Nigerian tycoon Femi Otedola has expressed concern over the excessive spending of the country’s banks, particularly on private jets. Otedola, who is also the Chairman of First Bank of Nigeria (FBN), highlighted that Nigerian banks spend an estimated $50 million annually on maintaining private jets, with over $500 million spent on 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”
In an emailed statement to Bloomberg, Otedola emphasized the need for financial prudence and the importance of rebuilding public trust in financial institutions.
Otedola also voiced his support for imposing a new windfall tax on banks and increasing minimum capital requirements for banks operating in Nigeria. He believes these measures are necessary to ensure banks contribute more effectively to the domestic economy. Otedola’s call for financial discipline reflects broader concerns about the management of resources within Nigeria’s banking sector.