News
ActionAid Advocates for Windfall Tax on ‘Climate Wrecking’ FirmsSays Over US$420 billion in Windfall Profits Made in 24 months by 36 Top Fossil Fuel, Financial Firms
ActionAid Advocates for Windfall Tax on ‘Climate Wrecking’ Firms
Says Over US$420 billion in Windfall Profits Made in 24 months by 36 Top Fossil Fuel, Financial Firms
By: Michael Mike
ActionAid International has advocated for massive imposition of windfall tax on fossil fuel companies including financial institutions, lamenting that ‘climate-wrecking’ firms make billions in ‘surplus profits’ and should be made to pay to ameliorate the harms done.
ActionAid in a statement on Wednesday said a report it conducted has shown that 36 top companies in the fossil fuels and financial sector, often funding fossil fuel use, made over US$420 billion in windfall profits in the 24 months preceding July 2023.
It stated that a tax of 90% on these windfall profits could generate as much as US$382 billion in revenue, an amount that could be spent on public services such as education, or climate action, calling for urgent introduction of windfall profits taxes.
The statement read: “Thirty-six top companies in the fossil fuel industry and their funders made over US$420 billion in
‘surplus’ profits in the 24 months before July 2023, shows a new ActionAid report.
The report shows that taxing these extraordinary profits, referred to as windfall profits, could generate funds to boost public spending, especially for key areas such as education and climate action.
“Windfall profits are often attributed to external context changes and are considered a ‘surplus’ above the regular and expected profits.
“A tax of 90% on the windfall profits of these 36 firms could generate as much as US$382 billion in revenue, shows the report launched as world leaders meet at Davos for the World Economic Forum. This amount is almost 20 times more than the US$21 billion provided by donors for climate adaptation in 2021.”
ActionAid Secretary-General Arthur Larok said: “The scale of profits that fossil fuel companies and their bankers are making in the wake of global crises is truly astounding, especially when compared to the hardships that these crises have brought upon regular people around the world,” insisting that: “Windfall profits taxes make sense. They can bring in significant revenue for climate action and social services, while taxing only the extraordinary corporate profits.”
According to the statement, ActionAid’s research is an analysis of the profits of the top 14 fossil fuel companies and top 22 financial corporations by value on the stock market. In the 24 months to July 2023, these firms made US$1,218 billion in profits. Windfall profits from this amount comes to US$425 billion.
It added that fossil fuel company profits in the 12 months before July 2023 were up by an astounding 278% compared to the average in the period between 2017/2018 and 2020/2021
It noted that both the fossil fuel and the financial industries have been making extraordinary profits in recent years, widely attributed to the impact of Russia’s full-scale invasion of Ukraine, and high interest rates adopted by many countries in response to growing inflation, stressing that: “ActionAid’s research in 2023 found that banks alone have poured over US$3.2 trillion into fossil fuels in the Global South since the Paris Agreement was adopted in 2015, making them complicit in climate damage.”
The statement recalled that at COP27, United Nations Secretary-General Antonio Guterres asked governments to tax the windfall profits of fossil fuel companies and redirect that money to those impacted by climate change, lamenting that over a year later, only some EU Member States, the UK, and a few Latin American countries, have introduced some forms of temporary and often limited windfall taxes on fossil fuel companies.
ActionAid Advocates for Windfall Tax on ‘Climate Wrecking’ Firms
Says Over US$420 billion in Windfall Profits Made in 24 months by 36 Top Fossil Fuel, Financial Firms
News
Ogwashi-Uku Palace Attack Trial: Gunshot Victim Identifies Mike Nwaukoni As Ringleader As Multiple Witnesses Place Defendants At Scene With Weapons
Ogwashi-Uku Palace Attack Trial: Gunshot Victim Identifies Mike Nwaukoni As Ringleader As Multiple Witnesses Place Defendants At Scene With Weapons
Ogwashi-Uku Palace Attack Trial: Gunshot Victim Identifies Nwaukoni As Ringleader As Multiple Witnesses Place Defendants At Scene With Weapons
Fresh revelations emerged at the Federal High Court, Asaba, as the trial over the October 12, 2023 terrorist-style attack on the Palace of the Obi of Ogwashi-Uku resumed, with witnesses giving direct, consistent, and corroborated testimony identifying Mr Mike Nwaukoni as the principal actor who led an armed mob to the palace, resulting in gunfire, injuries, and destruction of property.
On Tuesday, January 13, the court heard the gripping testimony of PW2, Mr Lawrence Obasi, an Otulu vigilante who sustained gunshot injuries that left his right arm paralysed for months.
PW2 told the court that he was officially deployed alongside the police to protect the palace on the day of the attack, having undergone formal vigilante training by the police two years earlier. According to him, Mike Nwaukoni personally led a large mob armed with dangerous weapons to the palace gate at Ogbe-Nti.
