Connect with us

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

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Hamza Suleiman NAN: Troops recover ammunition during patrol in Borno

Published

on

Hamza Suleiman NAN: Troops recover ammunition during patrol in Borno

By: Zagazola Makama

Troops of Operation Hadin Kai have recovered a cache of ammunition during a fighting patrol in Mallam Fatori, Abadam Local Government Area of Borno State.

Security sources said the operation was conducted at about 7:30 a.m. on April 18 by troops of 68 Battalion deployed in the area.

The patrol was carried out ahead of the troops’ defensive location toward a suspected withdrawal route used by insurgents following an earlier attack on March 18.

During the operation, troops recovered 166 rounds of PKT linked ammunition and one bandolier.

No contact was made with any terrorist elements during the patrol.

They added that the general security situation across the theatre remains calm but unpredictable, while troops continue to maintain high morale and operational effectiveness.

Hamza Suleiman NAN: Troops recover ammunition during patrol in Borno

Continue Reading

News

NDLEA Busts Drug Rings, Intercepts Cocaine Hidden in Food Flasks, Arrests Fashion Designer, Others

Published

on

NDLEA Busts Drug Rings, Intercepts Cocaine Hidden in Food Flasks, Arrests Fashion Designer, Others

By: Michael Mike

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intensified their crackdown on drug trafficking networks, intercepting cocaine ingeniously concealed in food flasks and cannabis hidden in snack packs, while arresting multiple suspects including a Lagos-based fashion designer.

The agency in a statement on Sunday by its spokesman, Femi Babafemi, said 12 large parcels of cocaine weighing 2.8 kilogrammes were uncovered at the export shed of the Murtala Muhammed International Airport (MMIA), Lagos.

Babafemi said the illicit consignment, bound for the United Kingdom via a Virgin Atlantic flight, was discovered in the false bottoms of food flasks on April 9.

He disclosed that two cargo agents—Ama Ufeim, 33, and Ogabi Akorede, 39—were arrested at the point of interception, with subsequent investigations leading to the arrest of the alleged sender, 52-year-old freight forwarder Agoro Moninuola.

In a related operation a day earlier, NDLEA operatives at the airport’s import shed intercepted 2.9 kilogrammes of “Loud,” a potent strain of cannabis, concealed in snack packs arriving from the United States aboard a Delta Air Lines flight.

He noted that initial arrests of cargo clearing agents Animashaun Adetunji and Mercy Oluwasegun paved the way for the apprehension of the consignee, Saheed Adegoke, a 29-year-old fashion designer, who was later tracked and arrested in Ogba, Lagos.

Beyond the airports, NDLEA operations extended across several states with significant seizures recorded. Along the Kaduna-Zaria highway, operatives intercepted a cement-laden trailer transporting 847 kilogrammes of skunk. The driver, Umar Garba Haruna, was taken into custody.

In Cross River State, a joint operation involving NDLEA officers and security personnel led to the destruction of 15,000 kilogrammes of cannabis cultivated on six hectares of farmland in Uwet community, Akamkpa Local Government Area. A suspect, Alice Udoh, 53, was arrested, while 119 kilogrammes of the substance was recovered.

Similarly, in Edo State, operatives raided a cannabis camp in Ovia North East Local Government Area, destroying over 2,281 kilogrammes of the drug and arresting three suspects. Additional arrests were made in Delta State, where over 87 kilogrammes of skunk and cannabis seeds were seized.

In Lagos, NDLEA officers intercepted a shipment of 11,900 tramadol capsules and 400 ampoules of phenobarbital injections along the Mile 2–Badagry expressway, with the consignment reportedly destined for Ghana. A separate raid on a two-storey building in Lagos Island yielded 95.8 kilogrammes of skunk.

Meanwhile, the agency sustained its War Against Drug Abuse (WADA) campaign nationwide, conducting sensitization programmes in schools, religious centres, and communities across states including Niger, Cross River, Kogi, Katsina, Kano, and Lagos.

