Connect with us

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

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Nigeria Moves to Reinforce Global Diplomatic Presence with Deployment of 25 Ambassadors

Published

on

Nigeria Moves to Reinforce Global Diplomatic Presence with Deployment of 25 Ambassadors

By: Michael Mike

Nigeria is poised to deepen its diplomatic footprint worldwide as the Federal Government concludes arrangements to deploy a new batch of 25 ambassadors to strategic missions abroad, marking a significant step in the country’s renewed foreign policy drive.

The spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, disclosed this on Friday in Abuja while briefing journalists on key developments within the ministry and Nigeria’s ongoing diplomatic engagements.

He revealed that the process has advanced considerably, with the government already securing over 25 formal acceptances—known in diplomatic circles as agrément—from host countries. The approvals signal that the receiving nations have completed due diligence and formally consented to the appointment of Nigeria’s nominees.

Describing the development as a critical milestone, Ebienfa announced that a high-level induction programme for the envoys has been scheduled to hold from April 26 to 29, 2026. He said the exercise would serve as a strategic orientation platform, preparing the ambassadors for the complex demands of representing Nigeria’s interests abroad.

“We have received more than 25 agreements from countries where ambassador-designates have been sent. With the induction programme scheduled for later this month, deployment will commence immediately after the exercise,” he stated.

According to him, the induction will go beyond ceremonial briefings, focusing on the practical realities of modern diplomacy, including bilateral engagement strategies, conduct and protocol in host countries, economic diplomacy, and alignment with Nigeria’s foreign policy priorities under President Bola Ahmed Tinubu.

He added that, in line with diplomatic tradition, spouses of the envoys would also participate in aspects of the programme, reflecting their supportive role in representing the country’s image and values overseas.

While most of the ambassador-designates are expected to proceed to their duty posts immediately after the induction, Ebienfa noted that a few postings may still be subject to final administrative clearances.

He noted that even if any of the ambassador-designates is rejected by the country to which he or she is posted, there is still room for reassignment to another country.

The imminent deployment is seen as a decisive move by the Federal Government to revitalise Nigeria’s diplomatic architecture, strengthen bilateral and multilateral ties, and position the country more assertively on the global stage amid shifting geopolitical and economic realities.

Nigeria Moves to Reinforce Global Diplomatic Presence with Deployment of 25 Ambassadors

Continue Reading

News

FG Cracks Down on Fake Ambassadors, Criminalises Unauthorised Use of Diplomatic Titles

Published

on

FG Cracks Down on Fake Ambassadors, Criminalises Unauthorised Use of Diplomatic Titles

By: Michael Mike

The Federal Government has moved decisively to protect the sanctity of Nigeria’s diplomatic system, declaring the unauthorised use of ambassadorial titles a criminal offence punishable under the law.

Raising alarm over what it described as a disturbing rise in impersonation and fraudulent conferment of diplomatic ranks, the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, said the development has exposed the country to reputational risks and international embarrassment.

Speaking in Abuja on Friday, Ebienfa warned that only the President, Bola Ahmed Tinubu, possesses the constitutional authority to appoint and accredit ambassadors, stressing that any individual or group claiming otherwise is acting illegally.

He described as “worrisome” the activities of unscrupulous persons and organisations that confer ambassadorial titles on themselves or unsuspecting members of the public, often for financial gain or social influence.

According to him, such practices have no basis in Nigerian law or international diplomatic conventions and amount to outright impersonation.

“The Ministry has observed with grave concern the increasing trend of individuals usurping diplomatic titles and fraudulently presenting themselves as ambassadors. These actions are illegal and undermine the credibility of Nigeria’s foreign representation,” he said.

Ebienfa listed common violations to include the unauthorised use of titles such as “Ambassador” and “Diplomatic Envoy,” the issuance of fake diplomatic passports and identity cards, as well as the circulation of counterfeit vehicle plate numbers bearing official insignia.

He cautioned Nigerians against accepting such titles from unofficial bodies, warning that those who parade themselves as ambassadors based on such conferment are committing a criminal offence and risk prosecution.

In a key clarification, the ministry noted that while individuals may be appointed as brand ambassadors for commercial or promotional purposes, such recognition does not confer any legal or diplomatic status.

“Brand ambassadors remain what they are—representatives of products or services. They are not entitled to adopt or prefix the title ‘Ambassador’ to their names in a diplomatic sense,” he emphasised.

To enforce compliance, Ebienfa disclosed that the ministry is working closely with relevant security and regulatory agencies, including the Nigerian Immigration Service and the Federal Road Safety Corps, to identify, arrest, and prosecute offenders. The crackdown will also target the production and use of fake diplomatic documents and unauthorised number plates.

