Connect with us

News

Otedola backs FG’s windfall tax, says banks spend $50m yearly maintaining jets

Published

on

 

Femi Otedola, chairman of Geregu Power Plc, has expressed his support for the implementation of the federal government’s windfall tax on the foreign exchange (FX) gains of banks.

 

Otedola, in a statement on Wednesday, the revenues generated from the policy can be channelled into essential public services such as healthcare, education, and infrastructure, benefiting all citizens and helping to reduce social inequalities.

 

 

The billionaire said the endorsement aligns with the ongoing efforts to reform the Nigerian banking sector, aimed at enhancing economic stability and integrity within the country’s financial institutions.

 

Windfall taxes are levies on companies or individuals who receive substantial, unexpected profits due to circumstances beyond their usual control or investment, he explained.

 

Otedola said taxing these extraordinary gains ensures a fairer distribution of wealth, allowing those who benefit disproportionately to contribute more significantly to the broader societal good.

 

“The revenue generated from windfall taxes can be channeled into essential public services such as healthcare, education, and infrastructure, benefiting all citizens and helping to reduce social inequalities,” he said.

 

“The recent announcement of a windfall tax on the extraordinary profits earned by Nigerian banks is a significant first step towards achieving these goals. The consolidation of various foreign exchange rate systems into a single investors and exporters (I&E) window led to the depreciation of the Naira and substantial increases in the value of bank assets denominated in United States Dollars.

See also  Again, Gunmen kill six in Ondo

 

“This extraordinary gain should be redistributed to fund critical infrastructure development, education, healthcare access, and public welfare initiatives, addressing the intense pressure on public finances and alleviating the cost-of-living crisis many Nigerians face.

 

“Furthermore, the financial statements of manufacturing, telecoms, and SMEs indicate that many of these companies may not be able to pay corporate tax for at least the next two years, as they are currently showing negative equity. It is essential for the government to step in and provide support to bridge these gaps, ensuring revenue generation and fostering economic development.”

 

‘NIGERIAN BANKS SPENDING $50 MILLION ON PRIVATE JETS MAINTENANCE ANNUALLY’

Otedola said the importance of aligning financial priorities with Nigeria’s broader economic development goals cannot be overstated.

According to the FBN Holdings chairman, the federal government’s reforms are both timely and essential for the sustainable growth of our economy.

 

He said by taking decisive action to implement these changes, the government is demonstrating a commitment to ethical leadership and accountability.

See also  Bring home the trophy, get $250,000, Femi Otedola promises Super Eagles

 

“These reforms will empower our banking sector to play a pivotal role in driving Nigeria’s economic development, ultimately securing a prosperous future for all Nigerians,” the investor said.

 

The philanthropist also commended the recent recapitalisation initiative in the banking sector, which sets minimum capital requirements of N500 billion for international banks and N200 billion for national banks.

 

He expressed belief that the move was designed to strengthen the banking sector’s capacity to support Nigeria’s broader economic development goals.

 

“It is crucial for banks to focus on operational efficiency, technological innovation, and customer service, rather than executive extravagance,” he said.

 

“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 prioritize personal gain over their duty to shareholders and customers. The core values of banking—trust, integrity, and service—must be upheld.

See also  Dangote refinery petrol supply to NNPC will eliminate queues - Otedola

 

“I am particularly critical of the culture of flamboyance, especially the ownership and operation of private jets.

 

“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.

 

“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.”

 

Otedola said to regain the trust of the Nigerians and fulfill its pivotal role in the nation’s economic development, the banking sector must realign its financial priorities.

 

Investments should be channelled into areas that directly improve customer services and enhance technological infrastructure, he said.

 

The billionaire urged all stakeholders in the Nigerian banking sector and the broader economic community to “rally behind these visionary reforms”.

 

He said it is time for the nation’s financial institutions to embody the highest standards of integrity and service and ensure a stronger, more resilient economy for all Nigerians.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Good morning! Nigerian Newspapers Headlines: NDC dissociates itself from 59-member presidential campaign council unveiled by Obi-Kwankwaso movement

Published

on

By

 

1. The leadership of the Nigeria Democratic Congress (NDC) has distanced itself from the 59-member presidential campaign council constituted by OK Movement, a support group for Peter Obi, presidential candidate of the party, and his running mate, Rabiu Musa Kwankwaso.

