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
Flood: NGO cautions Gombe residents against indiscriminate dumping of waste
Flood: NGO cautions Gombe residents against indiscriminate dumping of waste
Jewel Environmental Initiative (JEI), a Non-Governmental Organisation (NGO), in Gombr, on Friday tasked residents in the state on proper disposal of waste to mitigate the impact of flooding this 2026.
The Chief Executive Officer of the NGO, Mr Ismail Bima, made the call in an interview with our Correspondent in Gombe on Friday.
According to Bima, the huge losses associated with flooding and its negative impact on the environment and livelihoods has made it imperative for collective efforts to tackle flooding in Gombe.
He urged residents to take responsibility in ensuring a clean environment for their wellbeing.
“We have been sensitising residents for weeks now because of the impact of flooding on our people, communities and livelihoods.
“We must not wait for the rain before doing the right thing.
“Avoid dumping wastes in drains and water channels; this is key to addressing flood related disasters as the rainy season commences,” he said.
Bima disclosed that his team had intensified sensitisation exercise in Kwami, Nafada, Funakaye and Yamaltu/Deba Local Government Areas of the state because they were proned to flooding..
He said that the flooding in Funakaye had been attributed largely to buildings erected in waterways, stressing that,”residents should vacate the area.
“I urge the state government to relocate people from such areas to help save lives and properties.
He commended th State government’s efforts in reclaiming degraded land and building huge concrete gullies in several communities to help manage severe erosion.
He said that the concrete gullies have helped in protecting critical infrastructure and livelihoods of thousands of residents in the state.
Bima urged the government and residents to take advantage of the rainy season to plant more trees to replace those that have been fellen for firewood and charcoal purposes.
Flood: NGO cautions Gombe residents against indiscriminate dumping of waste
News
Angwa-Rukuba Killings: Court orders suspects to remain in DSS’ custody*Okays speedy trial
Angwa-Rukuba Killings: Court orders suspects to remain in DSS’ custody
*Okays speedy trial
By: Our Reporter
A Plateau State High Court on Friday ordered that four suspects standing trial for their alleged involvement in the March 2026 killings in the Angwa Rukuba community of Jos North Local Government Area, remain in the custody of the Department of State Services (DSS).
The court also agreed to a request by the prosecution to speed up the trial. The matter was adjourned to May 26 to consider the report on the case management conference, and 1st and 2nd July for hearing.
The suspects, identified as Isa Umar Ibrahim, Auwalu Abubakar (also known as Auwalu Dogo), Musa Abubakar Ibrahim (also known as Yaroro), and others, are facing charges of terrorism and criminal conspiracy.
The charges were filed by the State Attorney General, Philemon Daffi, under the Plateau State Penal Code Law, 2017.
On Friday, Mustapha Shabbat (SAN), who announced his appearance for the defendants, objected to their continued detention in the facility of the DSS.
In a short ruling, however, the trial judge held it it remained the discretion of the court to determine where to keep suspects under trial.
“Considering the facts and circumstances of this case, this honorable court has jurisdiction to remand the defendant in the custody of DSS or correctional centr provided the place of custody is safe.
“The defendants are hereby remanded in the custody of the DSS. They must however be allowed to have access to his counsels while in detention pending the prompt conclusion of investigation,” ruled the judge.
Court: Case management has already been taken place in accordance with the provisions of the law. The case is hereby adjourned to 26th May for report of the court on case management and further adjourned to 1st and 2nd July, 2026 for hearing.
The particulars of offence read, in part “That you, Isa Umar Ibrahim, Musa Abubakar Ibrahim of Riyom Local Government Area, Auwalu Abubakar (A.K.A Auwalu Dogo) of Jos North Local Government Area, Musa Abubakar Ibrahim (A.K.A Yaroro) of Jos North Local Government Areas of Plateau State; and one Ado Ibrahim (Now at Large) of Riyom Local Government Area of Plateau State, on the 28th day of March, 2025 at Farin Gada, Jos North Local Government Area, did conspire amongst yourselves to commit offences relating to terrorism when you planned, organized, facilitated, aided, and contributed money to carry out the attack in Angwan Rukuba, Jos North Local Government Area of Plateau State within the Jurisdiction of this Honourable Court; you thereby committed the above offence.
