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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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Zulum Reassures Borno Residents as Insecurity Resurges, Vows Decisive Action Against Insurgents

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Zulum Reassures Borno Residents as Insecurity Resurges, Vows Decisive Action Against Insurgents

By: Michael Mike

Governor of Borno State, Babagana Umara Zulum, has reassured residents that authorities remain firmly in control despite a recent resurgence of insecurity in parts of the state, pledging a robust response to defeat insurgent elements attempting to destabilize communities.

In a statewide broadcast on Thursday, the governor acknowledged growing concerns following renewed attacks in some areas but insisted that the security situation remains manageable.

Zulum said the recent spike in attacks was largely a result of intensified military offensives that have dislodged insurgents from their hideouts, forcing them to disperse and attempt infiltration into local communities.

According to him, security agencies are already implementing coordinated strategies to counter the renewed threats and ensure that the insurgents do not regain a foothold in the state.

“The overall security environment, while tested, remains under control, and we are doing everything possible to protect lives and property,” he said.

The governor noted that although significant progress had been made over the past seven years in restoring stability and rebuilding communities affected by the insurgency, authorities have always remained aware that the threat was not entirely over.

Zulum stressed that the fight against insurgency requires collective responsibility, urging residents to strengthen cooperation with security agencies by providing timely intelligence and reporting suspicious activities.

He warned individuals who aid insurgents through information sharing, shelter, or logistics that the government would no longer tolerate such actions.

“Those who collaborate with these criminals are enemies of the state and will face the full weight of the law,” he said.

The governor commended the Nigerian Armed Forces and other security agencies for their sacrifices and dedication in defending the state, while also paying tribute to soldiers and civilian volunteers who have lost their lives in the ongoing conflict.

He also expressed appreciation to President Bola Ahmed Tinubu for approving funding to support operations of the Multinational Joint Task Force and other military campaigns against insurgents across the country.

Zulum further thanked Vice President Kashim Shettima for representing the president during a sympathy visit to the state following recent security incidents.

The governor called on political actors in the state to avoid exploiting the security situation for political advantage, particularly as the political season approaches.

He urged aspirants and their supporters to prioritise peace and stability over personal ambitions, warning that political divisions could undermine the fragile gains made in restoring security.

“As we look to the future and choose a new leader for our state, let us pray for a worthy successor,” he said.

Zulum also appealed to residents to remain vigilant during the final days of Ramadan and the upcoming Eid celebrations, advising citizens to observe their prayers within their communities and promptly report suspicious movements to security authorities.

He reaffirmed his administration’s commitment to preventing insurgents from regaining control of the state.

“Borno shall not fall into the hands of insurgents,” he declared.

Zulum Reassures Borno Residents as Insecurity Resurges, Vows Decisive Action Against Insurgents

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ASHLEE MOMOH FOUNDATION HONOURS WIDOWS OF FALLEN HEROES

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ASHLEE MOMOH FOUNDATION HONOURS WIDOWS OF FALLEN HEROES

Comrade Philip Ikodor

The Ashlee Momoh Foundation (AMF), a non-profit organization dedicated to supporting the families of fallen military officers, has called on Nigerians to rally behind the widows of our heroes who made the ultimate sacrifice for the nation’s defence and sovereignty.

In a heartfelt statement during the maiden edition of the Foundation’s formal outreach, Princess Ashlee Omonegho Momoh, Founder and CEO of AMF, expressed the organization’s commitment to supporting the widows and their children. “We recognize that the peace and security we enjoy as a nation were bought at a price paid by your households, and for that, we owe you more than just a debt of gratitude; we owe you our unwavering support,” she said.

The Foundation, which was established in 2016, has been working tirelessly to support the families of fallen military officers. Princess Ashlee noted that the organization’s efforts are driven by passion and resilience, and that they are committed to honouring the sacrifice of our fallen heroes by supporting their families.