In a statement on Saturday, Cleopas Moses, NDC national chairman, said the list did not emanate from the party and should be disregarded.


2. Former Senior Special Assistant Media and Publicity to the late President Muhammadu Buhari, Mallam Garba Shehu, said yesterday that the litigation instituted against Nigeria by Sunrise Power and Transmission Company at the International Chamber of Commerce (ICC) tribunal in Paris was doomed from the outset. 
Garba, who personally attended the January 15, 2025 sitting of the tribunal in the French capital, said it was clear from day one that Sunrise and its promoter Leno Adesanya “would lose this case following the failure of all the witnesses they invited, including, of course, a beautiful lady from Senegal allegedly providing comfort to one of their government contacts.

See also  BREAKING: First Bank Holdings appoints Otedola as board chairman

3. The Presidency yesterday knocked back economic proposals by the presidential candidate of the African Democratic Congress (ADC), Alhaji Atiku Abubakar. It asked him to take the proposals to Nigerians on his campaign trail rather than seeking to dictate how President Bola Tinubu should govern the country.

4. The Nigeria Hydrological Services Agency (NIHSA) has forecast a high risk of riverine flooding across 15 states between September 19 to 25.
In its national flood advisory issued on Friday, the agency said rising river levels could trigger flooding in communities located on floodplains during the seven-day period.
The affected states are Imo, Cross River, Ebonyi, Benue, Anambra, Akwa Ibom, Lagos, Rivers, Edo, Kogi, Taraba, Delta, Bayelsa, Enugu and Abia.

5. Delta State Police Command has arrested a suspect after its personnel intercepted a vehicle conveying military camouflage uniforms, boots and hats, as well as cartons of suspected Tramadol and other illicit drugs. The vehicle, a green Toyota Sienna with registration number KP 527 AAA, was intercepted by operatives of the command’s Anti-Cult Unit, Asaba, along the Onitsha-Ondo route on Friday.

See also  Cristiano Ronaldo signs £173m-a-year contract after bitter Man Utd exit

6. Police in Rivers State have begun an investigation into the killing of a father of four, Kamadioye Krama, by gunmen in Emulation community, Abua/Odual Local Government Area. The spokesperson for the State Police Command, Blessing Agabe, confirmed the incident, stating that an investigation was ongoing to apprehend the culprits and bring them to book.

7. President Bola Tinubu has said that, from October 1, commuters across Nigeria must begin to see measurable reductions in transportation fares, as he has directed all 36 states to accelerate the National Affordable CNG Transit Programme. In a statement personally signed and released on Saturday, September 19, Tinubu said the push followed his August 27 meeting with state governors.

8. The Nigeria Security and Civil Defence Corps, NSCDC, has deployed Abdulhamid Kabara as the new commandant of its Niger State Command following the deaths of 37 suspected illegal miners in custody. Kabara replaces Suberu Aniviye, who was suspended as Niger NSCDC commandant after the 37 suspects died in Minna, the state capital, on Thursday.

See also  FG enlists Dangote, Otedola, Elumelu as members of council to eliminate malaria

9. The Northern Senators Forum on Saturday called for an immediate, transparent and independent investigation into the deaths of 37 young Nigerians in the custody of the Nigeria Security and Civil Defence Corps, NSCDC, in Minna, Niger State. It described the circumstances surrounding the occurrence as “deeply disturbing and unacceptable.”

10. The Minister of Interior, Olubunmi Tunji-Ojo, has suspended the Niger State Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Suberu Aniviye, and 20 other officers following the deaths of 37 suspected illegal miners in the Corps’ custody. The officers were suspended pending the outcome of an independent investigation into the deaths, which occurred on Thursday, September 17, 2026. The Ministry of Interior announced the development in a statement signed by Tunji-Ojo on Saturday

Continue Reading

News

Keyamo, Sunday Dare knock Atiku for addressing President Tinubu as ‘Bola’

Published

on

By

  The minister of aviation, Festus Keyamo, and the special adviser to President Bola Tinubu on media and public communication, Sunday Dare, have criticised former Vice-President Atiku Abubakar for referring to the President as “Bola”.

Keyamo described Atiku’s use of Tinubu’s first name as “disrespectful and discourteous”.

“The continuous reference to President Bola Ahmed Tinubu by His Excellency, ex Vice-President Atiku Abubakar in his press conference earlier today as ‘Bola’ is very disrespectful and discourteous,” he wrote on X.

