Nigerian Exchange Group (NGX Group) has reinforced its role as a trusted catalyst for market development by convening a high-level stakeholder dialogue on the Capital Gains Tax (CGT) provisions within the Tax Reform Act 2024, set to take effect in January 2026.
The virtual forum brought together policymakers, issuers, investors, intermediaries, and regulators in a constructive exchange aimed at deepening understanding of the new tax regime while ensuring that market competitiveness remains a priority. The dialogue provided critical clarity on key provisions and created an avenue for stakeholders to share perspectives that will help shape implementation.
A key focus was the introduction of a 30% tax rate on gains from the disposal of shares, a rate aligned with Nigeria’s corporate income tax. While participants highlighted global benchmarks for comparison, the discussion underscored the importance of dialogue in refining implementation to preserve Nigeria’s attractiveness as an investment destination. Other issues raised included the determination of base cost, with recommendations for prospective calculation from the Act’s effective date, and the treatment of cross-listed securities, flagged as an area requiring careful guidance to avoid compliance complexity and double taxation.
Alhaji Umaru Kwairanga, Group Chairman of NGX Group, reaffirmed the Exchange’s role in bridging policy and market realities: “At NGX Group, we believe that significant policy shifts must be clearly understood and calibrated to preserve market confidence. Our core function is to facilitate this essential engagement between policymakers and the market to ensure reforms translate into sustainable, long-term economic growth.”
Providing government context, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, added: “The Tax Reform Act is designed not to stifle investments but to create a fair, transparent, and sustainable tax environment. Engaging with stakeholders through platforms such as NGX Group ensures that reforms are better understood and that market feedback directly informs implementation.”
Adding a market perspective, Temi Popoola, GMD/CEO of NGX Group, stressed the importance of resilience: “Reforms of this scale raise important questions for issuers and investors alike. Our priority is to ensure the capital market remains attractive and forward-looking. By creating forums like this, we provide clarity, enable dialogue, and help the market adapt to fiscal changes in ways that support long-term growth.”
Participants widely acknowledged the forum as timely and constructive, with NGX Group once again demonstrating leadership as a convener of solutions-driven dialogue. By facilitating this engagement, NGX Group has strengthened its position as an indispensable bridge between government and industry, ensuring that tax reforms are implemented in a manner that safeguards market vitality while supporting Nigeria’s broader economic goals.
