Windfall Tax, Pension Fund Limits May Stifle Banking Sector Growth – Chukwu

The Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, has expressed concerns over the imposition of windfall taxes on banks’ foreign exchange profits without accounting for the impact of foreign exchange devaluation on the quality of their risk assets.

He warned that this approach could jeopardize the sustainability of banks’ profitability, as a rise in non-performing loans would erode operating profits in future financial years.

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