Otedola announces support for windfall tax, urges banks to curb private jet expenses

The Chairman of FBN Holdings and acclaimed strongman of the financial and capital markets, Femi Otedola has thrown his weight behind the implementation of a windfall tax, emphasising its importance in creating a more equitable economic environment. 

The billionaire also called on banks to halt extravagant spending on private jets, urging a focus on operational efficiency and customer service.

In a statement released to the press, Otedola highlighted the need for reforms in the Nigerian banking sector to enhance economic stability and integrity.

“Windfall taxes, which are levies 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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The windfall tax, initially proposed by President Bola Tinubu at 50% on bank profits, was increased to 70% by the Senate and passed into law. This tax will be in effect from 2023 to 2025.

The revenue from windfall taxes could be directed toward essential public services such as healthcare, education, and infrastructure. This would benefit all citizens and help reduce social inequalities.