Bank Directors Association of Nigeria (BDAN) Chairman, Mustafa Chike-Obi, has announced that the “banking community” will soon release its official position on the contentious windfall tax imposed on banks by Nigeria’s federal government.
Chike-Obi made this known in a tweet from his X (formerly Twitter) handle on Friday. He said that personal views expressed by some bank chairmen on the matter do not represent the collective stance of the banking community.
Chike-Obi said, “I have read the personal views of some bank chairmen on the windfall tax issue. Those views do not represent the banking community.”
To address the issue, Chillke-Obi revealed that BDAN would convene a board meeting on August 12 to discuss the windfall tax issue and other pressing concerns affecting the banking sector.
Chike-Obi assured, “BDAN will communicate its views after our board meeting on the 12th, on this and other very important issues concerning our community.”
Recall that in the past few days, Chairman FBN Holdings Femi Otedola and Chairman UBA Tony Elumelu have both voiced their support for the windfall tax.
Billionaire businessman Otedola threw his weight behind the implementation of the windfall tax, emphasizing its role in fostering a fairer economic environment.
“Taxing these extraordinary gains ensures a fairer distribution of wealth, allowing those who benefit disproportionately to contribute more significantly to the broader societal good,” 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…This extraordinary gain should be redistributed to fund critical infrastructure development, education, healthcare access, and public welfare initiatives,” Otedola 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. This level of extravagance significantly erodes public trust in our financial institutions,” Otedola said.
Elumelu aldo approved of the move, saying it was aimed at alleviating poverty.
The businessman and philanthropist said there was a need to “democratise prosperity for Nigerians, ensuring access to a good life for all”.
This followed a meeting that government held on Wednesday with banking sector representatives, led by Elumelu and GCEO of FCMB, Ladi Balogun, to discuss the windfall tax.
The meeting was described as “amicable, knowledge-based, and data-driven” by Finance Minister Wale Edun, who noted that President Bola Tinubu was actively engaged in the discussion.
“‘We sat and we talked about the importance of the banking system and the importance of the financial system as a whole at this critical time,” Edun said.
“‘Of course, we know at this time that the banking system is raising money. They’re selling shares, they’re giving people opportunity to participate in their wealth, and that includes foreign investors.
“So it’s against that background that Mr. Elumelu and Mr. Balogun wanted some clarifications, particularly on the windfall levy that has just been passed by the National Assembly,” Edun added.
The meeting provided a platform for the banking sector to share their perspective, with assurance and support for the President’s reforms.
According to Elumelu, “We support the government’s intention to alleviate poverty with the windfall tax, but we also believe that no one segment should suffer, and the government should continue to create jobs while businesses thrive,” he said.
“‘Mutual prosperity is key – prosperity for business owners, ordinary Nigerians, and foreign and local investors. Everyone should be happy. I’m pleased with the meeting’s outcome, and I hope for a better and happier society going forward,” Elumelu added.
Boluwatife Enome
Boluwatife Enome
Follow us on:
President Tinubu has ordered an investigation into the arrest, prosecution of minors involved in #EndBadGovernance…
Musk's $1M giveaway is under legal scrutiny in a Pennsylvania court case as it targets…
Kemi Badenoch has appointed former rivals Jenrick, Patel, and Stride to senior roles in her…
Boeing workers voted Monday on a new contract to end a seven-week strike
EFCC has arrested ex-Delta governor Ifeanyi Okowa for alleged misuse of oil derivation funds, diverting…
Barcelona faces severe flooding as search and rescue efforts continue.
View Comments
📞📞📞📞📞📞
Royal Stallion=N19,500
MamaGold=N18,000
Otunba=N19,000
Rising sun=N19,500
Special rice=N18,000
Mama Africa=N19,000
Royal crown=N18,500
Ade Brazil=N19,000
Elephant Gold=N18,500
Super eagle=N19,000
Tomato rice=N18,500
Caprice =N18,500
TRANSPORTATION CHARGES IS (#2000)
Toyota Sienna=700,000
Toyota Picnic=#650,000
Toyota Camry Muscle=950,000
Toyota Spider=1.2million
• Toyota Land Cruiser-N1.5 million
• Toyota Prado N1.6 million
• Toyota Corolla –N650,000
• Toyota Camry –N450,000-N1M
• Toyota Avensis – N950,000-N1M
• Toyota Yaris – N800,000
• Toyota Venza – N2.2 million
• Toyota RAV4 SUV –N950,000
• Toyota Hilus Pickup-N950,000
• Toyota Dyna Truck – N1.3million
• Toyota Hiace Bus – N1.5 million
* Toyota Highlander-N1.2 million
*Toyota Big daddy-N850,000
Tacoma 1.850,000
Honda Civic cars – N850,000
Honda Accord – N950,000
Honda CR-V –N980,000
Honda CR-V –950,000
Honda Pilot – N900,000
Tundra 2.m
*Prices of some Volswagen cars:
golf 1 = 250,000
Golf 2,-N350,000
golf 3 -400,000
golf 5 -N500,000
Jetta-N350,000
Passat-N450,000.
BENZ C3OO.#1.1MILLION
BENZ-GLK.#2.1MILLION
BENZ =ML550.#3.2MILLIO
Lexus RX300-N950,000
Lexus RX330-N1.2 mill
Lexus RX350-N1.5 mill
Lexus GX460-N3.2 mill
Lexus GX470-N4.5 mill
Toyota Sienna = 700,000
acura MDX 1.6m
acura ZDX 1.850,000
Landcruser 1.2m
range rover vogue 3.8m
Land rover 3m
WE DELIVER TO 36 STATES
YOU CAN CALL THE MARKETING OFFICER FOR MORE INFORMATION ( Omar ) OR YOU ADD ME UP ON WHATSAPPO8O__6739__9O9O