Oyedele dismisses investor frustration’s claims, defends tax reform

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.

His reaction stemmed from a virtual call, as reported, which was organised by Standard Chartered to clarify the contentious new Capital Gains Tax (CGT) provisions in Nigeria’s tax reform law.

Feedback reportedly gathered from the session — which drew several foreign investors seeking clarity on how the changes would affect equity investments — later sparked reports of investor frustration, prompting Oyedele’s clarification.

In a statement posted on his X handle on Monday titled “Setting the Record Straight on Capital Gains Tax,” Oyedele said the reports misrepresented his remarks and the intentions behind the reform.

“Public debate is vital for reform. But debate must be anchored on facts, not misrepresentation,” he wrote.

According to him, 281 participants joined the investor call in question, spanning over ten countries.

Contrary to reports of disappointment, Oyedele said post-event data showed “80% of participants rated the engagement 9 or 10 out of 10, with an overall average score of 8.6.”

“From the comments, many wished we had more time – certainly not the expected reaction of frustrated investors,” he added.

Addressing concerns that the capital gains tax could make Nigeria less competitive, Oyedele argued that such fears are misplaced.