jets

Nigerian tycoon Femi Otedola has expressed concern about the excessive spending of the country's banks. He argues that Nigerian banks spend an estimated $50 million annually just on maintaining private jets, with over $500 million spent on purchasing nine private jets by four banks. Otedola, who is also the Chairman of First Bank of Nigeria (FBN), believes that banks operating in the country should reduce their lavish spending. He expressed strong support for imposing a new windfall tax on banks to rebuild public trust and support the domestic economy. “Nigerian banks are spending an estimated $50 million annually just on…