He testified that despite clear warnings and instructions from the Divisional Police Officer and the police commander at the scene, the mob—acting on Nwaukoni’s direct encouragement—attempted to forcibly break into the palace.
“He told them to break the gate and said he had money to take care of anything that happened,” the witness told the court.
Moments later, gunshots rang out.
PW2 narrated how armed supporters opened fire, damaging police and vigilante vehicles and hitting him with live ammunition as he sought cover inside one of the vehicles. He positively identified Elue Adigwe and Francis Okolie as being present at the scene and fully armed.
His account directly corroborated the earlier testimony of PW1, the police commander who had testified last year that Mike Nwaukoni personally led the armed crowd, stressing that no police officer accompanied the mob and that it was not a lawful procession but an armed attack.
The police commander had also told the court that Nwaukoni had invited him and the DPO to his residence days before his testimony in what observers concluded was an attempt to obstruct justice by getting him to stop his testimony scheduled for the next week.
THIRD WITNESS CONFIRMS IDENTITIES, WEAPONS, AND HISTORY OF VIOLENCE
On Wednesday, PW3, Mr Emeka Nwaolisa, a palace vigilante, took the stand and reinforced the prosecution’s case, confirming the identity of the same defendants, their presence at the palace gate, and the use of offensive weapons during the attack.
PW3 testified that he was stationed at the locked palace gate when over 200 persons marched toward the palace, among them Mike Nwaukoni, Elue Adigwe, Francis Okolie, and others. He stated that on Nwaukoni’s orders, gunfire erupted as the mob attempted to force entry, leading to chaos and injuries.
During cross-examination, PW3 also revealed that Eugene Ojo Izediunor had previously boasted at a public drinking spot that he used money to “settle” his way out of an earlier case, a conversation witnessed by multiple persons.
He further told the court that the defendants had a long-standing history of orchestrated violence and unrest aimed at destabilising the community and undermining the traditional institution.
SPIN FAILS TO DENT CORE FACTS
While defence counsels consisting of four senior advocates attempted to divert attention to procedural arguments and minor inconsistencies, the central facts remained unshaken:
• Multiple eyewitnesses independently identified the same defendants
• Weapons were present and used
• Gunshots were fired
• A vigilante suffered gunshot injuries
• Vehicles were damaged
• The palace came under armed siege
The court admitted two statements made by PW3 as exhibits and adjourned the matter to April 21 and 22, 2026, with the trial set to continue.
The five defendants—Mike Nwaukoni, Elue Adigwe, Francis Okolie, Eugene Ojo Izediunor, and John Nwona—were all present in court.
As proceedings continue, the testimony so far paints a clear, consistent, and deeply troubling picture of a coordinated armed assault on a traditional institution, now firmly laid before the court under oath.
News
Armed bandits kill man, abduct nine in macitta village, niger state
Armed bandits kill man, abduct nine in macitta village, niger state
By: Zagazola Makama
Nine people were abducted and one man killed when armed bandits attacked Macitta village in Mariga Local Government Area (LGA) of Niger State late Wednesday night, sources confirmed.
Sources said that around 11:30 p.m., a large group of armed bandits entered the community via Kotonkoro District, shooting sporadically. One of the residents, Aliyu Dan Tsohon Soja, 35, was shot dead during the attack. The identities of the nine abducted victims are yet to be confirmed.
Security forces , local vigilantes, and hunters were mobilized to the area, and the body of the deceased was evacuated to the General Hospital, Bangi, for autopsy. Efforts are ongoing to track down the attackers and ensure the safe rescue of the kidnapped individuals.
Authorities have urged residents to remain alert and report any information that may assist in the rescue operations and apprehension of the bandits.
Armed bandits kill man, abduct nine in macitta village, niger state
News
Three children die in bush fire while grazing cattle in Mokwa, Niger state
Three children die in bush fire while grazing cattle in Mokwa, Niger state
By: Zagazola Makama
Three children lost their lives after being engulfed by fire while grazing cattle in Tungan-Noma village, Mokwa Local Government Area (LGA) of Niger State on Wednesday, sources confirmed.
According to sources, the children Huzairu (12), Aliru (11), and Kabiru Surajo (12) went out for cattle grazing around 12:30 p.m. and entered a deep gully in the bush.
They reportedly set dried grasses on fire in an attempt to trap small bush animals. Unfortunately, the flames spread rapidly, trapping the children and preventing their escape.
The lifeless bodies were recovered and evacuated to the General Hospital, Mokwa, for autopsy. Authorities visited the scene to assess the circumstances surrounding the tragedy.
The incident draw attention to the dangers children face in rural areas, particularly when engaging in outdoor activities without supervision.
Parents have been urged to exercise caution and ensure children’s safety during such activities.
Three children die in bush fire while grazing cattle in Mokwa, Niger state
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News9 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
