Caption: From left, Chuka Eseka, Group Managing Director/CEO, Vetiva Capital; Dr. Armstrong Ume Takang, Managing Director/Chief Executive Officer, Ministry of Finance Incorporated; Temi Popoola, Group Managing Director/CEO, NGX Group Plc; Wale Edun, Finance Minister and Coordinating Minister of Nigeria’s Economy; Ahonsi Unuigbe, Chairman, NGX Limited; Jude Chiemeka, CEO, NGX; Ike Chioke, Director, MOFI; Mrs. Sanya-Ade Okolie, Senior Special Assistant on Finance & Economy to The President with other dignitaries during the listing of the MOFI Real Estate Investment Fund Series 2 on NGX on Tuesday in Lagos.
The Nigerian Exchange (NGX), on Tuesday hosted the country’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, who performed the Closing Gong Ceremony to mark the listing of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) Series 2.
Speaking just before he performed the ceremony that closed trading on the bourse for the day, Edun assured stakeholders that the Federal Government has noted the concerns around Capital Gains Tax and remains committed to ongoing consultation with the market.
According to him, “we have noted the concerns around Capital Gains Tax and will continue to engage with the capital market to ensure any decisions deliver optimal outcomes for both Nigerians and the market.”
The listing of the MREIF Series 2, the NGX said in a statement, underscores the capital market’s pivotal role in national development, particularly in addressing Nigeria’s housing deficit.
The listing was against the backdrop of cautious trading in the equities market, as investors recalibrate portfolios in response to geopolitical tensions arising from the US–Nigeria diplomatic standoff, the proposed Capital Gains Tax (CGT), year-end portfolio rebalancing, and expectations of window-dressing by institutional players.
While liquidity remains robust, analysts emphasize that aligning fiscal policy with investor expectations is critical to sustaining confidence and deepening long-term market participation.
Welcoming the Minister and his team to the Exchange, Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group, 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.
According to him, “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.”
At ₦100 per unit, he said the “MREIF allows ordinary Nigerians to participate in savings and investment, leveraging local resources to grow our economy, especially in the housing sector.”
The ceremony also highlighted the strength of partnership between the Federal Government and MOFI on one hand, and the private sector in mobilising innovative financing for housing.
Ahonsi Unuigbe, Chairman, NGX, described the listing as a “defining step toward transforming Nigeria into a leading economy that ensures shared prosperity for all Nigerians.”
Also commenting, Jude Chiemeka, CEO, NGX, said MREIF demonstrates how the capital market can 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.”
For Dr. Armstrong Takang, Managing Director/CEO, MOFI, the “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.
