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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
Troops recover AK-47 rifle in Taraba during cordon-and-search operation
By: Zagazola Makama
Troops of the 114 Battalion, in conjunction with Department of Intelligence and Analysis (DIA) operatives, have recovered an AK-47 rifle and ammunition during a cordon-and-search operation in Murubai Village, Ardo Kola Local Government Area of Taraba State.
Sources told Zagazola Makama that the operation, conducted on Jan. 22, followed credible intelligence regarding the presence of arms in the village.
The source said the search was carried out at the residence of one Bazoe John, who was not found during the operation. Authorities recovered one AK-47 rifle, one magazine and four rounds of 7.62mm special ammunition, which are now in the custody of the troops.
The source added that the operation comes after the earlier arrest of two suspected gunrunners, identified as Christopher Adamu and James Yangyang, at Sebos Joint in Mayo Dassa, Jalingo LGA and Tautre Village in Ardo Kola LGA on Jan. 11 and 12 respectively.
Troops recover AK-47 rifle in Taraba during cordon-and-search operation
Vice chairman, 64 others released by bandits in Tsafe in Zamfara
By: Zagazola Makama
The vice chairman of Tsafe Local Government Area of Zamfara State and 64 other abducted persons have regained their freedom after a deadly ambush by bandits in the area.
The victims arrived safely in Tsafe on Tuesday, following intense efforts by security operatives and local stakeholders to secure their release.
The ambush, which occurred on Jan. 20, left a trail of destruction in Danjibga village, where a fierce gun battle broke out between the attackers and community protection forces.
During the encounter, one operative of the Community Protection Guard (CPG) and two residents were killed, while two others sustained bullet wounds.
Sources said the bandits also set ablaze four vehicles two Golf cars and two Mitsubishi Canter trucks during the attack.
Although the released victims have reunited with their families, an unspecified number of women and children are still feared to be in captivity.
The freed victims and the injured were taken to the Ahmed Sani Yariman Bakura Specialist Hospital in Gusau, where they are receiving medical care.
The return of the abductees was described as a moment of relief and gratitude, even as the community mourned those who lost their lives in the violence.
Meanwhile, in a related development, another attack in Bakura Local Government Area claimed the life of a 22-year-old farmer, Burhama Sani.
He was reportedly shot dead on his farm along the Bakura–Rabah road after bandits blocked the Fadamma axis and set two vehicles conveying food items ablaze.
Vice chairman, 64 others released by bandits in Tsafe in Zamfara
News
U.S. Under Secretary of State Allison Hooker Begins Strategic Foreign Visit Including Nigeria, Middle East, and Rome
U.S. Under Secretary of State Allison Hooker Begins Strategic Foreign Visit Including Nigeria, Middle East, and Rome
By: Michael Mike
Under Secretary of State for Political Affairs Allison Hooker has embarked on a week-long diplomatic mission that includes stops in Abuja, Nigeria; Muscat, Oman; Manama, Bahrain; and Rome, Italy from January 21–29, 2026, the U.S. State Department confirmed in a statement this week. 
In Nigeria, Hooker is leading the American delegation and serving as head of the U.S.–Nigeria Joint Working Group—a recently established platform aimed at strengthening bilateral cooperation on security and economic issues. During talks in Abuja, the delegation is expected to discuss strategies for protecting vulnerable communities, enhancing cooperation against terrorism, and expanding U.S. investment opportunities in the West African nation. 
The visit comes at a time of heightened focus on Nigeria’s internal security challenges and international efforts to support peace and stability across the region. Local and international observers have noted ongoing discussions between U.S. and Nigerian authorities on religious violence and security cooperation as part of broader diplomatic engagement. 
After concluding discussions in Nigeria, Hooker’s itinerary moves to the Gulf region, where she will lead strategic dialogues with officials in Oman and Bahrain. These talks are expected to advance cooperation on regional security, economic ties, and cultural exchange, reflecting shared interests between the United States and its partners in the Middle East. 
The final leg of the trip will take Hooker to Rome, where she will meet with counterparts from European governments and international organisations. In Italy, engagements will cover major global priorities including the ongoing Russia-Ukraine conflict, diplomatic efforts toward peace in the Middle East, and developments in Venezuela. She is also scheduled to hold meetings with senior officials from United Nations agencies based in the city—such as the World Food Programme (WFP) and the Food and Agriculture Organization (FAO)—to discuss accountability and oversight of U.S.-funded assistance programs and to explore potential new agricultural trade opportunities for American producers. 
Hooker, who was appointed Under Secretary of State for Political Affairs in mid-2025, oversees key regional and bilateral policy issues and plays a central role in shaping U.S. foreign policy across multiple regions. 
Her current tour underscores Washington’s intent to reinforce diplomatic engagement across Africa, the Middle East, and Europe at a time of evolving geopolitical challenges
End
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