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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
Troops arrest suspected gun-runner in Taraba, recover weapons and ammunition
By: Zagazola Makama
Troops deployed at Ibi and the Forward Operating Base (FOB) Wukari have arrested a suspected gun-runner and recovered weapons, ammunition, and other items during an intelligence-led operation in Taraba State.
Security sources disclosed that the troops acted on credible intelligence about a suspicious Peugeot vehicle heading toward the Ibi waterside area. The troops swiftly mobilised to intercept the vehicle and apprehended the suspect.
The suspect, identified as Abubakar Ibrahim, 48, from Barkin-Ladi Local Government Area of Plateau State, was arrested during the operation.
Items recovered from him include six locally fabricated weapons bearing various registration numbers, two rounds of 7.62mm special ammunition, one Peugeot 504 vehicle, a Q Seven mobile phone, seven bottles of perfume with rubbers, seven charms, one mentholatum rub, two small containers of Vaseline, and the sum of N1,400 in cash.
Military sources said the suspect and the recovered items are currently in custody and will be transferred to the Brigade Headquarters for further investigation.
The sources added that the general security situation within the Area of Responsibility remains calm but highly unpredictable, noting that troops’ morale and fighting efficiency remain satisfactory.
The arrest is part of ongoing efforts by security forces to curb the proliferation of illegal arms and criminal activities in Taraba and adjoining areas.
Troops arrest suspected gun-runner in Taraba, recover weapons and ammunition
ISWAP kills professor in targeted abduction on Maiduguri-Damboa highway
By: Zagazola Makama
ISWAP terrorists have reportedly killed Professor Abubakar Mohammed el-Jumma of the Nigerian Army University Biu following a targeted abduction along the Maiduguri-Damboa highway on March 25, 2025.
Sources told Zagazola Makama that the attackers, described as light-skinned foreigners, specifically targeted Professor el-Jumma, suggesting the abduction was premeditated. The perpetrators were reportedly in possession of his photograph before carrying out the attack, confirming that the operation was deliberate and planned.
Authorities have confirmed that no ransom demands were made and attempts to negotiate his release were unsuccessful. ISWAP later informed the family of Professor el-Jumma’s death and that his burial had been carried out within their enclave.
The incident demonstrates ISWAP’s growing capability to exploit local vulnerabilities with the support of spies and sympathizers.
The group’s targeting of high-profile individuals, including academics and community leaders, reflects a shift towards calculated kidnappings designed to spread fear and disrupt governance and education in the North East.
No official statement has yet been issued by Nigerian Army University Biu authorities regarding the incident.
ISWAP kills professor in targeted abduction on Maiduguri-Damboa highway
News
Bayelsa East Leaders, Elders, Women, Youths To Protest Over Marginalization In Sen Douye Diri Administration
Bayelsa East Leaders, Elders, Women, Youths To Protest Over Marginalization In Sen Douye Diri Administration
Leaders, stakeholders, women and youths in Bayelsa East Senatorial District has perfected preparations to stage a peaceful protest against Bayelsa State Governor, Senator Douye Diri over marginalization and neglect in political appointments in the government since inception.
The people of the east also deserves sensitive offices in the government for their resolute support for the government since inception, but they have been marginalized. The office of the deputy governor from the east will balance the political structure.
Marginalization of the east people in sensitive government appointments is an outright disrespect to the former President, Dr. Goodluck Ebele Jonathan, King Alfred Diette-Spiff, Gen. Melford Okilo, and other leaders from the east senatorial district.
Even though the speaker of the state house of assembly is not considered, there are other competent individuals eminently qualified to handle the office of the deputy governor for the remaining years of the government.
The governor should consult former president, and other leaders from the east to chose a deputy governor from either Ogbia, Nembe or Brass.
The eastern region planned peaceful protest is a furtherance expression of dissatisfaction in accordance and solidarity with the group, the Bayelsa State Chapter of the All Progressives Congress Grassroot Movement (BSAGM) condemnation of Governor Diri administration over marginalization of appointments.
According to the eastern people, the governor has consciously and deliberately marginalized the east in sensitive political appointments in the government, pointing out that all the top offices in the government are handled by his relatives from Kolokuma-Opokuma and Sagbama.
For instance; all government house appointments are handled by his relatives, the chief of staff, deputy chief of staff, Director of Domestic, Director of Transport, including S.A Political, and other sensitive appointments in the government.
Governor Douye Diri has deliberately neglected and marginalized the east, we will exercise our constitutional right of a peaceful protest to express our dissatisfaction to the world.
Since the creation of Bayelsa State, successive administrations had maintained political conglomeration across the three senatorial district in the state, but Diri administration had neglected the east from inception.
The east is only been marginalized, and neglected in Diri administration. Alamieyeseigha, Jonathan, Sylva, and Dickson carried out fair, equal appointments, infrastructure across the state, in their administrations.
Successive governments since 1999, had fairly and transparently distributed political appointments across the senatorial district, but the contrary is Diri’s administration.
It is absolutely unfortunate that the east had been undermined by Diri, running a one-sided government of Kolokuma-Opokuma, and the whole state is watching the government.
In exercise of constitutional right of a peaceful protest, the east will carry out a peaceful protest to government house next week to publicly express their dissatisfaction to the world over the undemocratic marginalization of appointments in Diri administration.
Signed:
Chief Samuel Azibator – Ogbia
High Chief Nengi Sylvanus -Nembe
Chief Williams Naworio – Brass
Bayelsa East Leaders, Elders, Women, Youths To Protest Over Marginalization In Sen Douye Diri Administration
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