“We are not just a foundation and its beneficiaries; we are a family,” Princess Ashlee emphasized. “Today, I am incredibly proud that AMF is officially registered and powered by an extraordinary team that shares our vision and passion.”

The event featured a keynote address by Dr. Iwowarri Berian James, CEO of GoldenRays Energy Health Services Ltd, who spoke on the topic “Resolving Loss Trauma for Personal Freedom”. Dr. Iwowarri emphasized the importance of incorporating post-traumatic stress disorder (PTSD) management as a basis for stabilizing the widows and their children.

The Ashlee Momoh Foundation’s outreach was marked by the presentation of food items, clothing, and cash gifts to the widows. The event was a celebration of the resilience and strength of the widows and their families, and a testament to the Foundation’s commitment to supporting them.

The Foundation has urged Nigerians to join them in supporting the widows of our fallen heroes, and to engage with AMF to share their needs and receive support.

ASHLEE MOMOH FOUNDATION HONOURS WIDOWS OF FALLEN HEROES

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Environmental Activist Warns Against ‘Junk Food Culture’, Calls for Decolonisation of Africa’s Food Systems

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Environmental Activist Warns Against ‘Junk Food Culture’, Calls for Decolonisation of Africa’s Food Systems

By: Michael Mike

Environmental activist Nnimmo Bassey has warned that the growing dominance of junk food, genetically modified crops and global market forces is undermining Africa’s food culture and deepening the politics of hunger.

Bassey made the remarks on Thursday during the Sustain-Ability Academy session on Food, Power and the Politics of Hunger, hosted by the Health of Mother Earth Foundation in collaboration with the University of Port Harcourt.

He stressed that food occupies a central place in cultural identity and social life, noting that across Nigeria and other societies, food traditions reflect the diversity and history of different communities.

According to him, food goes beyond satisfying hunger and serves as a powerful symbol of acceptance, celebration and communal belonging.

“Food unites people and families and marks one’s acceptance in a home, family or community,” he said.

Bassey traced the evolution of food systems in Nigeria, noting that cross-cultural exchanges, commerce and colonial influence had spread many local and foreign cuisines across the country and the world.

However, he warned that the increasing global spread of fast foods and processed diets was fostering what he described as a “junk culture,” driven largely by the modern obsession with instant gratification.

He criticised the growing popularity of fast-food outlets, saying their flashy environments, loud music and entertainment distractions encourage people to consume highly processed meals containing harmful additives without reflection.

The activist also expressed concern about political leaders publicly promoting junk food and sugary drinks, arguing that such behaviour sends the wrong signal and normalises unhealthy food habits.

Beyond fast food, Bassey raised alarm over the growing presence of genetically modified crops in Nigeria’s agricultural system, describing them as “Frankenstein foods” introduced through global market pressure.

He argued that many genetically engineered crops are designed to tolerate chemical pesticides or produce insecticides, raising questions about long-term health and environmental implications.

According to him, food systems have increasingly become a geopolitical arena where powerful economic interests shape what people grow and eat.

“Poverty, wars, debt and cultural manipulation create pathways for food colonialism to take root,” he said, warning that global control of food systems could weaken local agriculture and threaten indigenous food heritage.

Bassey called for the “decolonisation” of Africa’s food systems through the preservation of indigenous crops, protection of seed-sharing traditions and renewed support for smallholder farmers.

He also urged policymakers to confront the deeper causes of hunger on the continent, noting that food insecurity is not simply the result of low production.

In Nigeria, he observed, a significant portion of food produced is lost to waste, while structural issues such as weak markets, global trade pressures and poverty continue to undermine local farmers.

Bassey emphasised that governments must critically examine who benefits from hunger and ensure that food policies prioritise fairness, justice and environmental sustainability rather than corporate profit.

The environmentalist urged stakeholders to rebuild resilient food systems that protect cultural heritage, strengthen local farming communities and guarantee food security for future generations.

Environmental Activist Warns Against ‘Junk Food Culture’, Calls for Decolonisation of Africa’s Food Systems

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