Nigeria Tycoon Urges Banks to Cut Private Jets, Pay Windfall Tax

Nigerian banks should scale back their flamboyancy, including spending on private jets, and pay a new windfall tax to regain public trust and support the economy, a top banking executive said.

“Nigerian banks are spending an estimated $50 million annually just on maintaining private jets, with over $500 million gone into purchasing nine private jets by four banks,” Femi Otedola, chairman of FBN Holdings Plc, the country’s third biggest lender by market value, said. “This level of extravagance significantly erodes public trust in our financial institutions and diverts crucial resources away from vital areas,” the billionaire businessman said ...