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
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
News
Obasanjo Unveils Bold Blueprint for Africa’s Security Overhaul, Warns Against New Scramble
Obasanjo Unveils Bold Blueprint for Africa’s Security Overhaul, Warns Against New Scramble
By: Michael Mike
Former Nigerian President Olusegun Obasanjo has issued a sweeping and urgent call for a radical overhaul of Africa’s security architecture, warning that the continent risks deeper instability and renewed external domination unless it urgently redefines its approach to security, governance, and intelligence.
Speaking at the third Mashariki Cooperation Conference III (MCC III), Obasanjo challenged Africa’s intelligence chiefs and security leaders to abandon outdated frameworks and embrace a people-focused, technologically independent, and accountable system capable of confronting modern threats.
Delivering a hard-hitting address on “Emerging Geopolitical Dynamics and Africa’s Security Architecture,” the elder statesman argued that Africa’s persistent conflicts are not accidental but stem from “specific, identifiable failures of leadership,” compounded by what he described as intensifying external manipulation.
“We are witnessing the fracturing of the post-1945 multilateral order,” Obasanjo said, pointing to the global fallout from the Russian invasion of Ukraine and contrasting international responses to crises in regions such as Gaza and the Sahel. According to him, these inconsistencies expose a global system that applies its rules selectively—often at Africa’s expense.
A Continent Under Pressure
Obasanjo painted a stark picture of a continent caught in a renewed geopolitical contest, warning of a “new scramble for Africa.” He cited expanding foreign influence through initiatives like China’s Belt and Road Initiative, the growing footprint of Russian-linked security actors across the Sahel and the Horn of Africa, and the vacuum left by the withdrawal of Western forces from key conflict zones.
These developments, he said, have coincided with a surge in terrorism, violent extremism, and an alarming wave of military takeovers across the continent since 2020—what he described as a “coup epidemic.”
Five Pillars for a New Security Order
In response, Obasanjo outlined five concrete propositions aimed at reshaping Africa’s security framework:
• Human-centred security: Prioritising the safety and welfare of citizens over elite interests.
• Continental solidarity: Strengthening joint mechanisms such as the African Standby Force and early warning systems.
• Disrupting illicit financing: Empowering intelligence agencies to tackle financial flows that sustain insecurity.
• Technological sovereignty: Building African capacity in artificial intelligence, cyber defence, and drone warfare.
• Accountable governance: Establishing transparent leadership as the foundation of lasting security.
He stressed that without credible governance, no military or intelligence strategy can succeed.
Intelligence at the Core
Central to Obasanjo’s message was a forceful critique of Africa’s use of intelligence. He described intelligence as “indispensable to conflict prevention” but “woefully underused,” citing missed warning signs in past crises across Liberia, Sierra Leone, Burundi, the Democratic Republic of Congo, and Sudan.
He urged the creation of a truly integrated continental intelligence network, beginning with stronger regional cooperation, and insisted that effectiveness must be anchored in professionalism and civilian oversight.
“Intelligence services that operate with integrity… and are subordinate to civilian authority are not weaker—they are stronger,” he declared.
Leadership Under Scrutiny
In a rare moment of reflection, Obasanjo drew from his own involvement in major African peace efforts, including Nigeria-led interventions under ECOMOG in Liberia and Sierra Leone, and mediation roles in Burundi and Zimbabwe. He argued that successful conflict resolution has always depended on “accurate intelligence, courageous honesty, and selfless leadership.”
He also introduced his “Obasanjo 55+20 Leadership Framework,” a structured model outlining 55 measurable leadership attributes and 20 core values. At its heart, he said, lies “courageous honesty”—the willingness of leaders to confront uncomfortable truths.
A Final Warning
Addressing an audience that included Noordin Mohamed Haji and intelligence heads from across Africa, Obasanjo closed with a stark warning and a challenge.
At nearly 90, he said his decades of experience have shown both Africa’s promise and its recurring failures.
“Africa’s conflicts are not inevitable,” he said. “They are the product of leadership choices. What is required now is the will—and the courage and audacity—to choose differently.”
