Foreign investors left a Standard Chartered investor call with Taiwo Oyedele disappointed over Nigeria’s new tax policy, describing his tone as “ideological” and “socialist.”
International investors have expressed frustration following a recent investor call with Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, over Nigeria’s new Capital Gains Tax (CGT) provisions.
The virtual meeting, organized by Standard Chartered, was meant to clarify the implications of the new tax law for equity investors but reportedly deepened investor concerns.
Several participants described Oyedele’s tone as “surprisingly ideological,” saying his approach seemed “socialist” rather than market-friendly. One investor said, “We put a socialist in charge of our tax reform policy.”
Oyedele explained that the new CGT regime introduces progressive taxation similar to the U.S. and U.K., adding it aims to stimulate investment, not deter it.
Despite his assurances, some investors argued that the reforms send the wrong message about Nigeria’s competitiveness and predictability. Others called the implementation “frustrating” and inconsistent, warning it could discourage foreign portfolio inflows into the market.