2nd August, 2024
Nigerian billionaire, Femi Otedola has lamented that the nation’s banks spent a whopping $500 million on purchasing private jets.
Otedola, who is the Chairman of First Bank of Nigeria (FBN) said banks should pay the new windfall tax
The billionaire, in an emailed statement to Bloomberg, said: “Nigerian banks are spending an estimated $50 million annually just on maintaining private jets, with over $500 million gone into purchasing nine private jets by four banks.”
He lamented that this level of extravagance significantly eroded public trust in the nation’s financial institutions and diverted crucial resources away from vital areas.
Otedola also expressed his strong support for the windfall tax of 70 per cent on realized profits by banks from foreign exchange gains.
According to him, taxing these extraordinary gains ensured a fairer distribution of wealth, allowing those who benefited disproportionately to contribute more significantly to the broader societal good.
Otedola said the revenue generated from windfall taxes could be channeled into essential public services such as health care, education, and infrastructure.