Commending the operatives, NDLEA Chairman, Brig. Gen. Buba Marwa (Rtd), praised the balance between aggressive enforcement and preventive education, urging officers to maintain the current momentum in the fight against drug trafficking and abuse.

NDLEA Busts Drug Rings, Intercepts Cocaine Hidden in Food Flasks, Arrests Fashion Designer, Others

Continue Reading

News

Ashlee Momoh Foundation Leads Heartfelt Tribute to Fallen Hero Brig. Gen. Braimah

Published

on

Honouring a Fallen Shield

Ashlee Momoh Foundation Leads Heartfelt Tribute to Fallen Hero Brig. Gen. Braimah

A Tribute to Brigadier General Oseni Omoh Braimah

Issued by the Board of Trustees, Management, and Volunteers of the Ashlee Momoh Foundation Abuja, Federal Capital Territory

To the family of the late Brigadier General Oseni Omoh Braimah

To the Government and People of Edo State, And to the gallant Armed Forces of the Federal Republic of Nigeria.

It is with heavy hearts and profound sorrow that the Ashlee Momoh Foundation joins the nation in mourning the loss of Brigadier General Oseni Omoh Braimah, who paid the ultimate price following the midnight attack on the 29 Task Force Brigade Headquarters in Benisheikh. His passing, alongside the brave officers and soldiers who fell beside him, leaves a silence that words can scarcely fill.

A Life Defined by Service

General Braimah was more than a soldier. He was a shield for the vulnerable, a steady hand in moments of crisis, and a living testament to the courage that defines the Nigerian spirit. His leadership inspired those under his command, and his devotion to duty protected countless lives he would never meet. To lose a commander of such calibre, together with his courageous troops, is a grief that travels far beyond the frontlines — into the homes, hearts, and hopes of a grateful nation.

To His Family 

We recognise that while the nation mourns a General, you mourn a husband, a father, a son, and the quiet pillar of your home. The cost of service is borne most heavily by those left behind, and no public tribute can ease that private weight. We acknowledge the enormity of your sacrifice. The absence of such a man creates a stillness that only time, faith, and love can gently soften. In this dark hour, please know that you do not grieve alone.

To Edo State and Nigeria

Our nation has lost a strategic mind and a fearless protector. His absence will echo in the ranks of the military and in the hearts of every citizen who has slept soundly because of men like him. His death is a solemn reminder of the ongoing cost of our peace — and of the urgent, continuing duty we all share to honour that price through action, unity, and care for those who stand on the frontlines in our name.

Our Commitment

The Ashlee Momoh Foundation was established on a simple, enduring principle: no hero’s sacrifice should result in the neglect of those they loved. Our mission places military families, widows, and vulnerable communities at the centre of our welfare, advocacy, and humanitarian work. We believe the legacy of men like General Braimah must be honoured not only in the words spoken today, but in tangible support sustained across years — in the education of their children, the dignity of their spouses, and the security of the communities for which they gave everything.We stand for a Nigeria where the blood of our heroes becomes the seed of a more secure and compassionate society. We remain firmly dedicated to strengthening the structures that care for our veterans, their dependents, and the families left in the wake of their service, so that the flame of their sacrifice is never allowed to dim.

A Final Word

May the soul of Brigadier General Oseni Omoh Braimah, and the souls of the gallant soldiers who fell with him, rest in perfect peace. May the Almighty comfort his family, strengthen his comrades-in-arms, and grant our nation the fortitude to bear this irreparable loss — and the resolve to be worthy of his sacrifice.

With deepest sympathy and abiding respect,The Board of Trustees, Management, and Volunteers Ashlee Momoh Foundation Restoring Hope, Rebuilding Lives

Ashlee Momoh Foundation Leads Heartfelt Tribute to Fallen Hero Brig. Gen. Braimah*

Continue Reading

Trending

Verified by MonsterInsights