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Nigerian Banks Might Be Evading Tax With Runing Cost - Business - Nairaland

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Nigerian Banks Might Be Evading Tax With Runing Cost by Nobody: 12:31pm On Nov 28, 2020
I believe Nigeria is being scammed by our banks, I have been following the Nigerian banking sector with Kin interest over the past 7 to 10 years, as maybe a future bank owner and as a concern Nigerian as I believed the banks hold the key to Nigerian development
Most Nigerian banks are public traded companies and as such it's easy to see their financial dealings ...and it's shocking that most banks in Nigeria run their branches with an average of 1.4 billon a year which is over 2.6 million dollars or over 4.2 million dollars depending on which exchange you use ..but when u compare it with the average in the world which is $600k to 800k a year ...u obviously see something is wrong ...
Nigerian banks pay one of the lowest salaries in the world most bankers earn less than $8k dollars a year or less than 300k a month in naira ...so how come it's over 3 times more expensive to run a bank in Nigeria than in america ?
Is this a way to evade tax ? Because from my calculations ..access bank Alone would pay over 50bn more tax a year if they ran with the world average cost of running ...that means over 500bn a year is likely stolen by banks ...
Only tax from two banks would have ended ASUU Strike months ago ,this is the height of wickedness if true. But who would hold the banks accountable , they have the best financial Brian and auditors and most of our politicians are dumb
On a second thought the politicians might be scared of the banks ... without banks cooperation it's imposible for politicians to steal reasonable money ....over 500 billion lost so that politicians can steal maybe 100bn
Fixing Nigeria is a project to difficult to achieve honestly ...this is broad daylight rubbery and no body is saying anything
I weep for my nation

Re: Nigerian Banks Might Be Evading Tax With Runing Cost by chatinent: 12:38pm On Nov 28, 2020
That's true.

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