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
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
U.S. to Deploy Wireless Technology to Nigeria, Benin, Côte d’Ivoire, Ghana and Nigeria
U.S. to Deploy Wireless Technology to Nigeria, Benin, Côte d’Ivoire, Ghana and Nigeria
By: Michael Mike
The U.S. Trade and Development Agency has announced plans to deepen the deployment of American wireless technology in West Africa, targeting underserved rural communities in Benin, Côte d’Ivoire, Ghana and Nigeria.
The agency said it is funding a feasibility study for the installation of about 1,500 turnkey mobile communications base stations using technology developed by Vanu Inc. as part of efforts to bridge the region’s digital connectivity gap and provide an alternative to Chinese-made telecommunications infrastructure that currently dominates the market.
According to the U.S. agency, the project is aimed at expanding trusted and secure broadband access to millions of people in off-grid and rural communities that still rely on outdated 2G and 3G networks or have no access at all.
Deputy Director of the U.S. Trade and Development Agency, Thomas R. Hardy, said the initiative would unlock affordable internet access while also creating export opportunities for American firms.
“USTDA is bringing private sector solutions to unlock widespread, affordable, trusted internet access in off-grid communities across West Africa,” Hardy said.
“By helping American companies compete in these critical markets, we are offering an alternative to insecure infrastructure while creating export opportunities that make America more prosperous.”
The study will be undertaken for Vanu Côte d’Ivoire, with Vernonburg Group LLC providing technical expertise to assess the commercial viability of the large-scale rollout and mobilise financing for implementation.
Officials said the assessment would examine existing telecommunications infrastructure, market conditions, regulatory frameworks and financing options across the four countries.
The proposed deployment is expected to create opportunities for the expansion of U.S.-made wireless solutions, digital infrastructure systems and network management technologies across West Africa.
Chief Executive Officer of Vanu Inc., Andrew Beard, said the initiative would demonstrate that broadband connectivity in difficult and underserved markets could be profitable and sustainable.
He noted that the company’s systems were designed to help mobile network operators provide broadband internet and voice services in economically challenging locations using cost-effective technology built on open interfaces and architectures.
Beard added that the study would help stimulate investment, boost U.S. exports and accelerate the rollout of secure digital infrastructure globally.
The project comes amid growing competition between the United States and China over digital infrastructure development in Africa, where Chinese firms have played a dominant role in telecommunications expansion over the past decade.
The U.S. Trade and Development Agency said the initiative aligns with its mandate of supporting critical infrastructure projects in emerging markets while promoting the deployment of trusted U.S. technologies and services.
U.S. to Deploy Wireless Technology to Nigeria, Benin, Côte d’Ivoire, Ghana and Nigeria
News
Zulum Visits Uba, Chibok Communities, Vows Rescue of Abducted Schoolchildren
Zulum Visits Uba, Chibok Communities, Vows Rescue of Abducted Schoolchildren
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, on Tuesday visited Uba town to sympathise with parents of schoolchildren recently abducted in Mussa community, assuring residents that all efforts were being intensified to secure the safe release of the victims.
Governor Zulum, who has consistently visited communities affected by insecurity to console victims and assess the situation firsthand, met with parents of the abducted children at the palace of the Emir of Uba.
Addressing the gathering, the governor conveyed his heartfelt sympathy to the Emir, the parents of the abducted children and the entire people of the Uba Emirate over the unfortunate incident.
“I want to convey my deepest sympathy to the Emir of Uba, parents of the abducted children and the entire people of Uba Emirate over the recent unfortunate incident,” Zulum stated.
“Let me assure you that the Federal Government under the distinguished leadership of President Bola Ahmed Tinubu, the Nigerian Armed Forces and Borno State Government will do everything possible to secure the release of the children,” he assured.
The governor commended the military and other security agencies for taking proactive measures to prevent further deterioration of the security situation in the area.
He disclosed that the Brigade Commander, Commanding Officer, Divisional Police Officer and other heads of security establishments had already been deployed to strengthen security and facilitate the safe return of the abducted children.
Governor Zulum also pledged to fortify security in Askira, Uba and adjoining communities to prevent a recurrence of similar incidents.
“We have made frantic efforts to stabilize Askira, Uba and adjoining communities through reinforcing security in these areas,” he said.
The governor appealed to the abductors to release the innocent children, noting that they were minors who required the care and protection of their parents.
He further called on residents of the Uba Emirate and the entire people of Borno State to intensify prayers, especially during the first 10 days of the holy month of Dhul Hijjah.
