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Nigerian tycoon Femi Otedola has expressed concern about excessive spending by the country’s banks.
He said Nigerian banks spend about $50 million a year just on maintaining private jets, with four banks spending more than $500 million on nine private jets.
Otedola, who is also the chairman of First Bank of Nigeria (FBN), believes banks operating in the country should cut back on extravagant spending.
He strongly supports a new windfall profits tax on banks to rebuild public trust and support the domestic economy.
“Nigerian banks spend about $50 million per year on maintaining private aircraft alone, with four banks spending more than $500 million on nine private aircraft,” he said in an emailed statement to Bloomberg.
“This level of extravagance and waste severely undermines public trust in our financial institutions and diverts critical resources away from important areas,” the billionaire said.
In addition, Otedola said he supports raising the minimum capital requirements for banks operating in Nigeria.
Femi Otedola is one of the richest men in Nigeria, with businesses in energy, real estate, finance, banking and more.
Ghana Net
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