Kayode Tokede

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday pledged that the federal government would adopt a cautious and consultative approach in implementing the recently enacted tax reform laws, particularly the contentious capital gains tax (CGT) on securities transactions.

Edun, made the commitment in Lagos, 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.

The minister said the government recognises the concerns expressed by market operators and was 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 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.

The N1 trillion MOFI Real Estate Investment Fund, with 1 billion units priced at N100 each was admitted on NGX official list for immediate trading on the floor after the Finance Minister Wale 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.

Edun 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 percent 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 disclosed 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 was 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.

Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola, reaffirmed the capital market’s role as a catalyst for inclusive growth and called on the federal government to ensure balanced outcomes in the implementation of the Capital Gains Tax.

 “The capital market is not only a platform for attracting investment but also a tool for creating wealth for Nigerians. Policies such as the capital gains tax must be carefully designed to balance government revenue objectives with investor confidence and market growth.

“NGX Group remains committed to supporting the Renewed Hope Agenda by channeling private capital into initiatives that deliver sustainable, long-term impact.”

The ceremony also highlighted the strength of collaboration between the federal government, MOFI, and the private sector in mobilising innovative financing for housing.

Chairman, NGX, Mr. Ahonsi Unuigbe, described the listing as a “defining step toward transforming Nigeria into a leading economy that ensures shared prosperity for all Nigerians.”

In his remarks, CEO, NGX, Mr.  Jude Chiemeka said MREIF demonstrates how the capital market could deliver practical solutions to national challenges: “By channeling private capital into housing, we are creating opportunities for long-term investment and wealth creation while addressing Nigeria’s housing deficit.”

Managing Director/CEO, MOFI, Dr. Armstrong Ume Takang added: “MREIF provides long-term, low-cost mortgage financing to make homeownership a reality for millions of Nigerians, stimulating local economies across the housing value chain.”

The Closing Gong Ceremony positioned MREIF as a model for inclusive economic growth, illustrating how institutional capital can drive both financial stability and social impact. With over 1,000 mortgages already disbursed, the initiative continues to expand middle-class wealth and deepen Nigeria’s capital market.

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