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
China, Pakistan Unveil Five-Point Initiative to Restore Peace in Gulf, Middle East
China, Pakistan Unveil Five-Point Initiative to Restore Peace in Gulf, Middle East
By: Michael Mike
China and Pakistan have jointly proposed a five-point initiative aimed at de-escalating tensions and restoring stability in the Gulf and broader Middle East region.
The proposal was unveiled following a high-level meeting in Beijing between Wang Yi, a member of the Political Bureau of the Communist Party of China Central Committee and China’s Foreign Minister, and Mohammad Ishaq Dar, Pakistan’s Deputy Prime Minister and Foreign Minister.
Both sides reviewed the deteriorating security situation in the region and stressed the urgent need for coordinated international action to prevent further escalation.
At the core of the initiative are five key measures:
First, China and Pakistan called for an immediate cessation of hostilities, urging all parties to halt ongoing conflicts and prevent further escalation, while ensuring unhindered humanitarian access to affected populations.
Second, both countries advocated for the urgent commencement of peace talks, emphasizing that dialogue and diplomacy remain the only viable solutions. They reaffirmed the need to respect the sovereignty and territorial integrity of nations in the region, including Iran, and urged all sides to refrain from the use or threat of force during negotiations.
Third, the initiative stresses the protection of civilians and non-military targets, calling for strict adherence to international humanitarian law and an immediate halt to attacks on civilian populations and critical infrastructure such as energy facilities and nuclear installations.
Fourth, China and Pakistan underscored the security of vital shipping lanes, particularly the Strait of Hormuz, urging all parties to ensure the safety of vessels and crews and to restore normal maritime operations as quickly as possible.
Fifth, the two nations emphasized the primacy of the United Nations Charter, calling for strengthened multilateral cooperation and support for a comprehensive peace framework rooted in international law.
The joint proposal signals a renewed diplomatic push by Beijing and Islamabad to play a more active role in stabilizing one of the world’s most volatile regions amid rising geopolitical tensions.
China, Pakistan Unveil Five-Point Initiative to Restore Peace in Gulf, Middle East
News
Plateau crisis escalates as curfew, reprisals and rhetoric intensify tensions
Plateau crisis escalates as curfew, reprisals and rhetoric intensify tensions
By: Zagazola Makama
The evolving security situation in Plateau State is increasingly reflecting a complex interplay of armed violence, civil unrest, and inflammatory narratives, as the Armed Forces of Nigeria intensify efforts to contain tensions and escalation following recent deadly incidents in Jos North and surrounding areas.
The imposition of a 48-hour curfew by the Plateau State Government after a deadly attack at Angwan Rukuba Junction marked a critical turning point but failed after its elapsed, with the youths going on rampage and launching attacks on immediate communities.
Security reports indicate that at about 7:30 a.m. on March 29, gunmen carried out a guerrilla-style attack along the Jos–Bauchi highway, opening fire on commuters and residents, killing several persons including Christians and Muslims and injuring others before fleeing the scene.
The aftermath of the attack quickly spiralled into reprisal violence, with some residents reportedly targeting passersby, leading to the killing of two persons and burning their corpses. The same night, additional casualties were recorded as many other corpses were evacuated to the hospitals, further heightening ethnic and religious tensions in the town.
Consequently, the relaxation of the curfew made the matter even worse. Subsequent incidents, including unrest at Gada Biu and the killing of a civilian near the University of Jos main gate, further added to the volatility of the situation, even as troops under Operation Enduring Peace (OPEP) moved swiftly to restore calm.
The situation was further complicated by retaliatory actions reportedly carried out by local youths, including the use of machetes in targeted attacks, marking a dangerous shift from an initial armed assault to mob violence.
In Jos North, between Duala Junction and Anguwan Rukuba Junction, there was mass shooting targeting non-indigenous people, particularly Muslims, by hunters using Dane guns. Seven people were shot and are currently receiving treatment at La Tahzan Hospital in Filin Ball. One of the victims, simply identified as Alkasim, died. Violence was recorded in several other areas.
However, beyond the kinetic response, emerging patterns suggest that the crisis is being increasingly shaped by narratives capable of inflaming passions and distorting the nature of the conflict.
What initially appeared to be an armed attack with unclear attribution has, in the public space, been rapidly reframed along ethno-religious lines, a development that could have far-reaching consequences. Preliminary field analysis suggests that the modus operandi of the attackers— involving mobility, use of firearms, and indiscriminate targeting— differs from typical patterns associated with farmer-herder clashes.
There are indicators that the attack was designed to trigger wider communal unrest that could spread beyond Plateau State into neighbouring states like Bauchi, Nasarawa, Kano, Kaduna and other northern states.
