Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has pledged that the Federal Government will adopt a cautious and consultative approach in implementing the recently enacted tax reform laws, particularly the contentious capital gains tax (CGT) on securities transactions.
He made the commitment during the official listing of the N1 trillion Series 2 of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund on the Nigerian Exchange (NGX), marking one of the largest real estate fund listings in the Exchange’s history.
“We have heard what you have said on capital gains tax. We will consult in a way that gives Nigeria an optimum result. We will listen, analyse, and decide on what is best for Nigeria and for your markets,” Edun assured capital market stakeholders.
He said the government recognises the concerns expressed by market operators and is committed to balancing fiscal efficiency with investment growth, ensuring that new tax measures support rather than hinder the development of Nigeria’s capital market.
Edun, accompanied by officials of the Ministry and executives of the joint issuing houses, was on the floor of the NGX for official listing of the N1 trillion Series 2 of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund on the Nigerian Exchange (NGX), marking one of the largest real estate fund listings in the Exchange’s history.
The N1 trillion MOFI Real Estate Investment Fund, with 1 billion units priced at N100 each, was admitted on the NGX official list for immediate trading on the floor after the finance minister Wale Edun, rang the traditional closing bell.
Introducing the investment fund on the floor, the joint issuing houses, Vetiva Securities Limited and Citi Investment Capital Limited, urged the NGX to admit the investment products for immediate trading.
The minister praised the NGX and its leadership for aligning with President Bola Tinubu’s reform agenda and for expanding opportunities for retail investors. He noted that the equities market has gained about 50% year-to-date, with total market capitalisation hovering around $100 billion in dollar terms, describing it as a reflection of investor confidence in ongoing macroeconomic and structural reforms.
“The improvements in the stock exchange index are a function of confidence — stability in government revenues, economic growth, exchange rate, and reserves,” Edun said.
He particularly commended the Exchange and the issuing houses — Vetiva Securities Limited and Citi Investment Capital Limited — for structuring investment products that allow ordinary Nigerians to participate in wealth creation.
Highlighting the N100-per-unit pricing of the MOFI Real Estate Investment Fund, Edun said such innovations promote financial inclusion and foster a long-term savings culture essential for national growth.
“You have made it possible for ordinary Nigerians — not just the wealthy — to invest, save for the future, and be part of the country’s growth story,” he said.
Edun stated that the Tax and Fiscal Policy Reform Committee has concluded its work, leading to the passage of a new tax act now at the implementation stage under the Ministry of Finance. He emphasised that the process would prioritise fairness, consultation, and economic efficiency.
According to him, the broader fiscal reform drive is aimed at improving revenue mobilisation while creating an enabling environment for businesses and investors. “Our goal is to make Nigeria’s tax system more efficient, more transparent, and more equitable,” he added.
During the event, brokers and dealing members of the NGX applauded the minister’s outreach but voiced concern over the potential impact of the capital gains tax on market liquidity and sentiment. They noted that trading activities turned negative after news of the CGT implementation by January 2026 broke, underlining investor sensitivity to tax policy shifts.
NGX Doyen, Sam Ndata, who spoke on behalf of the capital market community, urged the government to consider the fragility of market confidence and to sequence reforms in a manner that sustains growth momentum.
In a symbolic gesture, brokers described Edun as “part of the Exchange family” and invited him to relay their concerns directly to President Tinubu,as well as to extend an invitation for the President to visit the NGX and ring the closing bell in a show of support for the capital market.
Estate Investment Fund, with 1 billion units priced at N100 each,represents a key step in the government’s broader plan to deepen the housing and financial markets, while contributing to President Tinubu’s target of transforming Nigeria into a $1 trillion economy.
