Femi Otedola, Chairman of FBN Holdings, has announced his support for the windfall tax. He highlighted its role in ensuring fair wealth distribution.
He also urged banks to cut back on lavish spending and focus on efficiency and customer service.
Otedola believes the windfall tax, recently raised to 70% by the Senate, will help fund crucial public services and reduce social inequalities.
The tax, effective from 2023 to 2025, targets unexpected large profits to contribute to societal well-being.
(Daily Trust)