The Bank Directors Association of Nigeria (BDAN) has said that views of some bank chairmen on the proposed foreign exchange windfall tax does not represent the group’s view.
Lately, several bank chiefs expressed support for the Federal Government’s move to impose a 70 per cent windfall tax on the foreign exchange earnings of banks from 2023 to 2025.
FBN Holdings chairman Femi Otedola, last Wednesday, said revenue generated through it could be channelled into essential public services, such as healthcare, education, and infrastructure, benefiting all citizens and helping to reduce social inequalities.
“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,” he said.
Also, after a meeting with President Bola Tinubu, on Wednesday, chairman of the United Bank for Africa, Tony Elumelu, reasoned that mutual prosperity was vital to sustaining the system.
He said where businesses thrive, jobs are created, and foreign and local investors benefit, leading to a prosperous society.
FCMB Group chief executive Ladi Balogun also expressed support for it.
However, BDAN chairman Mustapha Chike-Obi said in a post on X, formerly known as Twitter, that the group’s view on the matter would be made known after its board meeting on August 12.
He said, “I have read the personal views of some bank chairmen on the windfall tax issue. Those views do not represent the banking community. BDAN will communicate its views after our board meeting on the 12th(August), on this and other very important issues concerning our community.”
