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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 Appoints Dr. Mohammed Ghuluze as New Head of Service

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Zulum Appoints Dr. Mohammed Ghuluze as New Head of Service

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has approved the appointment of Dr. Mohammed Aminu Ghuluze as the new Head of Service.

In a statement by the Special Adviser to the Governor on Media, Dauda Iliya, the appointment takes effect from March 3, 2025. Dr. Ghuluze succeeds Barrister Malam Fannami, who has retired from service.

Governor Zulum tasked Dr. Ghuluze to leverage his experience to enhance professionalism, discipline, and commitment within the state’s civil service.

Prior to his appointment, Dr. Ghuluze served as the Permanent Secretary, Administration.

A seasoned administrator and a surgeon, he has held several key positions, including Medical Director at the State Specialist Hospital.

In 2018, he was appointed Chief Medical Director of the Borno State Hospitals Management Board, and in 2020, he became a Permanent Secretary, serving in the Ministry of Health and Human Services.

Zulum Appoints Dr. Mohammed Ghuluze as New Head of Service

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NCDMB trains Niger Delta elders on ethnic cooperation for development

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NCDMB trains Niger Delta elders on ethnic cooperation for development

By: Michael Mike

As part of efforts to equip communities in the Niger Delta with knowledge and skills neccessary for conflict resolution in the region, the Nigerian Content Development and Monitoring Board (NCDMB) has organized a training programme for elders and leaders of the Ijaw, Itsekiri and Urhobo people.

The ongoing five-day training programme which is taking place at Lekki Grand View Hotel, Lekki, Lagos, is to empower participants to contribute to nation building through strengthening collaboration for positive impact.

On Monday 3rd February, the training was for the Exco of the Urhobo Progressive Union (UPU) led by President General Worldwide Olorogun, Barrister Ese Game Owe.

The Executive Secretary of the NCDMB, Engr. Felix Ogbe, who was represented by a senior members of the Board, stressed the importance of training for the elders, saying the idea is to enhance inter-ethnic cooperation and co-existence for harmonious growth and development.

Ogbe stated that the idea of the training is to ensure understanding of the leaders to the significance of ethnic coorporation in societal development in the region which mainly produces the oil that is the mainstay of the nation’s economy.

According to him, the aim is to engage the leaders on continous engagement for effective societal development.

 In his welcome, the facilitator, the Chairman of Excellon Consults Limited and Cervice Energy Services Limited, Chief Bernard Okumagba said, “One of the key functions of the (NCDMB) is to engage in capacity building interventions that would deepen indigenous capabilities. This Leadership Training Programme for the Leadership of our elders and youths of the various ethnic groups is in furtherance of the NCDMB mandate and crucial for promoting Nigerian content in the oil and gas industry.

“By empowering the Leadership of our elders and youths, the NCDMB under the leadership of Executive Secretary and CEO Engr. Felix Omatsola Ogbe aims to integrate oil-producing communities into the oil and gas value chain, fostering institutional collaboration and maximizing Nigerian participation.

“This training is also vital for developing indigenous capabilities through human capital development, infrastructure, and local supplier growth.

“The key objectives of the training programme include equipping the Leadership of our Elders and Youths categories with effective leadership, management and decision-making skills; Increase awareness and understanding of NCDMB’s initiatives and policies; and Strengthen relationships between the Leaders, NCDMB, and other stakeholders,” Okumagba stated.

He added that in the next five days, participants will be taken through topics which will include Developing Leadership Competencies, Strategic Thinking and Decision Making, Stakeholders’ Engagements for Societal Development, Strategies for Continuous Leadership and Development, Strategic Collaboration for positive impact.

Others include, Inter-ethnic Cooperation and Co-existence for Harmony, Growth and Development, Financial Management for Business Success amongst others.

The training Programme is being delivered through a combination of interactive lectures, case studies, group discussions and practical exercises.

NCDMB trains Niger Delta elders on ethnic cooperation for development

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Money Laundering: EU, International IDEA, NBA Collaborate to Get Nigeria Solve Money Laundering, Terrorism Financing

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Money Laundering: EU, International IDEA, NBA Collaborate to Get Nigeria Solve Money Laundering, Terrorism Financing


…Over 300 Lawyers sensitized on professional conduct

By: Michael Mike

The Rule of Law and Anti-Corruption Programme of the International Institute for Democracy and Electoral Assistance (International IDEA) with the support of the European Union are working together with the Nigerian Bar Association (NBA) to get Nigeria off the high risk areas of money laundry, funding of terrorism and, proliferation of small arms.

