Billionaire businessman, Femi Otedola, says Nigerian banks spend an estimated $50m annually on private jet maintenance. Otedola, the Chairman of First Bank Holdings, disclosed this in a statement on Wednesday while supporting the Federal Government’s Windfall Tax on Banks' foreign exchange gains.
Billionaire businessman, Femi Otedola , says Nigerian banks spend an estimated $50m annually on private jet maintenance. Otedola , the Chairman of First Bank Holdings, disclosed this in a statement on Wednesday while supporting the Federal Government’s Windfall Tax on Banks' foreign exchange gains. According to him, the 70 percent Windfall tax which was recently passed by the Senate upon the amendment of 2023 Finance Act, will ensure a fairer distribution of wealth.
'Nigerian banks are spending an estimated $50m annually just on maintaining private jets, with over $500m gone into purchasing nine private jets by four banks. This level of extravagance significantly erodes public trust in our financial institutions and diverts crucial resources away from vital areas such as operational efficiency, technological innovation, and customer service', he said.
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