Femi Otedola has accused commercial bank chiefs of wasteful dissipation of $50m annually on private jet maintenance and sundry issues.
Otedola who is the chairman of FBN Holdings remarked this in a statement he released on Wednesday purposely to lend his voice to the 70 per cent windfall tax proposed by the Federal Government on foreign exchange gains of banks.
Recall that the Senate amended the Finance Act to impose a 70 per cent windfall tax on banks’ foreign exchange profits.
A windfall tax is a higher tax levied by the government on sectors or businesses that have disproportionately benefited from favourable market conditions.
On Wednesday the billionaire businessman paid tribute to the amendment via a statement he released in which he laid into purported flamboyant lifestyle of bank chiefs, accusing them of prioritising selves and profits and having a penchant for acquiring private jets.
“Amid the progress with banking sector reforms, there is an urgent need to address entrenched issues within the Nigerian banking sector. A concerning trend has emerged where some bank chief executives prioritise personal gain over their duty to shareholders and customers.The core values of banking—trust, integrity, and service—must be upheld. I am particularly critical of the culture of flamboyance, especially the ownership and operation of private jets.
“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,” it read in part.