Speaking during the visit, the Emir of Uba, Alhaji Ali Ibn Isma’ila Mamza II revealed that the incident occurred on Friday, 15 May, when 48 persons were abducted in Mussa community, including 37 primary school pupils, six secondary school students and five other residents.
The monarch commended Governor Zulum for his unwavering commitment to addressing insecurity, uniting the people of the state and supporting the emirate.
Also speaking, a representative of the Mussa community, Dr. Chinapi Amanja, appreciated the governor for the visit and acknowledged the deployment of senior military officers and other security personnel to the area.
…Zulum Condoles Chibok Communities
In a related development, Governor Zulum also visited Chibok town to commiserate with communities affected by recent attacks in parts of Chibok Local Government Area.
Addressing district heads, village heads, council members and other stakeholders, the governor said he was deeply saddened by the attacks, which claimed several lives and left many others injured.
“I purposely came to Chibok to sympathize with you over the recent attacks in some parts of the local government which claimed many lives and left others injured,” Zulum said.
“I want to assure you that the Federal Government, Nigerian Armed Forces and the Borno State Government will do everything possible to avert the recurrence of such incidents,” he added.
The governor urged residents to remain calm and law-abiding, assuring them that government was making concerted efforts to restore normalcy in the area through the deployment of additional troops.
He also prayed for the repose of the souls of those who lost their lives and asked God to grant their families the fortitude to bear the loss.
Speaking on behalf of the affected communities, the District Head of Garu, Engr. Zannah Madu, appreciated the governor for the visit and for the continued government intervention in addressing security challenges in the area.
Governor Zulum was accompanied on the visits by the member representing Chibok/Damboa/Gwoza Federal Constituency, Hon. Ahmed Jaha; Acting Chief of Staff to the Governor, Dr. Babagana Mustapha Malumbe; Commissioner for Information and Internal Security, Professor Usman Tar; Permanent Secretary, Government House and Security, Barrister Mustapha Busuguma; Special Adviser on Monitoring, Engr. Baba Bukar Gujbawu; and Special Adviser on Media, Dauda Iliya.
Zulum Visits Uba, Chibok Communities, Vows Rescue of Abducted Schoolchildren
News
Rainy season: NEMA strengthens disaster preparedness, community resilience in Gombe
Rainy season: NEMA strengthens disaster preparedness, community resilience in Gombe
The National Emergency Management Agency (NEMA) on Monday engaged relevant stakeholders in Gombe State on the National Preparedness and Response Campaign (NPRC) 2026.
This is part of ongoing nationwide efforts aimed at strengthening disaster preparedness and community resilience across the state and country.
In her keynote address, the Director General NEMA, Mrs. Zubaida Abubakar Umar represented by the North-East Zonal Director of NEMA, Mr Suleiman Yakubu stated that the campaign was designed to drive early and coordinated action to protect lives and livelihoods during this year’s rainy season.
Also speaking at the engagement, the Head of NEMA Gombe Operations Office, Hajia Ummuna Ahmed, commended the community members and stakeholders for their cooperation and commitment toward disaster preparedness.
Ahmed stressed the importance of early warning information, community participation, and proactive measures in reducing the impact of disasters on lives and livelihoods.
In his presentation on Disaster Risk Reduction Measures, Dr Terungwa Igue specified the various sectorial roles in reducing risks associated with floods.
Igue assured stakeholders of NEMA’s continued commitment to strengthening preparedness initiatives, enhancing public awareness, and promoting safer and more resilient communities across Gombe State.
The engagement further demonstrated the shared commitment of all stakeholders toward fostering safer, better informed, and disaster resilient communities throughout the state.
The team carried out extensive community sensitisation and engagement activities in Wuro Juli Community in Akko LGA of Gombe State.
The sensitisation continued on Tuesday at Yamaltu Emirate in Yamaltu Deba LGA where the Emir of Yamaltu, Alhaji Abubakar Aliyu appreciated NEMA for always coming to sensitise them and charged all the 14 Hakimis who represented 14 villages to take the messages to their domain.
The community engagement exercise focused on enhancing disaster preparedness, promoting early warning awareness, and building community resilience against potential hazards and emergencies, particularly flood related.
The exercise was conducted in collaboration with the Gombe State Emergency Management Agency (GOSEMA), Local Emergency Management Committees (LEMCs), and community leaders, whose active participation and support contributed immensely to the success of the campaign.
The collaboration further reinforced the collective commitment toward disaster risk reduction and effective emergency response at the grassroots level.
Rainy season: NEMA strengthens disaster preparedness, community resilience in Gombe
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