The Bank Directors Association of Nigeria (BDAN) has expressed disagreement with the views of FBN Holdings Chairman Femi Otedola and Heirs Holdings Chairman Tony Elumelu regarding the proposed foreign exchange windfall tax.
BDAN emphasized that these views are personal opinions and do not reflect the stance of the entire banking community.
Otedola and Elumelu recently supported the new tax policy, with Otedola criticizing banks for extravagant spending on private jets and Elumelu stating the tax would help alleviate poverty.
However, BDAN clarified that it will communicate its official position after a board meeting on August 12, 2024.
BDAN Chairman Mustafa Chike-Obi reiterated that the association’s official stance will be disclosed soon.
Meanwhile, Proshare Research noted that banks would need to pay tax arrears on 2023 liabilities, requiring restatement of their accounts by December 31, 2024.
(Daily Trust)