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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 Rescue Two Kidnap Victims in Kogi
By Zagazola Makama
Troops of the Nigerian Army have rescued two kidnapped victims during a routine patrol in Yagba West Local Government Area of Kogi State.
Security sources said the operation took place at about 7:01 p.m. on April 30 when troops of 12 Brigade deployed at Okoloke Patrol Base intercepted suspected kidnappers at Ejiba community.
The sources disclosed that the troops acted swiftly, forcing the suspects to abandon their victims.
According to the sources, the two kidnapped persons were successfully rescued and later reunited with their families.
They added that security patrols have been intensified in the area to prevent further incidents and ensure the safety of residents.
Troops Rescue Two Kidnap Victims in Kogi
Nigeria Summons South Africa Envoy Over Renewed Anti-Foreigner Protests, Attacks on Nigerians
By: Michael Mike
The Federal Government has summoned the Acting High Commissioner of South Africa following mounting concerns over a fresh wave of anti-foreigner protests and reported attacks targeting Nigerian citizens and their businesses.
The Ministry of Foreign Affairs disclosed that the envoy is expected at its headquarters in Abuja on Monday, May 4, 2026, where Nigerian authorities will formally register their strong displeasure over developments seen as threatening the long-standing diplomatic and economic ties between both countries.
At the heart of the meeting are recent demonstrations by various groups in South Africa, which have reportedly degenerated into harassment, violence, and destruction of foreign-owned businesses—many belonging to Nigerians. The incidents have triggered widespread anger among Nigerians, amid fears for the safety of thousands living and working in South Africa.
Spokesperson of the Ministry, Kimiebi Ebienfa on Saturday said the government is deeply worried about the implications of the unrest on bilateral relations, stressing that Nigeria remains committed to protecting its citizens abroad while pursuing diplomatic solutions.
Despite the rising tension, the Federal Government urged Nigerians to remain calm, assuring that steps are being taken at the highest diplomatic levels to address the situation and ensure the safety and dignity of its nationals.
Nigeria and South Africa share one of Africa’s most strategic bilateral relationships, rooted in a history of solidarity dating back to Nigeria’s support for the anti-apartheid struggle. However, relations have repeatedly come under strain due to recurring outbreaks of xenophobic violence in South Africa.
Notably, major incidents in 2008, 2015, and 2019 saw widespread attacks on foreign nationals, including Nigerians, leading to deaths, looting, and destruction of properties. The 2019 crisis, in particular, sparked a diplomatic row, with Nigeria recalling its High Commissioner and boycotting the World Economic Forum on Africa 2019 in protest.
In response to past crises, both countries established diplomatic mechanisms, including an early warning system and joint consular forums, aimed at preventing further violence and protecting citizens. Despite these measures, sporadic tensions and anti-immigrant sentiments have persisted, often fueled by local grievances over unemployment and crime.
Analysts warned that the current developments, if not swiftly contained, could once again test diplomatic ties between Africa’s two largest economies and undermine regional integration efforts under frameworks such as the African Union and the African Continental Free Trade Area.
The outcome of Monday’s meeting is therefore seen as crucial in determining whether both nations can de-escalate tensions and reaffirm their commitment to mutual respect, cooperation, and the protection of citizens on both sides.
Nigeria Summons South Africa Envoy Over Renewed Anti-Foreigner Protests, Attacks on Nigerians
Troops Rescue Injured Victim After Attack by Berom militia in Plateau
By Zagazola Makama
Troops of Operation Safe Haven have rescued a civilian who sustained machete injuries following an attack by Berom militia along Bachi–Werreng Road in Riyom Local Government Area of Plateau State.
Security sources said the incident occurred at about 7:20 p.m. on May 1 when suspected criminals attacked the victim along the road.
The sources disclosed that troops of Sector 6, deployed at Bachi, swiftly responded to a distress call and moved to the scene.
According to the sources, the attackers fled upon the arrival of the troops, abandoning the injured victim.
They added that the victim, who sustained machete cuts, was immediately evacuated to a hospital in Rachi for medical treatment.
The sources further said the assailants carted away the victim’s motorcycle during the attack.
They noted that security patrols have been intensified in the area, while efforts are ongoing to track down the fleeing suspects.
Troops Rescue Injured Victim After Attack by Berom militia in Plateau
Troops Rescue Two Kidnap Victims in Kogi
Two Impostors in Military Uniform Arrested in Kaduna
Nigeria Summons South Africa Envoy Over Renewed Anti-Foreigner Protests, Attacks on Nigerians
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