His message was unmistakable: without decisive reforms, Africa risks remaining a battleground for external powers; with them, it has a chance to secure its future on its own terms.
Obasanjo Unveils Bold Blueprint for Africa’s Security Overhaul, Warns Against New Scramble
News
Nigeria Woos Diaspora Investors in Silicon Valley, Says “Ready for Business”
Nigeria Woos Diaspora Investors in Silicon Valley, Says “Ready for Business”
By: Michael Mike
Nigeria has intensified its push to attract diaspora-driven investments, with the Chairman/CEO of the Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, declaring that the country is fully open and prepared for business.
Speaking in Silicon Valley, California, at a high-level pre-event dinner ahead of the African Diaspora Investment Symposium 2026 (ADIS26), Dabiri-Erewa assured global investors—particularly Nigerians in the diaspora—that Nigeria offers vast and untapped investment opportunities across sectors.
The event, hosted at Santa Clara University, brought together top African and global stakeholders under the theme: “Bridging Africa & Silicon Valley: Shaping the Future of Innovation, Investment, and Inclusive Growth.”
Dabiri-Erewa said Nigeria is deliberately positioning its diaspora as a strategic economic force, leveraging their expertise, capital, and global networks to accelerate national development.
She highlighted ongoing reforms and investment-friendly policies under the administration of Bola Ahmed Tinubu, noting that the government is creating an enabling environment for diaspora participation in critical sectors, including technology, infrastructure, and entrepreneurship.
According to her, the focus is shifting from remittances to structured, long-term investments capable of driving sustainable economic growth and innovation.
“The Nigerian diaspora remains one of our strongest assets,” she said, stressing that deeper engagement would unlock transformative opportunities for both the country and its global citizens.
The NIDCOM boss also commended Almaz Negash, founder of the African Diaspora Network, for convening the platform and fostering cross-continental partnerships.
Beyond the dinner, Dabiri-Erewa held a working session with Nigerian professionals in the United States, many of whom expressed readiness to collaborate with NIDCOM on initiatives aimed at national development.
The engagements attracted a diverse mix of African and American leaders, innovators, investors, and policymakers, reinforcing a growing consensus on the need to build stronger bridges between Africa and the global technology ecosystem.
The gathering underscored a shared commitment to moving beyond traditional remittance flows toward impactful investments that can shape Africa’s economic future.
Nigeria Woos Diaspora Investors in Silicon Valley, Says “Ready for Business”
News
Zulum Cracks Down on Insurgent Support Networks, Backs Airstrikes on ‘Notorious’ Border Market
Zulum Cracks Down on Insurgent Support Networks, Backs Airstrikes on ‘Notorious’ Border Market
By: Michael Mike
Borno State Governor, Babagana Zulum, has issued a stern warning to residents against aiding or providing any form of support to Boko Haram, as intensified military operations target suspected logistics hubs in the North-East.
The warning comes in the wake of recent air operations by the Operation Hadin Kai, which struck the Jilli general area in Gubio Local Government Area on April 11, 2026.
Jilli, a border community linking Borno and Yobe states, has come under scrutiny as a suspected conduit for insurgent activities. According to the governor, the Jilli market—alongside the nearby Gazabure market—had been officially shut down by the state government five years ago due to security concerns.
“I have been properly briefed on the airstrike carried out on Jilli market,” Zulum said, describing the location as a “notorious hub” allegedly exploited by insurgents and their supply chains.
He revealed ongoing high-level consultations with the Yobe State Government and military leadership, underscoring a coordinated regional approach to tackling insurgency and preventing the resurgence of rebel strongholds along state borders.
Zulum emphasized that any decision to reopen markets or resettle communities in conflict-affected zones is taken only after thorough security assessments and in collaboration with the military and other agencies.
Reaffirming his administration’s stance, the governor said protecting civilians remains paramount, while also stressing that individuals found aiding insurgents—whether through shelter, information, or logistics—would face serious consequences.
He urged residents to remain vigilant and support security forces by sharing credible intelligence, noting that community cooperation is critical to dismantling insurgent networks and restoring lasting peace in the region.
Zulum Cracks Down on Insurgent Support Networks, Backs Airstrikes on ‘Notorious’ Border Market
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