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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

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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

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Troops Intervene in Farm Destruction Incident in Plateau, Move for Peaceful Resolution

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Troops Intervene in Farm Destruction Incident in Plateau, Move for Peaceful Resolution

By Zagazola Makama

Troops of Operation Safe Haven have intervened in a reported farm destruction incident in Lamingo village, Jos East Local Government Area of Plateau State.

Security sources said the incident occurred at about 5:10 a.m. on May 3 when troops of Sector 1 (Sub-Sector 12), Lamingo, responded to a distress report of cattle grazing within the compound of one Mrs. Shittu Yakubu.

The sources disclosed that upon arrival, the troops intercepted the cattle, while the herder fled the scene on sighting security personnel.

According to the sources, the owner of the cattle, identified as Alhaji Mamuda Ibrahim, has since been contacted to facilitate an amicable resolution of the incident.

They added that the situation was brought under control without further escalation.

The sources noted that efforts are ongoing to strengthen community engagement and prevent recurrence of similar incidents in the area.

Troops Intervene in Farm Destruction Incident in Plateau, Move for Peaceful Resolution

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Troops Rescue Five Kidnap Victims in Kogi After Pursuit of Abductors

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Troops Rescue Five Kidnap Victims in Kogi After Pursuit of Abductors

By Zagazola Makama

Troops of the Nigerian Army have rescued five kidnapped victims following a swift response to a kidnap incident along the Okpella–Okene Road in Okene Local Government Area of Kogi State.

Security sources said the operation was carried out at about 12:43 a.m. on May 3 by troops of 195 Battalion (Reinforced) deployed at Forward Operating Base Okpella.

The sources disclosed that the troops, while on night patrol, responded to a distress call indicating that a vehicle had been attacked and its occupants abducted.

According to the sources, the troops immediately pursued the kidnappers, forcing them to abandon the victims and flee into the surrounding bush.

They added that five victims were successfully rescued during the operation, while two of them sustained injuries.

The injured victims were evacuated to the ENAW Dialysis Centre for medical attention, while others were stabilised.

The sources noted that follow-up operations are ongoing to track down the fleeing suspects and prevent further criminal activities along the axis.

Troops Rescue Five Kidnap Victims in Kogi After Pursuit of Abductors

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Where Justice Mark Chidiebere Crossed the Line

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Where Justice Mark Chidiebere Crossed the Line

By Zagazola Makama

The recent arrest and handover of Justice Mark Chidiebere, popularly known as Justice Crack, to the Department of Security Services has sparked predictable debates about free speech, accountability, and the limits of online activism. But beneath the noise lies a more serious issue one that goes beyond blogging and into the sensitive terrain of national security.

From available details, the turning point was not mere criticism of the military. Democracies tolerate, and even benefit from, scrutiny of their institutions. The red line appears to have been crossed when private conversations between the blogger and serving soldiers suggested alignment around “change of government.” In any country, that phrase, especially when involving active-duty personnel is not taken lightly. No professional military, whether in Nigeria or elsewhere, would ignore such signals once credible evidence emerges.

The Nigerian Army’s response, therefore, should be viewed through that lens. This is an institution that has, in recent months, remained alert to internal and external threats, including failed attempts by rogue elements to destabilise the system. When a civilian is perceived rightly or wrongly to be encouraging disaffection or coercing soldiers within the ranks, it triggers an entirely different category of concern. At that point, it is no longer about opinion, it becomes a question of discipline, cohesion, and national stability.

This is where many content creators must draw a hard lesson. The digital space is not a vacuum. Conversations especially with uniformed personnel carry consequences. Amplifying unverified allegations, engaging soldiers in sensitive political discussions, or projecting narratives that could be interpreted as incitement can quickly move from advocacy into dangerous territory. The line is not always visible, but it is very real.

There is also the broader issue of responsibility. Too often, fragments of internal grievances are pushed into the public domain without context or verification, feeding a cycle where the military is portrayed only through its shortcomings. While criticism is legitimate, a pattern of reckless amplification erodes public confidence and, more importantly, can embolden hostile actors who thrive on internal discord.

If indeed the conversations attributed to Justice Mark Chidiebere reflect attempts to influence serving soldiers toward political ends, then the response by authorities was not just expected; it was inevitable.

What we must all know is that freedom of expression does not extend to actions that could undermine the stability of the state. In an era where a single message can travel faster than any bullet, knowing where the line is and choosing not to cross it has never been more important.

Where Justice Mark Chidiebere Crossed the Line

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