He reaffirmed the government’s commitment to preserving the integrity of Nigeria’s diplomatic service, warning that any act capable of misrepresenting the country on the global stage will not be tolerated.

“The Federal Government will continue to take firm actions against individuals or groups whose activities bring Nigeria into disrepute. The integrity of our diplomatic system is non-negotiable,” he said.

FG Cracks Down on Fake Ambassadors, Criminalises Unauthorised Use of Diplomatic Titles

Continue Reading

News

Nigeria Accelerates Peace Reform Drive as Stakeholders Push for Adoption of National Peace Policy

Published

on

Nigeria Accelerates Peace Reform Drive as Stakeholders Push for Adoption of National Peace Policy

By: Michael Mike

Nigeria has intensified efforts to establish a unified national framework for peacebuilding as top security and governance stakeholders convened in Abuja for the Second High-Level Expert Dialogue on the Draft National Peace Policy (NPP), aimed at overhauling the country’s fragmented conflict management system.

The dialogue, convened by the Institute for Peace and Conflict Resolution (IPCR) in partnership with the Office of Strategic Preparedness and Resilience (OSPRE) and Triple Peace Africa, brought together policymakers, security experts, academics, civil society leaders, and development partners to refine and advance the proposed national framework.

Opening discussions, the Director-General of IPCR, Dr. Joseph Ochogwu, said Nigeria’s worsening and interconnected security challenges make the adoption of a coherent peace policy both urgent and unavoidable.

He pointed to the persistence of insurgency in the Northeast, farmer-herder conflicts in the Northcentral, separatist tensions in the Southeast, and widespread banditry and kidnapping in the Northwest, warning that the cumulative impact of these crises continues to strain national cohesion.

According to him, the spread of small arms, coupled with weakening trust between communities and institutions, has further deepened insecurity and undermined local resilience mechanisms.

Ochogwu stressed that Nigeria can no longer depend on scattered and uncoordinated interventions, insisting that only a unified, evidence-driven framework can deliver sustainable peace outcomes.

“What we require now is a nationally owned system that coordinates all peacebuilding actors, eliminates duplication, and ensures that interventions are measurable, accountable, and impactful at community level,” he said.

He explained that the Draft National Peace Policy is the outcome of extensive nationwide consultations spanning all six geopolitical zones, incorporating input from traditional rulers, civil society organisations, academic experts, government institutions, and community stakeholders.

Describing the document as a strategic shift in approach, he said the policy is designed to reposition peacebuilding from reactive crisis response to a preventive and development-oriented system anchored on data, early warning, and institutional coordination.

A major gap the policy seeks to address, he noted, is the absence of a central coordinating structure for peace initiatives across the country, a situation he said has resulted in duplication of efforts, institutional competition, and inefficient use of resources.

The proposed framework, he added, will integrate peacebuilding into core sectors including security, justice, education, health, agriculture, and governance, ensuring a whole-of-government approach to conflict prevention and stability.

Ochogwu further highlighted that the policy aligns with global and regional frameworks such as the United Nations Sustaining Peace Agenda, the Sustainable Development Goals—particularly SDG 16 on peace, justice and strong institutions—the African Union’s Agenda 2063, and the ECOWAS Conflict Prevention Framework.

He said this alignment reinforces Nigeria’s commitment to international best practices while positioning the country as a potential leader in structured peacebuilding across Africa.

Participants at the dialogue emphasised that the success of the policy will depend on strong political will, clear institutional roles, sustainable financing mechanisms, and effective coordination across all levels of government.

They warned that without decisive implementation structures, the policy risks becoming another well-crafted but inactive document.

Ochogwu urged stakeholders to take collective responsibility for the process, describing them as critical actors in shaping Nigeria’s peace architecture and cautioning against institutional silos that weaken national response systems.

He reaffirmed IPCR’s readiness to work with federal and state governments, peacebuilding agencies, civil society organisations, the private sector, and international partners to ensure the policy is finalised, adopted, and implemented without delay.

He maintained that Nigeria’s stability depends on deliberate and coordinated action, stressing that the time for policy adoption and implementation is now.

Analysts say the push for a National Peace Policy could mark a turning point in Nigeria’s conflict management strategy, shifting the country from reactive security responses to a more structured, preventive, and sustainable peace framework.

Nigeria Accelerates Peace Reform Drive as Stakeholders Push for Adoption of National Peace Policy

Continue Reading

Trending

Verified by MonsterInsights