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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
Dignitaries Gather In Borno For APC Deputy National Chairman’s Children’s Wedding
By: Our Reporter
Prominent Nigerians on Saturday converged in Maiduguri, the Borno State capital, to attend the wedding ceremony of three children of the All Progressives Congress (APC) Deputy National Chairman (North), Hon. Dr. Ali Bukar Dalori.
Gatekeepers News reports that there was heavy traffic in parts of Maiduguri as dignitaries from all works of life made frantic effort to access the residence of Dalori and the Al-Ansar Mosque, the two main venues of the wedding ceremony.
Among those in attendance were top government officials, party leaders, traditiona rulers, business moguls, and religious leaders from within and outside Borno State. The ceremony attracted a large crowd, reflecting Dr. Dalori’s political influence and wide network across the country.
Leading the array of dignitaries is the National Chairman of the APC Prof. Nentawe Yilwatda, othe members of National Woking Committee of the APC and large numbers of States Chairmen of the party .
Also in attendance were the Borno State Governor, Prof. Babagana Zulum, his Deputy, Hon Umar Kadafur , three Senators from the state- Senator Mohammed Tahir Monguno, Senator Mohammed Ndume Senator Kaka Shehu Lawan and members of the House of Representatives from Borno State
Others are the Minister of Agriculture and Food Security, Sen, Abubakar Kyari, Speaker, Deputy Speaker and members of Borno State House of Assembly , former Nigeria Ambassador to China, Ambassador Baba Ahmed Jidda, Former Minister of the Federal Capital Territory (FCT) Alh. Ibrahim Bunu, Ibrahim , Former Deputy Governors of Borno State- Ali Jatau and Adamu Dibal .
The Deputy National Chairman of the APC was full of gratitude to his guests who left their various confort zones to attend wedding of his children- Usman, Falmata and Aisha .
” I’m immensely grateful our National Chairman of APC Professor Nentawe, our amiable Governor of Borno State Prof Babagana Zulum, the Deputy Governor Umar Kadafur and the too many important personalities who came from far and near to honour my invitation, may Allah (SAW) bless you all ” Dalori said .
The wedding rites were conducted in accordance with Islamic injunctions, featuring special prayers for the couples, their families,. The atmosphere was marked by joy, unity, and cultural splendour, as guests exchanged pleasantries and goodwill messages with the host and his family
Security operatives were deployed in large numbers around the venues to maintain law and order and ensure the smooth flow of activities. Traffic control officers were also on ground to manage the influx of vehicles and guests, while emergency and protocol teams worked tirelessly to coordinate movements and logistics.
The wedding ceremony came to a successful end with a reception that featured traditional music, refreshments, and continued interactions among guests, bringing together leaders and citizens in a rare atmosphere of celebration and solidarity.
Dignitaries Gather In Borno For APC Deputy National Chairman’s Children’s Wedding
JUST IN: Boko Haram terrorists demand N423m ransom to release Borno ex-LGA vice chairman
By: Our Reporter
A new video has emerged showing two men, allegedly abducted by Boko Haram/ISWAP terrorists in Borno State, pleading for help.
One of the victims, Hon. Hassan Biu Miringa, a former Vice Chairman of Biu Local Government Area, is seen in the video appealing for rescue.
The two men were taken hostage on December 17, 2025, while traveling from Miringa to Maiduguri.
In the video, the abductees said the terrorists are demanding a ransom of $150,000 per person, totaling $300,000, for their release.
‘We were abducted on our way from Miringa to Maiduguri around 2:30. Alhamdulillah, we are alive,’ one of the victims said. ‘We are calling on the government and individuals to come to our rescue.’
The victims specifically appealed to Deputy Governor Umar Usman Kadafur, Hon. Mukhtar Betara Aliyu, Hon. Sule Ali Rimi, Hon. Yakubu Gambo Kimba, and Alhaji Musa Dogo Biu to intervene and help secure their freedom.
‘We are pleading with them to come to our rescue. We are their sons,” the victim said. ‘They said we must provide $150,000 each. For the two of us, it is $300,000. We want to be reunited with our families.’
JUST IN: Boko Haram terrorists demand N423m ransom to release Borno ex-LGA vice chairman
Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions
By: Michael Mike
The Nigeria Movement of Solidarity with Cuba (NMSC) has expressed deep condolences to the government and people of Cuba following the killing of 32 Cuban internationalists in Venezuela.
In a press statement issued in Abuja on Saturday, the pro-people coalition, which includes labour unions, civil society organisations and intellectuals, alleged that the Cuban nationals were killed during an attack in Caracas on January 3, 2026, while protecting Venezuelan President Nicolás Maduro, his wife, Cilia Flores, and what it described as the sovereignty of Venezuela.
The group said the Cubans chose to resist despite being overwhelmed, describing their actions as a demonstration of courage, honour and commitment to international solidarity.
NMSC drew parallels between the incident and past historical events where Cuban nationals were involved in overseas struggles, including the 1983 U.S.-led invasion of Grenada and Cuba’s military support for African liberation movements in Angola, Namibia and South Africa during the fight against apartheid.
According to the organisation, thousands of Cuban youths lost their lives in Africa while contributing to the dismantling of apartheid systems backed by Western powers. The group noted that Cuba’s internationalism has not been limited to armed conflicts, citing the country’s long-standing medical outreach to developing nations, including Nigeria.
The statement also recalled Cuba’s response during the COVID-19 pandemic, when it dispatched medical teams to dozens of countries and received hundreds of stranded cruise ship passengers at a time many nations had closed their borders.
NMSC extended its sympathy to the families of those killed in Venezuela and called on the United States government to respect international law, halt what it described as foreign military interventions, and lift sanctions imposed on Cuba, Venezuela and other countries.
The group further aligned itself with repeated resolutions of the United Nations General Assembly calling for the end to the decades-long U.S. embargo against Cuba, insisting that global peace and development require cooperation rather than conflict.
The statement was signed by veteran labour activist and writer, Owei Lakemfa, on behalf of the Nigeria Movement of Solidarity with Cuba
Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions
Dignitaries Gather In Borno For APC Deputy National Chairman’s Children’s Wedding
JUST IN: Boko Haram terrorists demand N423m ransom to release Borno ex-LGA vice chairman
Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions
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