Nigerian Stock Market Shaken as 10 Firms Shed N4.95 Trillion Amid Capital Gain Tax Fears

The Nigerian stock market is in turmoil as fears surrounding the upcoming implementation of a Capital Gain Tax have led to a significant drop in the market value of 10 top firms, including Nestle Nigeria Plc, Dangote Cement Plc, and MTN Nigeria Communications Plc. The market experienced its worst monthly performance in November 2025, with a total loss of N6.54 trillion.

Investors are apprehensive about the 30% tax set to be enforced on January 1, 2026, as outlined in the Nigeria Tax Act 2025.