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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
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
Troops recover over 300 rustled livestock after clash between bandit factions
By: Zagazola Makama
Troops of Operation FANSAN TANMA have recovered more than 300 rustled livestock following a confrontation involving rival bandit factions operating between Katsina and Kano states.
Sources said the development followed intelligence on movements of a faction loyal to a bandit leader identified as Muhammadu Filatan, allegedly heading towards Kano State after a clash with a rival group linked to Aleiro in Zamfara State.
The source disclosed that troops of 3 Brigade, deployed at Forward Operating Bases in Tsaure, Yanchibi, Yankwada and Lakwaya, conducted fighting patrols along the riverine boundary between Katsina and Kano states to intercept the fleeing group.
“At about 4:00 p.m., troops at FOB Tsaure made contact with armed bandits at the Gulbi–Goron Dutse axis in Shanono Local Government Area of Kano State, who were moving with a large herd of rustled livestock,” the source said.
He added that troops engaged the bandits in a firefight, forcing them to abandon the animals and flee towards Gidan Gora village in Musawa Local Government Area of Katsina State.
“Following the encounter, troops recovered a total of 120 cows, 200 sheep, 39 goats and three donkeys,” he said.
According to the source, the recovered livestock were subsequently handed over to authorities in Shanono Local Government Area.
Troops recover over 300 rustled livestock after clash between bandit factions
Troops intercept vehicle, recover 850 litres of fuel in Yobe
By: Zagazola Makama
Troops of Operation Hadin Kai have intercepted a vehicle conveying suspected illegally supplied fuel and recovered large quantities of Premium Motor Spirit (PMS) in Karasuwa Local Government Area of Yobe State.
Sources said the operation was carried out at about 11:38 p.m. on March 27 by troops of 241 Battalion deployed at Forward Operating Base (FOB) Jajimaji.
The source disclosed that the troops acted on credible intelligence regarding suspected illicit activities by some filling stations in the area.
“During the night patrol, troops intercepted a vehicle along the Karasuwa–Jajiri road, but the driver abandoned the vehicle and fled on sighting the troops,” the source said.
He added that a search of the vehicle led to the discovery of 34 jerrycans of PMS, each containing 25 litres, amounting to about 850 litres.
According to him, troops immediately exploited the surrounding area in an attempt to apprehend the fleeing driver, but the effort was unsuccessful.
The source said the recovered items are in military custody, while efforts are ongoing to identify the filling stations allegedly involved and arrest those responsible.
Troops intercept vehicle, recover 850 litres of fuel in Yobe
ISWAP confirms death of Abu Yahya Al-Muhajir, Shura Council member in Malam Fatori axis attack
By: Zagazola Makama
The Islamic State West Africa Province (ISWAP) has confirmed the death of a prominent member of its Shura Council, Abu Yahya Al-Muhajir, describing it as a major loss to the group.
The confirmation was contained in a statement and propaganda material circulated by the group, in which it mourned the deceased and referred to his death as its “greatest loss in recent times” within the Malam Fatori axis.
Security sources said Al-Muhajir was reportedly linked to recent operations in the Lake Chad Basin, although it remains unclear whether he was killed during a failed attack on Malam Fatori or as a result of a subsequent airstrike in the same general area.
The sources further indicated that the ISWAP attack on Malam Fatori was repelled by troops, with about 80 terrorists reportedly killed during the encounter and follow-up operations.
They added that the group’s internal communication suggested that Al-Muhajir either sustained fatal injuries during the failed offensive or died later from wounds sustained in the aftermath of military strikes.
Zagazola report that the 18 March 2026 failed attack left about 84 ISWAP members killed with many others who sustained injuries.
ISWAP confirms death of Abu Yahya Al-Muhajir, Shura Council member in Malam Fatori axis attack
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Troops recover over 300 rustled livestock after clash between bandit factions
Troops intercept vehicle, recover 850 litres of fuel in Yobe
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