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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
SOJA Condemns Alleged Abduction of Teachers, Students in Oyo, Demands Urgent Rescue Efforts
By: Michael Mike
A human rights organisation, Speak Out for Justice Advocacy Ltd./Gte. (SOJA), has condemned the reported abduction of teachers and students in Oriire Local Government Area of Oyo State, describing the incident and the alleged killing of a teacher, Mr. Michael Oyedokun, as “a case too many.”
In a statement issued on Thursday, the group expressed deep concern over reports that armed attackers abducted teachers and students from schools within the council area around May 15, 2026, while Mr. Oyedokun, a Mathematics teacher at Community High School, Ahoro-Esiele, was reportedly killed during the incident.
The organisation said several victims were still believed to be in captivity awaiting rescue.
SOJA, led by its Founder and Executive Director, Hameed Ajibola Jimoh, commiserated with the affected families and communities, warning that repeated attacks on schools and civilians across parts of the country were becoming alarming.
According to the advocacy group, the incident, if confirmed, raises serious constitutional and human rights concerns under both Nigerian law and international treaties to which Nigeria is a signatory.
Citing Section 14(2)(b) of the 1999 Constitution, SOJA stressed that “the security and welfare of the people shall be the primary purpose of government,” while Sections 33, 34 and 35 guarantee the rights to life, dignity and personal liberty.
The group also referenced Nigeria’s obligations under several international and regional legal frameworks, including the United Nations-backed International Covenant on Civil and Political Rights (ICCPR), the Convention on the Rights of the Child (CRC), the African Charter on Human and Peoples’ Rights (ACHPR), and the African Charter on the Rights and Welfare of the Child (ACRWC).
SOJA argued that the obligations imposed by these instruments go beyond symbolic commitments, requiring authorities to take practical and preventive steps to protect lives, especially those of vulnerable groups such as school children and teachers.
“The implication of these obligations in the present circumstances is that government responsibility extends beyond merely reacting after tragic events occur,” the statement said.
The organisation acknowledged reports that security agencies had intensified rescue operations and investigations, but maintained that recurring attacks on schools demanded more decisive and proactive measures.
“This is a case too many,” the statement added.
SOJA therefore called for the immediate intensification of lawful rescue efforts for those still in captivity, a thorough investigation into the incident, prosecution of perpetrators, strengthened security around schools and vulnerable communities, and adequate support for affected victims and families.
The group further urged the government to undertake a comprehensive review of strategies aimed at preventing future attacks on educational institutions.
“Teachers should not become targets. Schools should not become zones of fear. Children should not bear the burden of insecurity,” the organisation stated.
SOJA Condemns Alleged Abduction of Teachers, Students in Oyo, Demands Urgent Rescue Efforts
Troops recover suspected stolen motorcycle in Plateau
By: Zagazola Makama
Troops of Sector 6, Operation Enduring Peace have recovered a suspected stolen motorcycle following a pursuit of suspected motorcycle snatchers in Riyom Local Government Area of Plateau.
Security sources disclosed that the incident occurred at about 6:30 p.m. on May 21 along the Bachi-Banghai road after troops received reports on the activities of suspected motorcycle snatchers in the area.
The sources said the troops immediately mobilised and pursued the suspects, who abandoned the motorcycle and fled upon sighting the security personnel.
According to the sources, the recovered motorcycle has been secured, while efforts were ongoing to identify the rightful owner and apprehend the fleeing suspects.
The military said the operation formed part of sustained efforts to combat criminal activities and enhance security across Plateau.
Troops recover suspected stolen motorcycle in Plateau
Troops launch rescue operation after abduction in Plateau
By: Zagazola Makama
Troops of Sector 1, Operation Enduring Peace have launched a rescue operation following the abduction of a resident in Bassa Local Government Area of Plateau.
Security sources disclosed that the incident occurred at about 11:00 p.m. on May 21 when gunmen reportedly abducted Mr Eze Emeka from his residence at Agingi village.
The sources said troops swiftly responded to the distress report and commenced rescue operations in collaboration with other security agencies.
According to the sources, efforts were ongoing to track down the kidnappers and secure the safe release of the victim.
The military assured residents that security forces were intensifying operations to curb criminal activities in the area.
Troops launch rescue operation after abduction in Plateau
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