He said Atiku should recognise that the office of the president deserves to be accorded dignity despite political differences.

“He should know better that no matter your differences with Mr. President, for the sake of the country, that office should be accorded all the dignity it deserves,” Keyamo said.

Keyamo also described the tone of Atiku’s remarks as reflecting “pain and bitterness”, while referring to the former vice-president’s recent comment about Tinubu’s age.

See also  Babangida asked Jonathan to sit on Yar’Adua’s chair following president’s prolonged illness – Otedola

“After all, he made the outlandish claim the other day that Mr. President is older than himself. It is therefore a contradiction that he would also refer to an ‘elder’ by his first name,” he said.

Also, Dare, in a post on X on Saturday,  reacted to Atiku’s call for Tinubu to reduce petrol and electricity costs.

Atiku had on Friday asked Tinubu to use the remaining eight months of his administration to reduce the burden of petrol and electricity costs on households, workers and businesses.

He said the removal of petrol subsidy in May 2023 had contributed to higher transportation, food, logistics and energy costs. He also warned against phasing out electricity subsidies without addressing the impact on households and businesses.

Dare described Atiku’s manner of addressing the president as “the height of insolence”, accusing the former vice-president of political desperation.

“Alhaji Atiku’s manner of addressing President Bola Tinubu as Bola is the height of insolence. It is a clear descent into the abyss of unbridled desperation and an unraveling mind,” Dare wrote.

See also  Bring home the trophy, get $250,000, Femi Otedola promises Super Eagles

“To seek to lecture a sitting president with the unbridled insolence of dropping his first name, petulantly barking instructions, and dictating how governance should be run within a truncated timeline is the height of political hubris.”

Dare defended the Tinubu administration’s economic policies, saying the president was undertaking reforms to address structural problems in the economy.

Dare also questioned Atiku’s criticism of government intervention in the economy.

“Atiku’s sudden conversion to the gospel of interventionism rings hollow,” he said.

He accused Atiku of using Nigerians’ economic difficulties for political purposes ahead of the 2027 elections.

“This is a desperate strategy by a perennial seeker of power who weaponizes transient national discomforts for electoral mileage,” Dare added.

“Nigerians do not need lectures on fiscal management from a political wanderer whose decades-long pursuit of the presidency has been defined by perpetual opportunism.”

Continue Reading

News

South Africa-based Nigerian lecturer found dead at her residence

Published

on

By

A Nigerian lecturer at the University of Fort Hare, South Africa, Ayodele Odularu, has been found dead at her residence in Eastern Cape Province of South Africa.

According to reports, Gbadebo Odularu, the brother of the deceased, said she died on August 16 at the age of 51.

A family member, who spoke on condition of anonymity, told Punch’s Diaspora Tales that the lecturer’s death was not natural and the circumstances remained unclear to the family.

The family had asked for an investigation into her death.

In a GoFundMe statement published by Gbadebo on behalf of the family, the lecturer was described as someone who “dedicated her life to knowledge, discovery, and creating a better future for communities”.

The family said “although her journey on earth ended too soon, the impact of her life continues through the people she inspired, the knowledge she shared, and the communities she hoped to serve”.

See also  APC mounting pressure on INEC chairman to suspend result collation in Edo, says PDP

“Ayodele was far more than a sister. She was a cherished daughter, aunt, friend, mentor, scholar, and a source of encouragement, compassion, wisdom, and strength to everyone blessed to know her,” the statement reads.

“Her presence brought warmth into every room. She was known for her kindness, infectious laughter, generosity, resilience, and unwavering commitment to uplifting others. She had a rare ability to make people feel valued, heard, and inspired.

“Dr. Ayodele Odularu dedicated her life to knowledge, discovery, and creating a better future for communities.

“As an Independent Senior Researcher at the University of Fort Hare Community, she contributed meaningfully to academic research and the advancement of knowledge through her scholarly work.”

On Thursday, University of Fort Hare organised a memorial service in honour of the lecturer.

The lecturer died amid the violent attacks against Nigerians and other Africans in South Africa.

To date the Federal Government has 
facilitated the evacuation of 1,716 Nigerians from South Africa over Xenophobic attacks in the former apartheid country.

See also  Evil nurse, Lucy Letby gets whole life sentence for murder of seven babies in hospital

Continue Reading

Trending News