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
Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions
Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions
By: Michael Mike
The Embassy of the Federal Republic of Nigeria in the State of Kuwait has urged Nigerian nationals in Kuwait and Bahrain to remain calm, vigilant, and compliant with host government ldirectives in light of prevailing regional developments.
In a circular dated March 1, 2026, and referenced NKT/GA/C/004/Vol. I, the Embassy — which holds concurrent accreditation to the Kingdom of Bahrain — advised citizens to strictly observe safety guidelines and official advisories issued by authorities in both countries.
The mission encouraged Nigerians to stay informed by monitoring credible local news outlets and official government announcements in Kuwait and Bahrain. It assured the community that it is closely tracking the situation and maintaining communication with leaders of Nigerian groups and associations in both countries.
To enhance real-time communication, the Embassy announced the creation of a dedicated mobile and WhatsApp line to ensure active engagement with nationals.
For further inquiries or assistance, Nigerians were advised to contact the Embassy via email at nigeriakuwait@yahoo.com or through the designated telephone and WhatsApp numbers provided by the mission.
The Embassy reaffirmed its commitment to the safety and welfare of all Nigerian citizens in its jurisdiction and pledged to continue providing timely updates as the situation evolves.
Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions
News
Gov. Fintiri’s defection will boost APC’s chances of winning in 2027 – Dr Girei
Gov. Fintiri’s defection will boost APC’s chances of winning in 2027 – Dr Girei
Dr Salihu Bakari Girei, Gubernatorial aspirant under the platform All Progressives Congress (APC) in 2027 described the defection of Governor Ahmadu Fintiri to the ruling party as a welcome development for the APC in the state.
Girei said that his defection is coming at the right time to galvanise the party’s victory in 2027 General Elections at the national and sub national level.
Dr Girei who is one of the founding fathers of the APC in the state disclosed this in an interview with newsmen in Yola.
He said, Fintiri joined APC at the right time considering his outstanding performance in the state which he said was in line with President Tinubu’s transformation agenda.
He added that the defection would add value to the APC family and also help deliver dividends of democracy to the ordinary people that are yearning for good governance as well as to fast-track development.
He said Fintiri has performed credibly well, in line with his 10-point agenda for the state to justify the people’s trust in his leadership and administration.
Dr Girei further lauded President Bola Tinubu for his effort and strategy in addressing Nigeria’s challenges for and ensuring rapid development.
He said, “President Tinubu is very strategic in addressing Nigeria’s challenges and many now understood that Mr President meant well for this country and has turned the fortune of the country around for good.”
According to him, records have shown that the dollar has crashed, the economy stabilized, security improved, food is affordable and issues of strikes are no more among others.
Bakari-Girei said, all these are factors that naturally attract people joining the APC across the country for more development in the country.
He queried those saying that President Tinubu is turning the country into a one-party system, recalling that the PDP once had 30 governors and no one complained.
“Today people have decided to join APC because of many factors initiated by the President Tinubu administration that naturally attracted people to join APC and support Mr President.”
He pointed to President Tinubu’s history as governor of Lagos, where opposition platforms continued to function, as evidence of his commitment to multi-party democracy.
He also appreciated the foresight of the President for appointing Malam Nuhu Ribadu, National Security Adviser who has invested much in APC in the state.
He further urged unity and understanding of all APC stakeholders in the state for the progress and success of the party at all levels.
Gov. Fintiri’s defection will boost APC’s chances of winning in 2027 – Dr Girei
News
Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea
Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea
By: Michael Mike
The Community Court of Justice, ECOWAS will hold a high-level bilateral meeting in the Republic of Guinea from March 2 to 4, 2026, as part of efforts to strengthen the enforcement of its judgments across Member States.
The three-day engagement, organised in commemoration of the 50th anniversary of the Economic Community of West African States, is expected to bring together the Court’s delegation, Guinea’s Competent National Authority (CNA), senior government officials, and representatives of civil society to address persistent challenges in implementing the Court’s rulings.
At the heart of the meeting is the push to close the gap between judicial decisions and their execution at the national level. While the ECOWAS Court continues to deliver landmark judgments on human rights, governance, and community law, enforcement remains a critical concern in several jurisdictions. The Guinea dialogue is aimed at building a more effective, coordinated, and transparent enforcement framework.
Discussions will focus on practical strategies to improve compliance rates, streamline procedures, and strengthen collaboration between national institutions and the regional court. Participants are expected to review existing bottlenecks, share best practices, and identify sustainable solutions that can enhance uniformity in enforcement mechanisms across the sub-region.
The programme will include a dedicated forum examining the current status of enforcement of the Court’s judgments in Guinea, alongside presentations on the Court’s enforcement processes and the national legal landscape. Civil society organisations will also engage directly with the Court in a bilateral dialogue designed to promote accountability and inclusive participation.
Beyond the technical sessions, the Court’s delegation will pay courtesy visits to key government figures, including the Minister in charge of ECOWAS Affairs, the Minister of Justice, the Minister of Finance, the President of the Supreme Court, and the Speaker of Parliament. Meetings are also scheduled with the Chairperson of the Human Rights Commission and the President of the Bar Association.
The delegation will be led by the President of the Court, Ricardo Cláudio Monteiro Gonçalves, and will include Vice-President Sengu Mohamed Koroma, Honourable Justice Gberi-Bè Ouattara, as well as directors and other officials.
Similar bilateral meetings have previously taken place in the Republic of Sierra Leone and the Federal Republic of Nigeria, reflecting the Court’s broader strategy to institutionalise cooperation and reinforce the authority of its judgments throughout West Africa.
As ECOWAS marks five decades of regional integration, the Guinea engagement signals a renewed determination to ensure that the decisions of its judicial arm are not only pronounced but fully implemented—strengthening the rule of law and deepening trust in regional justice systems.
Community Court of Justice, ECOWAS Moves to Boost Enforcement of Judgments with High-Level Talks in Republic of Guinea
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