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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
Borno Adopts Gubio as APC Consensus Governorship Candidate
Borno Adopts Gubio as APC Consensus Governorship Candidate
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, on Thursday, presented Engr. Mustafa Gubio, the APC Governorship consensus candidate to Vice President, Senator Kashim Shettima, at the Presidential Villa, Abuja.
Governor Zulum, who described the emergence of the candidate as the outcome of extensive consultations across party stakeholders.

According to Zulum, the decision reflects a unified position within the party in the state. He commended President Bola Ahmed Tinubu for what he described as “strategic leadership, support and guidance” to both the government and the APC.
“I wish to express my profound gratitude to President Bola Ahmed Tinubu for the leadership he is providing in the country and for the enormous support to Borno State as well as the APC, which has been unprecedented,” the governor said.
“ I would also like to commend the President, who has been instrumental in the emergence of Gubio as the consensus candidate.
Zulum also acknowledged the Vice President’s support in strengthening party cohesion in the state and for his support of the consensus candidate.

He further appreciated the APC leadership at all levels, party stakeholders, and the state’s residents for their support, prayers, and steadfastness, which he said paved the way for Gubio’s emergence.
The governor had earlier unveiled Engr. Mustapha Gubio as his preferred successor on Monday after purchasing the party’s Nomination and Expression of Interest forms for the 2027 governorship election under the APC platform.

Those in attendance during the presentation of the consensus candidate include former Governor, Senator Maina Ma’aji Lawan; Deputy Governor, Hon. Umar Usman Kadafur; APC Deputy National Chairman, Hon. Ali Bukar Dalori; Senators Mohanmed Tahir Monguno; Mohamed Ali Ndume and Kaka Shehu Lawan SAN, Speaker Borno State House of Assembly; Hon Abdulkarim Lawan; Minister of Agriculture, Hon Abubakar Kyari and Hon. Abdulkadir Rahis.
Borno Adopts Gubio as APC Consensus Governorship Candidate
News
No Badge Should Become a License to Kill — NHRC Condemns Alleged Extrajudicial Killing in Delta
No Badge Should Become a License to Kill — NHRC Condemns Alleged Extrajudicial Killing in Delta
By: Michael Mike
The National Human Rights Commission (NHRC) has issued a strong condemnation of the alleged extrajudicial killing of a 28-year-old Nigerian, Mene Ogidi, reportedly shot by a police officer in Effurun, warning that the authority of law enforcement must never be abused to take lives unlawfully.
In a statement released in Abuja, the Executive Secretary of the Commission, Tony Ojukwu, described the April 26 incident as “deeply disturbing” and a direct violation of constitutional guarantees and the rule of law.
He stressed that no citizen should lose their life at the hands of those entrusted with their protection, noting that the reported conduct of the officer involved was “condemnable, unacceptable, and completely inconsistent with the principles of justice and a civilized society.”
The NHRC boss raised alarm over what he termed a troubling pattern of excessive force by security personnel, urging the Nigeria Police to take immediate and decisive action to curb the trend.
He called for systemic reforms, including mandatory periodic psychological and mental fitness evaluations for officers, particularly those deployed on special assignments, to ensure they are capable of handling firearms responsibly and engaging civilians within the bounds of the law.
Ojukwu further demanded swift disciplinary measures against the officer implicated in the incident, insisting that accountability must be pursued in line with existing laws and police regulations. He also pressed for the full implementation of recommendations from past panels on police brutality, arguing that meaningful reform remains critical to preventing future abuses.
“The Commission demands immediate arrest and a transparent investigation into the incident, dismissal of the officer involved, and swift prosecution in accordance with the law,” he said, adding that justice must also include adequate compensation for the victim’s family.
He warned that delays in justice risk eroding public trust in state institutions and weakening confidence in law enforcement agencies.
Reaffirming the Commission’s commitment to human rights protection, Ojukwu said the NHRC would closely monitor the case while continuing its advocacy for accountability and justice.
“Nigeria must never normalize brutality,” he said. “Justice must speak louder than silence.”
No Badge Should Become a License to Kill — NHRC Condemns Alleged Extrajudicial Killing in Delta
News
Bangladesh Seeks Deeper Strategic Ties with Nigeria
Bangladesh Seeks Deeper Strategic Ties with Nigeria
By: Michael Mike
The High Commissioner of Bangladesh to Nigeria has reaffirmed the commitment of both countries to deepen bilateral relations, describing Bangladesh and Nigeria as natural partners bound by shared aspirations for development, cultural understanding, and global cooperation.
Speaking at the Bangla New Year 1433 celebration in Abuja, the High Commissioner, Miah Md. Mainul Kabir, emphasized that although geographically distant, Bangladesh and Nigeria share strong historical and developmental parallels as populous, dynamic, and rapidly evolving economies in their respective regions.
He noted that the relationship between both countries has continued to expand steadily in recent years, particularly in areas of trade, education, capacity building, and cultural exchange.
According to him, there remains significant untapped potential for collaboration in sectors such as agriculture, pharmaceuticals, energy, ICT, and human capital development.
The High Commissioner stressed that cultural diplomacy remains a vital bridge in strengthening bilateral relations, adding that events such as the Bangla New Year celebration in Abuja provide an important platform for fostering mutual understanding between the peoples of both nations. He described such engagements as essential tools for building trust and expanding cooperation beyond formal diplomatic channels.
He further underscored the importance of people-to-people connections, noting that the Bangladeshi community in Nigeria plays a key role in reinforcing goodwill and serving as informal ambassadors of their country. He commended their contribution to Nigeria’s socio-economic environment while also preserving cultural identity abroad.

Reiterating Bangladesh’s interest in stronger engagement with Nigeria, the High Commissioner said both countries stand to benefit from enhanced cooperation in trade diversification, knowledge exchange, and investment partnerships. He expressed optimism that continued dialogue and cultural interaction would translate into more structured bilateral initiatives in the near future.
He described the celebration of the Bangla New Year in Abuja as a reflection of the growing warmth in bilateral relations and a symbol of shared commitment to friendship and mutual progress between Bangladesh and Nigeria.
The event was arranged by the High Commission of Bangladesh in Abuja. And present were Ambassadors, members of diplomatic corps, senior officials of the Ministry of Foreign Affairs, representatives of think tanks, media, business community of Nigeria and expatriate Bangladeshis. The venue was colourfully decorated with traditional Bangladeshi artifacts, symbols of cultural heritage. Diversity of Bangladesh’s landscape in different seasons were put on display. A spectacular cultural performance by Bangladeshi and Nigerian artists displaying different aspects of the six seasons of Bangladesh charmed the audience. Traditional Bangladeshi food items including various pithas were served among the guests.
Bangladesh Seeks Deeper Strategic Ties with Nigeria
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