Yes, but they are very specific. A gain from selling shares will be tax-free only if it meets one of these two conditions:
- The total proceeds from the sale are less than ₦150 million AND the calculated gain is ₦10 million or less within any 12-month period. (e.g., a ₦120 million sale with an ₦8 million gain is exempt).
- The entire proceeds from the sale are reinvested in the shares of another Nigerian company within the same tax year.
