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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

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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

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Jubilation as Borno Emerges Winner of the male category of the 2025 National Qur’anic Competition

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Jubilation as Borno Emerges Winner of the male category of the 2025 National Qur’anic Competition

By: Bodunrin Kayode

There was massive jubilation at the convocation square of university of Maiduguri as Borno State emerged as the winner in the male category of the National Qur’anic Recitation Competition tagged, ‘Borno 2025’.

Announcing the results over the weekend, the Director of the Centre for Islamic Studies at Usman Dan Fodio University, Sokoto, Professor Abubakar Yelwa, declared Musa Ahmed Musa of Borno as the winner of the male category of the competition.

Also after a ten day stiff competition, in the unimaid campus, the winner of the female category was also Hafsat Muhammad Sada of Kano State

The ten day competition, which is the 40th in the series since inception, saw 296 contestants from 30 states competing across six categories to win grand prizes.

In his remark, Borno State Governor, Professor Babagana Zulum, stated that the successful hosting of the 2025 Qur’anic competition signalled the return of peace to the state.

He noted that the event symbolised the people’s commitment to peace, education, and the pursuit of knowledge which were key factors of development.

“To host this milestone 40th edition is not just an honour for Borno State, it is a profound affirmation of our enduring commitment to peace, education and the noble pursuit of knowledge, particularly the divine wisdom contained within the Holy Qur’an.

“Borno State remains resolute in its mission to rebuild, restore peace and prioritise education, both secular and religious.

“The successful hosting of this national event is a clear signal to the world. Borno is back, Borno is safe and Borno is a centre for learning and spiritual growth,

“To those who have emerged as the ultimate champions in their respective categories, I offer my most profound congratulations.

“Your success is not merely a victory in a competition, it is a crowning achievement born of countless hours of discipline, commitment, and reverence for the Word of Allah.

“And to every young man and woman who participated, who stood before the judges and recited from the Holy Book, I want you to know that you are all winners.

“The true spirit of this competition lies not just in the prizes won, but in the noble pursuit of knowledge and the courage to participate.” Said Zulum.

Governor Zulum also expressed appreciation for the support of the Vice President, Senator Kashim Shettima; his wife, Hajiya Nana Shettima; Governors and their deputies; royal fathers; Usman Dan Fodio University; and other prominent personalities who contributed to the success of the occasion.

Also speaking, Prof Attahiru Jega Pro Chancellor, Usman Dan Fodio university Sokoto said he believes that the whole exercise is about knowledge passed from generation to generation adding that the 40th celebration of the activity is a celebration of excellence that is worthwhile.

Chair of the local organizing committee (LOC) and secretary to the Borno State government, Tijani Bukar said he was excited that the program ended in peace and those who participated were happy with the officiating and entire conduct of the occasion.

The event was attended by Wife of the Vice President, Hajiya Nana Kashim Shettima; the Governor of Katsina State, Alhaji Dikko Umoru Radda; the Sokoto State Deputy Governor; the Shehu of Borno, Alhaji Abubakar Ibn Umar Garbai El-Kanemi; other traditional rulers; members of the National and State Assemblies; the APC Deputy National Chairman; commissioners; Islamic scholars; and other dignitaries.

High points of the event was the presentation of gifts to the winners by wife of the Vice President, Hajiya Nana Kashim Shettima.
End

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Sunday Olatuyi: NUJ Demands Prosecution of Killer Driver

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Sunday Olatuyi: NUJ Demands Prosecution of Killer Driver

By: Michael Mike

The Nigeria Union of Journalists (NUJ), FCT Council has called for the prosecution of the reckless driver who killed one of its members, Sunday Olatuyi of Advocate Broadcasting Network (ADBN Television).

The Council in a statement by its Secretary, Comrade Jide Oyekunle, said it received with shock and deep sorrow the untimely death of one of its committed members, Mr. Sunday Olatuyi, who lost his life after being hit by a Toyota Corolla with the registration number ABUJA RBC 128 AM at Lugbe Bus Stop, Abuja.

According to the Secretary, the unfortunate incident occurred on Saturday night, December 20, 2025, at the Lugbe Bus Stop, where he was reportedly knocked down by a reckless driver while heading home after closing from work.

He was said to have been accompanied by a friend at the time of the incident.

Olatuyi, aged 40, hailed from Odo-Oro Ekiti, Ikole Local Government Area of Ekiti State. He is survived by his wife, a seven-month-old daughter, Eniola, and his aged mother.

Until his death, Olatuyi worked with Advocate Broadcasting Network (ADBN Television) as a Senior Cameraman. He was formerly with Ben TV.

The statement read: “It is a painful loss to the NUJ FCT family and to all who knew him as a dedicated professional and union man. His commitment to the ideals of journalism and his active participation in union activities will be greatly missed. His passing leaves a vacuum that will be difficult to fill.

“Mr. Olatuyi’s untimely death is tragic and unfortunate, especially given the circumstances surrounding the incident, and it calls on the relevant authorities to ensure that justice is served.

“The NUJ FCT Council condemns in strong terms the circumstances that led to this tragic incident and expresses grave concern over the growing cases of reckless driving and disregard for human lives on our roads, particularly within the Federal Capital Territory.

“In view of this unfortunate development, the Council demands an immediate, thorough, and transparent investigation into the incident and calls on the Nigeria Police Force to promptly prosecute the driver involved in accordance with the law. Justice must not only be done but must also be seen to be done, to serve as a deterrent to others.

“The NUJ FCT Council extends its heartfelt condolences to the immediate family he left behind, the management and entire staff of ADBN Television, the Correspondents’ Chapel, the Society of Practicing Cameramen, as well as friends and colleagues of the deceased.

“The Council assures the bereaved family of its solidarity and support during this difficult time and pledges to continue following up on the case until justice is served. May his gentle soul rest in perfect peace. Amen.”

Sunday Olatuyi: NUJ Demands Prosecution of Killer Driver

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Tinubu commissions Borno’s projects, says Zulum’s performance exceptional

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Tinubu commissions Borno’s projects, says Zulum’s performance exceptional

By: Michael Mike

President Bola Ahmed Tinubu on Saturday commissioned three newly constructed mega schools and a fleet of 620 fully electric vehicles and tricycles delivered by the governor of Borno State, Professor Babagana Umara Zulum.

During the commissioning ceremony, which was performed separately, President Tinubu commended Governor Zulum for his transformative leadership.

The president said: “I congratulate the Governor and the people of Borno State for this transformation. Government is all about people, and Professor Zulum is doing a very good job of caring for people.” 

The president highlighted the projects as tangible evidence of effective governance and a blueprint for holistic state development.

The commissioned schools include Mafoni Day Secondary School, Bola Ahmed Tinubu Government Day Secondary School and Mafoni Primary School.

They are part of Governor Zulum’s ambitious 104 Mega School Initiative designed to drastically improve access to quality education and rebuild the sector after over a decade of insurgency.

Each of the facilities is equipped with modern classrooms, laboratories, libraries, sports facilities and an administrative complex to create a conducive learning environment.

The president also commissioned the international terminal of the Muhammadu Buhari International Airport, Maiduguri, in preparation for the commencement of international operations.

Governor Zulum, in his response, expressed gratitude for the federal government’s support and reiterated his administration’s commitment to rebuilding Borno’s infrastructure, economy and human capital.

The event was attended by federal and state officials, traditional rulers and community leaders.

President Tinubu concluded his state visit by attending the wedding ceremony of former Borno State Governor Sheriff’s son, conducted at the Maiduguri Central Mosque.

Tinubu commissions Borno’s projects, says Zulum’s performance exceptional

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