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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
News
Analysts question US motives in Nigeria, warn against foreign military intervention
Analysts question US motives in Nigeria, warn against foreign military intervention
By: Zagazola Makama
Growing conversations among security analysts and policy observers in Nigeria are questioning what they describe as the United States’ “renewed interest” in Nigerian security, especially following recent international reactions to killings in parts of the North.
In recent weeks, statements by some U.S. politicians and evangelical groups have framed the attacks by armed groups in Nigeria as a “persecution of Christians”, throwing debates among local diplomats and defence experts that the narrative could be used as justification for foreign military involvement.
Several analysts who spoke to Zagazola Makama said history shows that no foreign military power deploys troops across oceans purely on humanitarian grounds.
A geopolitical researcher in Abuja, who requested anonymity because of the sensitivity of the subject, stated: “There is no such thing as military charity. Wherever the U.S. deploys troops, there is a strategic economic interest – oil, minerals, or military positioning.”
He cited examples of American involvement in Iraq, Libya, and Afghanistan, where interventions were initially framed around “rescue missions”, democracy, fighting Islamist Jihadist or counter-terrorism, but ended with prolonged military presence, destruction, or resource access.
According to him, the narrative of a “Christian genocide” could be a psychological operation to create public sympathy and legitimacy for intervention. “Once intervention is framed as saving victims, public resistance becomes weak. That is how foreign bases are negotiated.” said the sources.
Nigeria sits on an estimated 37 billion barrels of crude oil and possesses rare earth minerals, including lithium, uranium, and gold. These are increasingly vital to defence, tech, and energy industries worldwide.
Very soon Nigeria may start receiving proposal suggesting a U.S. military presence in strategic locations tied to resources. Places like Port Harcourt (oil-rich Niger Delta), Tsafe in Zamfara and Sokoto (gold and uranium belt), and Konduga in Borno (reported uranium deposits) as areas repeatedly discussed informally by foreign security actors.
It is a well known fact that the United States holds vast intelligence on all activities of bandits in the North West and ISWAP or Boko Haram terrorists in the North but has declined to share actionable data or lift restrictions on military procurement. Even after Nigeria secured financing to acquire long-range surveillance drones, the U.S. declined to approve the deployment, despite Nigeria meeting all requirements.
US has the biggest surveillance platform in West Africa, they monitor the entire Sahel and West Africa from satellites and aerial ISR platforms. They see every movement of bandits and terrorists. They know their coordinates,” the source said but when it comes to enabling Nigeria to end terrorism, the response becomes diplomatic and procedural.”
He also cited instances where U.S. legislation restricted Nigeria’s access to key military equipment, leading to the prolonged war on terrorism including the recent blocked transaction of equipment from Saudi Arabia.
Security analysts argue that the same countries expressing concern over insecurity frequently frustrate Nigeria’s attempts to strengthen its own capability.
“You cannot claim to be worried about terrorism while blocking the tools needed to fight terrorism,” the analyst said.
In recent years, African countries such as Niger, Burkina Faso, Guinea and Mali have removed U.S. and French military partnerships, accusing Western governments of interference or resource-driven agendas. Transitional leaders in some of these countries have alleged that foreign actors undermined internal political stability. While the U.S. government has repeatedly denied involvement in any such activities, African analysts maintain that Western foreign policy is often transactional.
Despite the concerns, the Nigerian government insists that any international partnerships must respect national sovereignty.
“Nigeria welcomes support, not dominance. Assistance must strengthen Nigeria’s capability, not replace it.”said top Government official.
Analysts question US motives in Nigeria, warn against foreign military intervention
News
Murder of Fulani herder triggers reprisal attack, leaves three villagers dead in Anwule, Benue
Murder of Fulani herder triggers reprisal attack, leaves three villagers dead in Anwule, Benue
By: Zagazola Makama
Three persons have been killed and one declared missing following a reprisal attack by suspected herders on Anwule community in Ohimini Local Government Area of Benue State.
The attack, which occurred on Tuesday, was triggered by the alleged murder of a Fulani herder by some suspected villagers in late August
The tragedy traces back to late August, when a young Fulani herder was reportedly assaulted and killed by some villagers who accused him of grazing cattle on their farmland. His death, security sources say, was the spark that ignited the deadly cycle.
“They attacked the cattle, and in the process, the young boy herding them was killed,” a security source told Zagazola.
“Up till now, his body has not been found. That incident changed everything.”
After the killing, tension became the village’s new normal. Security sources said the herders launched a desperate search for the boy’s body, while villagers, anxious over possible retaliation, kept night vigils around the community.
Instead of de-escalation, the situation worsened. On Monday, some villagers reportedly launched another attack on herders in a separate encounter, killing more cattle and a Fulani herder.
“That second attack was the tipping point,” another source disclosed. Once a human life was involved again, everyone knew a reprisal was almost certain.”
By Tuesday morning, the herders struck back.
Before troops from the Army Forward Operating Base, Otukpo, could respond to distress calls from villagers, the attackers invaded Anwule, shooting sporadically and torching homes. When the gunfire stopped, three villagers – Simon Nbach, Adoya Ejigai and Ejeh Loko – lay dead. One resident is still missing, and community members fear he may also have been killed.
One Simon Nbach, who was later identified as a pastor of the Flaming Fire Ministry, was among those caught in the attack.
Troops later assisted locals in recovering the bodies. The villagers who survived now live in fear; many have fled to neighbouring communities, abandoning their farmlands and homes.
In the aftermath, senior government officials, including the Special Adviser to the Governor on Security, Mr. Joseph Har, and the Chairman of Ohimini LGA, Mr. Gabriel Adole, visited the community. They appealed for calm and promised reinforced security surveillance.
“We understand the grief and fear, but peace must be maintained. Security agencies are already on the trail of the perpetrators,” Har told the community leaders.
Murder of Fulani herder triggers reprisal attack, leaves three villagers dead in Anwule, Benue
News
ISWAP abducts mobile police officer travelling in commercial vehicle in Borno
ISWAP abducts mobile police officer travelling in commercial vehicle in Borno
By: Zagazola Makama
Suspected Islamic State of West Africa Province (ISWAP) terrorists have abducted a mobile police officer travelling in a commercial vehicle along the Damasak–Maiduguri road in northern Borno.
Zagazola Makama gathered that the incident occurred on Monday at about 11:00 a.m. near Kareto, a community close to the Nigeria–Niger border, when the officer, identified as ASP Felix Lucius of the 73 Police Mobile Force (PMF), was attacked while en-route to Maiduguri.
Security sources said that the terrorists emerged from the bush, blocked the roadway and forced the passengers out of the vehicle before identifying and whisking away the officer.
Following the incident, troops of Operation HADIN KAI, launched a coordinated search-and-rescue operation to track the kidnappers and rescue the officer unhurt.
Kareto, located between Damasak and Gubio, has been a frequent flashpoint for ISWAP activities due to its strategic location and proximity to international escape corridors.
ISWAP abducts mobile police officer travelling in commercial vehicle in Borno
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