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The Chairman of First Bank Holdings Holdings and billionaire, Femi Otedola said that Nigeria\u2019s government\u2019s windfall tax on commercial banks\u2019 foreign exchange gain in 2023 will ensure fairer wealth distribution.<\/p>\n

Otedola disclosed this in a recent statement.<\/p>\n

He becomes the first financial heavyweight in Nigeria to announce support for the tax.<\/p>\n

The billionaire also called on banks to halt extravagant spending on private jets, urging a focus on operational efficiency and customer service.<\/p>\n

He emphasised the need for reforms in the Nigerian banking sector to enhance economic stability and integrity.<\/p>\n

\u201cWindfall taxes, which are levied on companies or individuals who receive substantial, unexpected profits, ensure a fairer distribution of wealth,\u201d he said.<\/p>\n

\u201cThis allows those who benefit disproportionately to contribute more significantly to the broader societal good.\u201d<\/p>\n

DAILY POST recalls that the windfall tax, initially proposed by President Bola Tinubu at 50 per cent on bank profits FX profits in 2023, was increased to 70 per cent by the Senate and passed into law. This tax will be in effect from 2023 to 2025.<\/p>\n

Otedola backs Nigerian govt\u2019s windfall tax on banks\u2019 FX profit<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Chairman of First Bank Holdings Holdings and billionaire, Femi Otedola said that Nigeria\u2019s government\u2019s windfall tax on commercial banks\u2019…<\/p>\n","protected":false},"author":1,"featured_media":44733,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4161,13333,15,6790,9878,2740],"tags":[2299,3899,519,512,16285,180,766,674,20253,2583,21808],"class_list":["post-44732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-fx","category-news","category-nigerian-govt","category-otedola","category-tax","tag-backs","tag-banks","tag-business","tag-govt","tag-govts","tag-news","tag-nigerian","tag-otedola","tag-profit","tag-tax","tag-windfall"],"yoast_head":"\n