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
Troops detect, detonate IED along Ngoshe–Pulka road in Borno
Troops detect, detonate IED along Ngoshe–Pulka road in Borno
By: Zagazola Makama
Troops of the Explosive Ordnance Disposal (EOD) team of 82 Division Task Force Battalion have successfully detected and detonated an improvised explosive device (IED) along a major supply route in Gwoza LGA of Borno State.
Security sources said the device was discovered at about 9:42 a.m. on March 22 during a routine scan of the Main Supply Route (MSR) between PAPA 4 and PAPA 5 along the Ngoshe–Pulka road.

The IED, suspected to have been planted by terrorists to target troops and commuters, was safely recovered and detonated in situ by the EOD team without causing any casualties.
Military sources said the operation was part of ongoing counter-IED measures aimed at ensuring the safety of movement along critical routes in the North-East.
Residents and road users have been urged to remain vigilant and report any suspicious objects or activities to security agencies for prompt action.
Troops detect, detonate IED along Ngoshe–Pulka road in Borno
News
ISWAP cleric threatens attack on Malam Fatori, after humiliating defeat, troops urged to remain alert
ISWAP cleric threatens attack on Malam Fatori, after humiliating defeat, troops urged to remain alert
By: Zagazola Makama
A suspected ISWAP cleric has issued threats of a possible attack on Malam Fatori following the recent neutralization of 75 terrorists in a failed attack on March 18 2026.
According to intelligence sources, the cleric, who reportedly led this year Eid Fitr prayers in a location near Sabon Tumbu, warned during his sermon that the group would soon retaliate against Nigerian troops for operations carried out in Malam Fatori.
The source said the cleric specifically threatened that the town could be “reduced to ashes” in a reprisal attack, stressing that such statements by insurgents should not be dismissed as mere rhetoric.
Sources noted that past experiences have shown that insurgent groups often act on their threats, urging troops deployed in Malam Fatori to remain on high alert and adequately equipped to counter any potential assault.
They also warned that the insurgents could deploy heavy firepower and adopt tactics such as coordinated assaults and the use of vehicle-borne explosive devices in any attempted attack.
Malam Fatori has for long been described as the town as a long-standing stronghold of military resistance against terrorist elements. The town has, over the years, witnessed decisive military victories against ISWAP fighters, nick named the “Grave Yard of ISWAP” and earning a REPUTATION as a difficult terrain for insurgents to operate.
The troops of the Armed Forces, supported by other security agencies, remain on high alert and have continued to fortify defensive positions in anticipation of any attempted incursion.
According to the sources, intelligence and surveillance have been intensified, while logistics and operational readiness have been enhanced to ensure that any threat is decisively neutralised.
“Experience has shown that insurgents often suffer heavy losses whenever they attempt to attack well-defended positions like Malam Fatori,” the source said.
ISWAP cleric threatens attack on Malam Fatori, after humiliating defeat, troops urged to remain alert
News
Baban Chinedu says Pastor Ezekiel Dachomo is a former Armed robber now turned crises entrepreneur
Baban Chinedu says Pastor Ezekiel Dachomo is a former Armed robber now turned crises entrepreneur
By: Zagazola Makama
Sheikh Yusuf Haruna Baban Chinedu, popularly known as Baban Chinedu, has launched a scathing and evidence-based attack on controversial Plateau pastor Ezekiel Dachomo in a viral video, accusing him of being a former armed robber and a liar who fabricated stories about meeting Jesus after a 1980 bank robbery in Jos.
Baban Chinedu declared: “Ezekiel Dachomo isn’t just someone seen in a photo with a bandit; no, he is the bandit! … Ezekiel committed armed robbery. We have records on him from 1976, from ’76 to sometime after 2000. … This man is a hardened armed robber.”
He played a clip of Dachomo admitting: “Because I went in 1980 is our gang that robbed a bank in Jos, Plateau State, Nigeria. 1980, they make away with a lot of money. It was my best friend that led the operation.” Baban Chinedu challenged: “Praise be to God, I hope you all heard the statement this man made. … He is lying! I want you to listen and know that first of all, this man is a complete hypocrite and a total liar. I swear, it was a gun that shot them! Angels? He claims Jesus came down with seven angels who struck them and killed fourteen people while he hid in the blood? You see, even the angels God sent down… only managed to kill fourteen people and lost track of where that one man was?”
The sheikh alleged Dachomo hid among corpses and was rescued by a gang member named Emmanuel, not Jesus: “He was begging Jesus for God’s sake to forgive him and spare his life. He claims that was where he met Jesus… By Allah, he is lying! … It was a gun that shot them! No Jesus descended there; he is lying to you.” He added: “A lady told me; she heard him when he was shot, and he still has the scar from that wound on his left side. … He is lying! At that time, it was the police, Nigerian security agents, Nigeria Police MOPOL who she said shot them.”
Baban Chinedu accused Dachomo of transitioning from “practical, street-level bandit” to “spiritual bandit” and inciting religious conflict: “The armed bandits of the past are the ones who transformed into these kidnappers. … All those who are making these plans are your boys… You’re insulting her religion, she told us the truth about everything that happened… You are a robber, and the government should investigate you; you’re behind all of this.”
He challenged Dachomo to court: “Ezekiel, I, Yusuf Haruna Baban Chinedu, challenge you: if you know there’s any falsehood in what’s being said about you, take it to court.” The sheikh demanded investigation: “We want the government if possible to investigate this man, I swear to God he’s an armed robber… By Allah, the government should know that Ezekiel is involved in this. Let him tell you the names of those he robbed with.”
The viral video has ignited fierce online reactions, with many praising Baban Chinedu’s evidence-based approach while others condemn the personal attacks on Dachomo, intensifying Nigeria’s ongoing religious and ethnic tensions occasioned by US recent remarks on Christians genocide propaganda. Watch the video in the comment section.
Baban Chinedu says Pastor Ezekiel Dachomo is a former Armed robber now turned crises entrepreneur
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