Nigeria has already been designated as one of the high risk areas of money laundering and terrorism financing.

the Anti-corruption Programme Manager of the EU-funded Rule of Law and Anti-corruption Programme (RoLAC-Phase II) of International IDEA, Dr. Emmanuel Uche, at a two-day sensitization event on the Rules of Professional Conduct for Legal Practitioners in Abuja, said the main essence of this workshop is to get lawyers on board to get Nigeria off the grey list of the Global Financial Action Task Force.

According to him, the taskforce is the global body that monitors financial transactions and the financial risks inherent in different jurisdictions.

He said: “The last evaluations of Nigeria’s risk clearly says Nigeria is one of the high risk areas of money laundry, funding of terrorism and, proliferation of small arms which underscores the challenges Nigeria is currently facing today and therefore, they’ve made a handful of recommendations necessary to get Nigeria out of that high level vulnerability to this risks.

“While those risks subsists and Nigeria remains on this grey list, there would be very limited confidence in Nigeria, being able to participate with other global countries that mean well. That’s why you will be surprised, when you want to use your debit card on an international website, it is not recognised.

“Other jurisdictions don’t honour our financial instruments because they think working with us exposes them to the same risks of money laundering, terrorism financing amd all that you see with kidnapping and proliferation of small arms.”

The President of the Nigerian Bar Association (NBA), Mr. Afam Osigwe, said the ability of lawyers to adhere to the highest ethical standards in giving services to the people is very important.

He said even if it’s one lawyer that runs foul of our Rules of Professional Conduct, it worries us.

“While we may not achieve 100 percent compliance level, we want to instill confidence in the public that we are interested in ensuring that members of the public adhere to the highest standard.

“”We will also ensure that those who violate their Rules of Professional Conduct are brought to book because that’s the only way we can show the society that we have the capacity and the willingness to weed out those who give us a bad name”.

The Head of Programme, RoLAC II, International IDEA, Mr. Danladi Plang, at the event said the importance of seeking to increase transparency and accountability of anti-corruption systems and reforms cannot be overemphasised as it is regarded as fundamental to sustaining a democratic system of government.

Plang who was represented by the State Project Coordinator, Abia State, RoLAC II
Mr Peter Omenka, said the democratic system of governance comprises a network of interdependent actors and the performance of each actor is affected by the performance of others.

He stated: “Within the system, the legal practitioners are recognised to generally work to support progressive ideals whereby lawyers are expected to be sensitive and create a process to which democracy can flourish.

“It is relatively fair to acknowledge the unique role that lawyers’ play in the protection of rule of law within a limited sphere.

“The legal profession is often regarded as a catalyst for progressive reforms within the legal and societal frameworks of a nation. Legal professionals serve as the architects of the legal system, playing a pivotal role in refining and sustaining the democratic structures of governance. “

The Head of Programme further stated that the ” issues such as misrepresentation of facts, fraud, exploitation of legal loopholes, deceit, and intimidation have marred the integrity of the profession. These unethical practices pose a significant threat to the legal system and must be addressed before they undermine its foundation. In Nigeria, instances of professional misconduct frequently go unchallenged, suggesting a more widespread prevalence of such behavior.”

“Over the years, there has been an increasing societal focus on the ethical conduct of legal professionals, emphasizing the protection of individuals, clients, the courts, fellow practitioners, and the legal profession itself.”

According to him, the “ growing concern underscores the importance of upholding ethical standards in law. In response to this, the Honourable Attorney General of the Federation and Chairman of the General Council of the Bar undertook a review of the Rules of Professional Conduct (2007), aiming to address global malpractice concerns and to ensure that the conduct of legal professionals reflects the highest ethical standards.

“Every society influences its ethical disciplinary culture and ensuring fairness and consistency in a disciplinary procedure promotes a progressive societal value for the public. It fosters positive cultures, encourages a fair and transparent approach to societal goals that promotes confidence and trust. What remains unenforceable and has limited the discipline of erring lawyers is the disciplinary procedure and this gap within the legal community remains a major challenge for the noble profession.”

Earlier, the Communications Officer, International IDEA, Mukhtar Suleiman
in a media advisory, said the two-day national sensitization event, scheduled to take place in Abuja, will serve as a Training of Trainers (ToT) workshop, with participants from all 130 NBA branches, including branch chairpersons and leaders of the Young Lawyers’ Forum.
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Money Laundering: EU, International IDEA, NBA Collaborate to Get Nigeria Solve Money Laundering, Terrorism Financing

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