“That you, Isa Umar Ibrahim, Musa Abubakar Ibrahim of Riyom Local Government Area, Auwalu Abubakar (A.K.A Auwalu Dogo) of Jos North Local Government Area, Musa Abubakar Ibrahim (A.K.A Yaroro) of Jos North Local Government Areas of Plateau State; and one Ado Ibrahim (Now at Large) of Riyom Local Government Area of Plateau State, on the 28th day of March, 2025 at Farin Gada, Jos North Local Government Area, did commit the offence of terrorism when you planned, organized, facilitated, aided, contributed and received money to carry out an attack in Angwan Rukuba, which led to the death of over thirty (30) people in Jos North Local Government Area of Plateau State within the Jurisdiction of this Honourable Court.”
Part of the particulars of Alhassan’s offence read, “That you Adamu Isah Alhassan together with one Ibrahim Musa (Now at Large), Imarana Sa’idu (Now at Large), Yusuf Sa’idu (Now at Large) Aliyu Usaini (Now at Large), Yahuza Adamu (Now at Large), Mubarak Yunusa (Now at Large), Yakubu, whose surname is unknown (Now at Large) and others also at large between the months of January to December, 2025 and in January, 2026 at Gwang, Rin Ward, Bachit and Bangai Villages of Riyom Local Government Area and Vom in Jos South Local Government Areas of Plateau State within the jurisdiction of this Honourable Court did commit an illegal act to wit: Culpable Homicide Punishable with Death, when you armed yourselves with guns, attacked and killed the residents of Gwang, Rin Ward, Bachit and Bangai Villages of Riyom Local Government Area and Vom in Jos South Local Government Area of Plateau State, and you thereby committed the above offence.”
Angwa-Rukuba Killings: Court orders suspects to remain in DSS’ custody
*Okays speedy trial
News
Breaking; Court Dismisses Sowore’s no-case submission in DSS’ charges of Cyberbulling Tinubu
Breaking; Court Dismisses Sowore’s no-case submission in DSS’ charges of Cyberbulling Tinubu.
*Fixes May 19 to open defence
Justice Mohammed Garba Umar of the Federal High Court in Abuja on Friday dismissed the no-case submission made by politician-activist, Omoyele Sowore, in the charge of Cyberbullying President Bola Tinubu brought against him by the Department of the State Services (DSS).
The Court upheld DSS’ charges against Sowore for allegedly calling President Bola Ahmed Tinubu a “criminal” in his social media handles. The judge fixed May 19 for Sowore to enter his defence in the charges against him.
Sowore had filed the no-case submission and prayed the court to discharge and acquit him from the 2-count charge.
In the long ruling, Justice Umar punctured Sowore’s arguments that the DSS provided only one witness, that the victim, President Bola Tinubu, wasn’t invited to testify. He held that the DSS successfully linked Sowore to the alleged crime, and that the defendant did not deny posting the offensive messages online.
The judge further ruled that the Supreme Court has long established that any evidence, no matter how small that links a defendant to an alleged crime is sufficient to establish a prima facie case established against the defendant to warrant his defence in the allegations against him.
Shortly after the ruling, counsel to the DSS, Akinlolu Kehinde, SAN, told the court that he was ready to proceed with the trial. However, Sowore’s counsel, Marshall Abubakar, rose to appeal to the judge that his client has something important to tell the court. Even though counsel to the DSS protested the move, insisting that the rule was that a defendant may be represented in court by a counsel or by himself, not both, the judge allowed Sowore use the microphone to address the court.
He began by openly accusing the Judge of bias, and asked the judge to recuse himself, as he wasn’t sure of getting justice in his court.
He alleged that the judge was in cohort with the federal government convict him at all costs so as to prevent him from contesting the 2027 general election.
His counsel, Abubakar echoed the same sentiment, asking the Judge to return the case file to the Chief Judge of the Federal High Court for re-assignment to another judge,
The DSS lawyer, Akinlolu Kehinde SAN who had earlier asked the Judge not to grant audience to Sowore but his counsel on record, prayed that the recusal application be discarded.
In a brief ruling, Justice Umar ordered Sowore to file formal application for recusal and state his grievances,
He thereafter fixed May 19 for the defendant to open his defense.
Breaking; Court Dismisses Sowore’s no-case submission in DSS’ charges of Cyberbulling Tinubu
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News1 year agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
