PE Firms Freeze Nigeria Deals as They Lobby Over Higher Tax (1)

Private equity firms in Nigeria are slowing dealmaking, with some freezing investment as they lobby the government to soften the impact of its tripling of a capital-gains tax, people familiar with the situation said.

Members of Nigeria’s Private Equity and Venture Capital Association, or Pevca, met authorities last month and are seeking further engagement after the 30% tax came into effect at the start of the year, the people said, asking not to be identified so as not to complicate the talks. One large fund has halted new investments, they said, asking that it not be identified.

Pevca declined to ...