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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

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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

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Military Airstrikes neutralized ISWAP Commanders, others in precision strike on Sambisa hideouts

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Military Airstrikes neutralized ISWAP Commanders, others in precision strike on Sambisa hideouts

By: Zagazola Makama

The Air Component of Operation Hadin Kai has neutralised two senior terrorist commanders, Saddam and Saleh Garin Kago, alongside other fighters, in a precision air interdiction (AI) mission at Yuwe in the Sambisa general area of Borno.

Sources who disclosed this to Zagazola said that the early morning strike also eliminated Hussaini Ubaida and Ba Alayi Benbem, while destroying identified terrorist command hideouts and logistics warehouses.

The sources said the mission was executed at about 6:08 a.m. on Friday following confirmatory Intelligence, Surveillance and Reconnaissance (ISR) on structures suspected to be terrorists’ commanders’ hideouts and storage facilities within the Yuwe axis.

“Upon confirmation of the targets, various military aircraft and platform, departed base to prosecute the mission. On reaching the objective area, the aircraft acquired and engaged the selected targets with precision-guided stores onboard,” he said.

The sources noted that post-strike battle damage assessment indicated that the identified command hubs and warehouses were effectively destroyed, significantly degrading the operational capacity of the terrorists in the Sambisa corridor.

According to the source, efforts were ongoing to confirm the identities of additional casualties resulting from the strike.

The military high command of Operation Hadin Kai has reaffirmed its commitment to sustain intelligence-driven operations aimed at dismantling terrorist leadership structures, disrupting supply chains and denying insurgents safe havens.

They stressed that the theartre command will continue to work in synergy with the Air component and other security agencies, to intensify its operations to consolidate recent gains and restore lasting peace in the North-East.

Military Airstrikes neutralized ISWAP Commanders, others in precision strike on Sambisa hideouts

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Four die, 18 injured in zakkat distribution stampede in Katsina

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Four die, 18 injured in zakkat distribution stampede in Katsina

By: Zagazola Makama

Four persons have died while 18 others sustained injuries following a stampede during the distribution of annual Ramadan Zakkat (alms) at a residence in Katsina metropolis.

Sources told Zagazola that the incident occurred at about 9:00 p.m. on Feb. 26 at the residence of Alhaji Dahiru Usman Sarki, located in Kofar Guga Quarters.

According to the sources, a large crowd had gathered at the residence to receive Ramadan alms when some individuals allegedly forced their way into the compound, triggering a stampede.

The Divisional Police Officer (DPO), Central Police Station (CPS) Katsina, swiftly mobilised to the scene and was able to bring the situation under control.

As a result of the stampede, 18 persons sustained varying degrees of injuries and were rushed to the General Hospital, Katsina, for medical attention.

Four persons were later certified dead by a medical doctor. They were identified as Bilkisu Mamman, 40, of Kerau Quarters; Ihsan Musbahu, 40, of Abattoir Quarters; Aisha Sani, 16, of Kofar Sauri Quarters; and Salamatu Kabir, 45, of Sabuwar Unguwa Quarters.

Another victim, Hafsat Zubairu, 15, of Masanawa Quarters, was referred to the Federal Teaching Hospital for further medical evaluation.

Police authorities said the organisers of the Zakkat distribution had been invited for questioning, while investigation into the incident was ongoing.

Four die, 18 injured in zakkat distribution stampede in Katsina

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Troops neutralise terrorists’ structures, arrest two logistics suppliers in Sabon Garin Fishingo in Borno

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Troops neutralise terrorists’ structures, arrest two logistics suppliers in Sabon Garin Fishingo in Borno

By: Zagazola Makama

Troops of Operation Hadin Kai, Sector 2, have destroyed terrorist life-support structures and arrested two suspected Boko Haram logistics suppliers during clearance operations around Sabon Gari Fishingo in Borno State.

Security sources told Zagazola that the troops, in conjunction with quasi-security forces, conducted the operation at about 8:30 p.m. on Feb. 28.

The troops reportedly made contact with terrorists at Kayawa and engaged them with superior firepower, forcing the insurgents to flee in disarray.

The fleeing terrorists abandoned two motorcycles and five bicycles at the scene. No casualty was recorded among the troops.

Following the encounter, the troops set ablaze structures believed to be used as life-support bases by the terrorists.

The operation later extended to Sabon Gari Fishingo, where troops conducted a cordon-and-search exercise.

During the operation, two suspected Boko Haram logistics suppliers identified as Dahiru Haruna and Salele Lawali were arrested.

Items recovered from the suspects included a large quantity of drugs, medical consumables and one tricycle, popularly known as “Jega.”

Sources said the suspects were in custody for further investigation, while the recovered items were being documented.

The operation is part of sustained offensive actions under Operation Desert Sanity aimed at dismantling terrorist enclaves and disrupting their logistics networks in the North-East.

Troops neutralise terrorists’ structures, arrest two logistics suppliers in Sabon Garin Fishingo in Borno

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