The Chairman of First Bank Holdings Holdings and billionaire, Femi Otedola said that Nigeria's government's windfall tax on commercial banks' foreign exchange gain in 2023 will ensure fairer wealth distribution. Otedola disclosed this in a recent statement. He becomes the first financial heavyweight in Nigeria to announce support for the tax.
The Chairman of First Bank Holdings Holdings and billionaire, Femi Otedola said that Nigeria's government's windfall tax on commercial banks' foreign exchange gain in 2023 will ensure fairer wealth distribution. Otedola disclosed this in a recent statement. He becomes the first financial heavyweight in Nigeria to announce support for the tax.
He emphasised the need for reforms in the Nigerian banking sector to enhance economic stability and integrity. “Windfall taxes, which are levied on companies or individuals who receive substantial, unexpected profits, ensure a fairer distribution of wealth,” he said. “This allows those who benefit disproportionately to contribute more significantly to the broader societal good.
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