The pattern does not clearly align with previous herder-related incidents. Also, Rukuba community is situated in the middle of the town, making it nearly impossible for any bandits or criminals to operate and easily escape. At the initial stage of the attack, residents thought it was security agencies carrying out a raid because the area is known for harbouring drug users and cartels.
Security sources insisted that their investigation revealed the nature of the ammunition used by the attackers, suggesting that the attack was carried out by terrorists.
Such transitions from isolated attacks to communal reprisals have historically contributed to cycles of violence in Plateau, making early containment and narrative control critical.
In this context, the role of inflammatory rhetoric has come under increasing scrutiny. The latest viral video by popular social media personality, Martins Vincent Otse, widely known as VeryDarkMan, has drawn criticism for statements perceived as inciting violence during the crisis.
In the video, he was heard urging residents to adopt a confrontational posture, stating:
“Anybody you see that is not from here, anybody that looks suspicious, before they get you down, get them down!” He further said: “If you keep quiet and wait for the government… it won’t be the first time… when does this stop?”
In another part of the video, he added:
“No be only Boko Haram sabi kill, no be only bandit sabi kill… all of us fit kill.” He also called on residents: “To the people of Rukuba, enough is enough… anybody wey you see wey cross your part, kill am.”
Indeed, reports indicate that within hours of the circulation of such messages, incidents of targeted violence and unrest were recorded in parts of Jos.
Beyond individual actors, broader concerns have also been raised about the proliferation of subversive narratives capable of deepening divisions. Rev. Ezekiel Dachomo has previously called on Plateau youths to go and prepare and go to “war”.
Rev. Dachomo was also heard declaring that residents would no longer “run away,” adding that if there was to be a “full-blown war,” they were prepared to defend themselves.
“We are not going to run away, if there will be full-blown war it will start from today to the day that God has placed for us. Let them continue to gather, we have chosen to die rather than remain burying our brothers.
“My fellow brothers and sisters, I am rounding up this message so that we can go back and stay and go for war. Since the Fulani said we will not rest in Plateau, they are not afraid of the security; from today we will not be afraid of the security.”
The Berom youths leader in Barkin Ladi had previously vowed that they can no longer guarantee peace and unity in Plateau if Fulani continue grazing on their land.
Many believe that rhetoric like this acts as a trigger in already fragile contexts, as it lowers the threshold for violence and legitimises reprisal actions against other ethnic groups that had nothing to do with the violence.
Security assessments highlight the growing use of social media by various actors to promote competing narratives, including claims of religious persecution, often without full context of the complexities on the ground. Experts caution that such narratives risk oversimplifying conflicts, obscuring the role of criminal elements, and fuelling mutual suspicion among communities. The danger is that once a conflict is framed purely along religious lines, it becomes harder to de-escalate.
Amid these challenges, security forces have continued to record operational successes aimed at restoring stability. The recovery of 30 rustled cattle in Barkin Ladi and Riyom Local Government Areas is seen as part of broader efforts to address rural criminality that often intersects with communal tensions.
Troops also maintained presence across key areas, conducted patrols, and responded to distress calls, actions that have contributed to preventing further deterioration of the situation.
Nevertheless, while military, police and other security operations remain essential, they must be complemented by strategic communication, community engagement, and accountability mechanisms.
There is a need to clamp down on crisis entrepreneurs and those fanning the embers of war; failure can undermine overall stability.
As Plateau navigates this delicate phase, the convergence of armed violence, civil unrest, and information warfare presents a multidimensional challenge requiring coordinated responses at all levels.
For now, the restoration of relative calm offers a window of opportunity. But without addressing the drivers of misinformation, inflammatory rhetoric, and underlying grievances, the risk of recurrence remains high.
Plateau crisis escalates as curfew, reprisals and rhetoric intensify tensions
News
Troops rescue three abducted victims, recover ammunition in Borno
Troops rescue three abducted victims, recover ammunition in Borno
By: Zagazola Makama
Troops of Operation Hadin Kai have rescued three abducted civilians and recovered ammunition during an operation in Bama Local Government Area of Borno State.
Security sources said the operation was carried out at about 10:00 a.m. on March 30 by troops of 202 Battalion in collaboration with volunteer forces at BOCOBS.
According to the sources, the troops responded to credible intelligence indicating that suspected members of the Islamic State West Africa Province and Boko Haram had abducted three locals in the area.
The sources said the troops made contact with the insurgents and successfully rescued all three victims during the operation.
Items recovered from the scene include one AK-47 rifle magazine loaded with 30 rounds of 7.62mm special ammunition.
The sources added that the rescued victims are safe, while troops have continued to dominate the general area to prevent further incidents.
They said the operation is part of sustained efforts to protect civilians and dismantle terrorist activities across the North-East theatre.
Troops rescue three abducted victims, recover ammunition in Borno
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