Nigerian Banks Spending $50million Annually To Maintain Private Jets-Otedola

Business entrepreneur, philanthropist and Chairman of Geregu Power PLC, Femi Otedola has questioned the ownership of private jets by Chief Executive Officers of commercial banks in Nigeria.

In a post on X on Thursday, the FBNHoldings Plc Chairman lamented that Nigerian Banks spend N50million annually to maintain private jets owned by their CEO’s

Part of Otedola’s tweet reads: “I commend the recent recapitalization initiative in the banking sector, which sets minimum capital requirements of N500 billion for international banks and N200 billion for national banks. “This move is designed to strengthen the banking sector’s capacity to support Nigeria’s broader economic development goals. It is crucial for banks to focus on operational efficiency, technological innovation, and customer service, rather than executive extravagance.

“Amid the progress with banking sector reforms, there is an urgent need to address entrenched issues within the Nigerian banking sector.

“A concerning trend has emerged where some bank chief executives prioritize personal gain over their duty to shareholders and customers. The core values of banking—trust, integrity, and service—must be upheld. I am particularly critical of the culture of flamboyance, especially the ownership and operation of private jets.

“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 and diverts crucial resources away from vital areas such as operational efficiency, technological innovation, and customer service.”