The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has dismissed media reports suggesting that foreign investors expressed “frustration and unease” over Nigeria’s new capital gains tax (CGT) reform. He described the claims as “mischaracterisations” that mislead the public and distort facts.

According to Oyedele, the reports misrepresented his remarks and the intentions behind the reform. He stated that 281 participants joined the investor call in question, spanning over ten countries, and that post-event data showed “80% of participants rated the engagement 9 or 10 out of 10, with an overall average score of 8.6.” Oyedele noted that many participants wished they had more time for the engagement, which he said was not the expected reaction of frustrated investors.

Oyedele argued that concerns about the capital gains tax making Nigeria less competitive are misplaced. He explained that competitiveness depends on overall returns and risk factors, not on the absence of CGT, and that advanced capital markets like the US, UK, and South Africa apply CGT and remain attractive to investors.

He further clarified that both local and foreign investors benefit from exemptions tied to investment thresholds and reinvestment, and that tax applies only where those thresholds are exceeded without reinvestment. Oyedele rejected ideological labels attributed to him, saying his call for taxing wealthier citizens more fairly is grounded in progressive taxation, not socialism.

The committee chairman urged the media to uphold professionalism and avoid anonymous, inflammatory quotes, and reiterated that the broader fiscal reform effort aims to promote fairness and transparency while encouraging investment in productive sectors. He noted that since May 2023, investors in Nigeria’s capital market have enjoyed average returns of over 100% in US dollar terms from capital gains, dividends, and currency appreciation, contradicting the narrative that the CGT policy is driving away investors.