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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
News
Police exhume seven bodies over Yelwata killings, as part of the Presidential Medical Delegation Investigation in Benue
Police exhume seven bodies over Yelwata killings, as part of the Presidential Medical Delegation Investigation in Benue
By: Zagazola Makama
The Police in Benue have exhumed seven in connection with the 2025 Yelwata killings as part of ongoing investigations by the Presidential Medical Delegation as part of efforts to ensure justice for victims of what he described as a brutal assault.
Zagazola learnt that the exhumation was carried out on Feb. 24 by federal investigators led by the Intelligence Response Team (IRT) following an earlier situation report on the exercise.
According to the sources, the bodies were exhumed for inquest, adding that the exercise would continue at a later date.
“Seven corpses have been exhumed by the IRT-led federal investigators for inquest. The exercise will continue, and further development will be communicated,” police sources said.
Forensic pathologists from the Federal Ministry of Justice have arrived in Benue State to investigate the June 13, 2025, attack on Yelwata, a community in the Guma Local Government Area of the state.
The Presidential Medical Delegation on Monday visited Yelwata in Guma Local Government Area to inspect graves of victims of the June 2025 attack on the community.
Security sources said the delegation visited the burial site where victims of the attack were interred, and the graves were identified as part of ongoing investigative and medical review processes.
The deployment follows proceedings at the Federal High Court in Abuja, where nine suspects were arraigned on 2 February 2026 before Justice Joyce Abdulmalik in connection with the Yelwata attack.
The court stressed the importance of forensic evidence to ensure a fair trial and proper determination of culpability.
The sources added that adequate security measures were put in place to ensure a peaceful and hitch-free exercise.
The Guma Local government Yelwata attack of June 13, 2025, resulted in the deaths of several residents and forced many others to flee their homes.
Police exhume seven bodies over Yelwata killings, as part of the Presidential Medical Delegation Investigation in Benue
News
Farmer Killed in Yobe Over Land Dispute, Pastoralists Injured
Farmer Killed in Yobe Over Land Dispute, Pastoralists Injured
By: Zagazola Makama
A farmer, Moh’d Abdullahi, 50, of Garin Mallam Village, Karasuwa LGA, has been killed after being shot with arrows during an altercation with pastoralists on his farmland on Monday.
Sources said the suspects, identified as Usmanu Alh. Musa, Buba Alh. Manu, and Ahmadu Inusa, all from Tarja Fulani Settlement in Jakusko LGA, allegedly trespassed onto Abdullahi’s farmland. When the farmer cautioned them, the suspects attacked him, leaving him with fatal injuries.
In the ensuing retaliation, some villagers assaulted Ahmadu Inusa, who sustained injuries to various parts of his body. Both victims were rushed to Specialist Hospital Gashua in Bade LGA, where Abdullahi was certified dead, while Inusa received medical attention and remains hospitalized.
The body of Abdullahi was released to his family for burial according to Islamic rites. Investigations into the incident and the circumstances surrounding the dispute are ongoing.
Farmer Killed in Yobe Over Land Dispute, Pastoralists Injured
News
Nigeria’s Support Against US Blockade Vital, Says Cuban Ambassador
Nigeria’s Support Against US Blockade Vital, Says Cuban Ambassador
By: Michael Mike
The Cuban Ambassador to Nigeria, Miriam Morales Palmero, has commended Nigeria and the African Union for their consistent opposition to the decades-long United States economic blockade against Cuba, describing the sanctions regime as an “unjust system of coercion” that has inflicted prolonged hardship on the Cuban people.
Speaking at the Conference of the Solidarity Movement with Cuba in Nigeria, Palmero expressed gratitude for Nigeria’s repeated votes at the United Nations General Assembly in favour of resolutions calling for an end to the US embargo.

“Nigeria is one of the countries which has voted at the United Nations General Assembly in favour of the resolution against the economic, commercial and financial blockade,” she said. “We highly value Nigeria’s support.”
She also acknowledged what she described as the historic stance of the African Union, particularly its recent resolution condemning the US blockade policy and Cuba’s inclusion on the list of state sponsors of terrorism.
The ambassador characterised the US embargo as more than a bilateral dispute, calling it “a deliberate policy of asphyxiation” designed to force political surrender through economic deprivation.

“For more than six decades, Cuba has faced one of the most prolonged and unjust systems of economic, commercial and financial coercion in contemporary history,” she said.
Palmero criticised a recent executive order signed by US President Donald Trump which, she said, threatens sanctions against countries that supply fuel to Cuba. She described the move as extraterritorial and a violation of international law.
According to her, the measures are intended to worsen shortages in energy, nutrition, healthcare, education and transportation, while exerting pressure on other nations to limit cooperation with Cuba.
“We do not accept threats. We do not accept blackmail. We do not accept interference,” she declared.
Despite economic difficulties, the ambassador maintained that Cuba has consistently extended assistance to other nations, particularly in healthcare and education.
She highlighted Cuba’s long-standing medical diplomacy, noting that Cuban doctors, teachers and technical experts have served in dozens of countries, including Nigeria.
“Cuba represents no threat whatsoever to any country,” Palmero said. “Our foreign policy is one of solidarity, peace, friendship and cooperation, fully committed to international law and the United Nations Charter.”
She described it as “inconceivable” that the world’s largest economic and military power would consider Cuba a threat.
Beyond condemning the blockade, the ambassador used the conference to call for a stronger and more structured Solidarity Movement with Cuba in Nigeria.
She urged trade unions, academic institutions, youth groups, community organisations and media platforms to amplify advocacy efforts in support of Cuba, especially as sanctions intensify.
“This meeting is not only an expression of political and moral support,” she said. “It is a strategic moment to strengthen the structure of the Solidarity Movement with Cuba in Nigeria.”
Palmero encouraged participants to develop a coordinated action plan that would increase mobilisation, communication and public engagement throughout the year.
The ambassador reaffirmed Cuba’s commitment to sovereignty and its chosen social model, insisting that the country would not bow to external pressure.
“We know that the Cuban people are not alone,” she said. “Cuba will never renounce its independence.”

She declared that: “Because justice cannot be blockaded. Because dignity cannot be sentenced. Because solidarity is stronger than any coercive measure.”
The conference brought together members of Nigeria’s solidarity movement, trade union representatives, Cuban-trained graduates and supporters of Cuba–Nigeria relations, underscoring the longstanding diplomatic ties between both nations.
Nigeria’s Support Against US Blockade Vital, Says Cuban Ambassador
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