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
Several terrorists killed as Air Force destroys enclave in Sambisa Forest air strike
Several terrorists killed as Air Force destroys enclave in Sambisa Forest air strike
By: Zagazola Makama
The Air Component of Operation Hadin Kai have eliminated several terrorists following a precision air interdiction mission conducted on a known terrorist enclave at Yuwe in the Sambisa Forest general area.
Military sources said the operation was carried out on April 19 at about 5:45 p.m. by the Phantom Formation in collaboration with the Grey Raptor platform in support of battlefield air interdiction operations.
The mission, was launched following credible intelligence and confirmatory intelligence, surveillance and reconnaissance (ISR) that revealed active terrorist presence and fortified structures, including suspected bunkers within the area.
Upon arrival over the target location in the Sambisa Forest axis of Sambisa Forest, the air crew identified designated targets and engaged them with precision munitions.
Security sources said the strike successfully destroyed multiple terrorist logistics structures, including shelters and operational hideouts, while several terrorists were killed in the attack.
The operation is part of sustained air and ground offensives aimed at degrading terrorist capabilities, disrupting their supply chains, and denying them freedom of movement within the theatre of operations.
Military high command reiterated that ongoing joint operations are designed to maintain pressure on terrorist elements and ensure the gradual restoration of stability across affected areas.
They further assured that intelligence-led air strikes will continue in coordination with ground forces to dismantle remaining terrorist networks and enclaves.
Several terrorists killed as Air Force destroys enclave in Sambisa Forest air strike
News
One killed by Fulani bandit in isolated attack along Sabon Gida axis in Plateau
One killed by Fulani bandit in isolated attack along Sabon Gida axis in Plateau
By: Zagazola Makama
A 32-year-old man, identified as Mr Gideon Luka from Mangu but resident in Sabon Gida, has been killed in an isolated attack along Sabon Gida axis in Gyel District of Plateau State.
Security sources told Zagazola Makama that the troops of Operation Steadfast Peace (OPEP) were alerted to the incident and swiftly mobilised to the scene, where the victim was discovered with machete injuries on the forehead and stomach.
According to an eyewitness, Mr Dogara Peter, who was with the deceased before the incident, the attack occurred on April 19 at about 7:00 p.m. when both men were riding on a motorcycle from Sabon Gida to SOT area in Gyel District.
The eyewitness said they were ambushed near Sabon Gida Primary School by two unidentified youths, one of whom was reportedly armed with a stick.
He explained that he managed to escape during the attack and initially believed his companion had also fled the scene.
However, residents later launched a search in the early hours of the morning and discovered the victim’s body.
Security sources confirmed that the victim was evacuated for assessment, while troops extended condolences to the family and urged residents not to take the law into their own hands.
They added that preliminary investigation had commenced to identify and apprehend those responsible for the attack.
One killed by Fulani bandit in isolated attack along Sabon Gida axis in Plateau
News
One killed, three injured as gunmen attack Plateau community in reprisal over livestock incident
One killed, three injured as gunmen attack Plateau community in reprisal over livestock incident
By: Zagazola Makama
Gunmen suspected to be Fulani bandits have killed one person and injured three others in an attack on Shonong community in Bachi District, Riyom Local Government Area of Plateau State, in a sustained reprisal attack linked to an earlier livestock-related incident.
Security sources said the attack occurred at about 8:40 p.m. on April 19 when the armed men invaded the community and opened fire on residents.
The sources said the assault was believed to be in retaliation over the killing of nine livestock in the area, an incident that had heightened tensions between farming and herding communities in the locality.

Troops of Operation Enduring Peace (OPEP) deployed in the area reportedly came under fire while responding to the attack and engaged the assailants in a gun duel, forcing them to withdraw after a heavy exchange of fire.
Reinforcement teams were later deployed and moved into the community to stabilise the situation and restore order.
According to the sources, the attackers killed a woman identified as Mrs Fibi Solomon, while three others — Mr Solomon, Master Jacob Solomon and Miss Jacobeth Solomon — sustained gunshot wounds.
The injured victims were evacuated to the General Hospital in Riyom for treatment, alongside the remains of the deceased.

Troops also rescued 12 civilians comprising three men, six women and three children, who were relocated to nearby Fang village for safety.
Security sources added that troops had intensified pursuit operations to track down the fleeing attackers, while the general area remained calm but tense.
One killed, three injured as gunmen attack Plateau community in reprisal over livestock incident
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