‎Taiwo Oyedele blasts media ‘sabotage’ on CGT reforms, reveals 80% investor approval

‎By Joan Chioma Obinagwam

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has fired back at “misrepresentation” and “sabotage” by leading outlets Nairametrics and BusinessDay, insisting his proposed capital gains tax (CGT) changes are progressive, equitable, and backed by overwhelming investor support.

Confiance News gathered from the official X handle of Oyedele on Monday.

‎In a scathing rebuttal titled “Setting the Record Straight on Capital Gains Tax,” Oyedele dismantled six key claims, accusing the media of amplifying misinformation that could undermine Nigeria’s economic reforms.

‎Investors furious? 8.6/10 Says no
‎Nairametrics painted a picture of “palpable disappointment and unease” among foreign investors during a stakeholder call, claiming frustration with Oyedele personally.
Fact-check: The virtual engagement drew 281 participants from over 10 countries. Post-event feedback showed 80% rating it 9 or 10 out of 10, averaging 8.6 overall. “Many wished we had more time,” Oyedele noted, dismissing the “frustration” narrative as baseless.

‎‎Socialist? It’s Progressive Taxation
‎Critics branded Oyedele’s focus on taxing the top 3% while exempting the bottom 97% as “ideological” and “socialist.”
Reality: The policy targets low-income earners and nano-businesses. “Exempting the poor while taxing the wealthy fairly is progressive taxation – a principle in every advanced economy,” Oyedele countered.

‎‎Competitiveness doomed? Top markets disagree
‎Reports warned Oyedele’s CGT stance signals “troubling” unpredictability for Nigeria’s markets.
‎‎Counterpoint: Top economies like the U.S., U.K., and South Africa impose CGT yet boast thriving capital markets. “Competitiveness depends on overall returns and risk, not zero CGT,” he argued. Many no-CGT nations lack robust markets entirely.

‎‎FPIs pay anyway?
‎Nairametrics alleged Oyedele wrongly claimed foreign portfolio investors (FPIs) pay equivalent taxes at home.
‎Clarification: Most investors are taxable in their jurisdictions; where not, source countries like Nigeria deserve their share. A PwC tax chart (taxsummaries.pwc.com) backs this up.

‎‘BS’ slur backfires
An unnamed “Africa-focused fund” reportedly called Oyedele’s position “mostly BS” (bullshit) – language Oyedele slammed as “unprofessional” and journalistically subpar. Rebuttal: Africa’s leading markets – South Africa, Morocco, Botswana, Nigeria, and Egypt – all tax shares. “Hopefully, this fund hasn’t been evading taxes continent-wide,” he quipped.

‎Tripling CGT? Fake news
BusinessDay claimed reforms would “triple” CGT for foreign equity investors.
‎False: Exemptions apply via thresholds and reinvestment for both local and foreign players. Tax hits only excess gains without reinvestment – far from punitive.

‎Media: Verify or mislead
‎Oyedele urged reputable outlets to verify facts, shun anonymous slurs, and prioritize evidence over sensationalism. “Intentional misreporting is sabotage; careless reporting is negligence,” he warned.

‎‎Since May 2023, Confiance News learnt that Nigeria’s capital market has delivered over 100% average returns in USD terms (gains, dividends, currency appreciation). “Expecting tax on net gains for exiting investors is tax equity – not hostility,” Oyedele emphasized.
‎The reforms aim to boost retail investment, diverting interest from gambling and crypto toward sustainable markets. Full details at fiscalreforms.ng.
Oyedele concluded: “I remain focused on strengthening Nigeria’s economy with fairness. The media must interrogate, not mislead.”

‎The clash highlights tensions in Nigeria’s push for tax equity amid investor jitters, as reforms seek to plug loopholes without deterring capital flows.

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