ASHON Seeks Review Of Capital Gains Tax Policy
The newly inaugurated Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Mr. Seinde Adenagbe, has cautioned that recent policy actions, particularly the sudden introduction of Capital Gains Tax (CGT) on securities, pose significant risks to investor confidence and market stability.
Adenagbe issued the warning in Lagos during his formal decoration as ASHON’s 6th Chairman, where he called for a reset of professional standards and stronger governance across the Nigerian capital market.
Adenagbe said the abrupt reintroduction of CGT had contributed to the sharp ₦6tn drop in market capitalization recorded in November, reversing the strong recovery that saw the market peak at ₦95tn in October.
He appealed to President Bola Tinubu to urgently revisit the policy, stressing that confidence is the market’s most valuable asset and must be protected through predictable, investor-friendly regulation.
The new chairman emphasised that the capital market cannot thrive on weakened structures or compromised values. He urged operators to recommit to ethics, discipline, and transparency, describing these attributes as essential for restoring trust.
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“Whatever is true, honest, just, pure, lovely, and of good report should define our conduct. Our word must remain our bond,” he said.
Adenagbe also addressed the Securities and Exchange Commission’s planned recapitalisation exercise for market operators, stressing that such reforms must enhance efficiency rather than force firms out of existence through unrealistic capital thresholds.
He argued that capital raising should support the survival of operators, employees, and the wider ecosystem.
Outlining his agenda for ASHON, Adenagbe announced a 10-point programme focused on strengthening professionalism, improving regulatory engagement, and expanding visibility for the association.
His priorities include unified capital market advocacy, faster conflict resolution mechanisms, an upgraded ASHON Secretariat, establishment of a policy-oriented ASHON Think Tank, deeper collaboration with the Chartered Institute of Stockbrokers (CIS), enhanced investor education, and accelerated adoption of modern technology.
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He renewed calls for the development of an ASHON House, acknowledging support from the NGX Group, the Central Securities Clearing System (CSCS), and several dealing firms. Adenagbe pledged transparent, accountable leadership, declaring that ASHON “must be seen, known, and heard.”
Immediate Past Chairman, Mr. Sam Onukwue, pledged support for the new administration and highlighted achievements under his tenure, including digital transformation initiatives, fundraising for the Secretariat, waivers on reporting requirements, contributions to the 2025 Investments and Securities Act, and international capacity-building collaborations.
Chairman of the occasion and Group Chairman of the Nigerian Exchange Group Plc, Alhaji Umaru Kwairanga, praised ASHON’s contributions to capital market development and urged the new leadership to intensify investor education to broaden retail participation.
Guest speaker and CEO of Trovotech Ltd., Mr. Obiefuna Ezenwugo, speaking on “Tokenization in Financial Services,” encouraged stockbrokers to deepen their knowledge of tokenization as it gains global traction.
The event drew prominent market leaders, including the Chairman and Chief Executive of the Investments and Securities Tribunal, Honourable Aminu Junaidu; NGX CEO, Jude Chiemeka; Chief Executive of NGX Regulation, Olufemi Shobanjo; CIS President, Oluropo Dada; NASD Plc CEO, Eguarekhide Longe; and Lagos Commodities and Futures Exchange Managing Director, Akin Akeredolu-Ale.
