rather than discourage investment.
“Stakeholder engagement through platforms like NGX ensures that market feedback informs implementation,” he said.
Group Managing Director/CEO of NGX, Temi Popoola, added that maintaining a resilient market remains a priority. “Reforms of this scale raise important questions for issuers and investors. Our goal is to provide clarity and support the market’s adaptation to fiscal changes in a way that drives long-term growth,” he noted.
Participants described the forum as both timely and constructive, underscoring NGX Group’s role as a critical bridge between government and industry. By convening the dialogue, the Exchange reinforced its reputation as a catalyst for reforms that strengthen Nigeria’s capital market while supporting broader economic objectives.
