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
Israel Accuses Iran of Terror Links, Cites Activities in Nigeria
Israel Accuses Iran of Terror Links, Cites Activities in Nigeria
By: Michael Mike
The Embassy of Israel in Nigeria has accused Iran of sponsoring terrorism across the globe and backing militant networks, including alleged links to activities in Nigeria.
In a statement issued in Abuja, the Israeli mission challenged recent remarks by Iran’s envoy to Nigeria denying Tehran’s involvement in terrorism, insisting that evidence accumulated over the years contradicts such claims.
The embassy said Iran has long been identified by several governments and security agencies as a major state sponsor of terrorism, accusing the country of providing funding, weapons, training and strategic guidance to militant groups such as Hamas, Hezbollah and the Houthi movement.
According to the statement issued on Monday, these groups have carried out attacks against civilians and contributed to instability in several parts of the world, particularly in the Middle East.
The embassy further alleged that Iranian-backed operatives and networks have been linked to attacks and plots in different countries, including Argentina, Bulgaria, Australia and the United Kingdom.
Highlighting developments in the Middle East, the mission said Iranian leaders publicly praised the October 7 attacks carried out by Hamas against Israeli civilians and encouraged further violence against Israel.
The embassy also pointed to past incidents in Nigeria which it said suggested Iranian-linked activities within the country.
It recalled that in 2010, Nigerian authorities intercepted a shipment of weapons originating from Iran at Apapa Port in Lagos, concealed in containers allegedly destined for militant groups in West Africa.
The statement also referenced a 2013 operation by Nigerian security agencies in which a Hezbollah-linked cell and weapons cache were uncovered, leading to arrests in Abuja and Kano. Authorities at the time said the weapons were intended for attacks against Israeli and Western interests in Nigeria.
Israel’s Ambassador to Nigeria, Michael Freeman, said Iran’s repeated denials could not erase what he described as a documented history of support for militant organisations.
“The Iranian regime can make as many statements as they like and appear on as many television channels as they want. But facts speak louder than words. The reality is that Iran is the world’s largest sponsor of terrorism and has backed the Islamic Movement of Nigeria for years,” he said.
The embassy said it considered it necessary to challenge what it described as misinformation, stressing that terrorism remains a major threat to global peace and stability, including in Nigeria.
Israel Accuses Iran of Terror Links, Cites Activities in Nigeria
News
NSCDC Warns Contractors Over Damage to Fibre Optic Cables in Abuja
NSCDC Warns Contractors Over Damage to Fibre Optic Cables in Abuja
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has issued a strong warning to construction companies and contractors operating in the Federal Capital Territory, cautioning them to stop damaging underground fibre-optic cables during excavation works or face prosecution.
The warning was issued by the FCT Commandant of the Corps, Olusola Odumosu, who expressed concern over the growing cases of fibre-optic cable destruction across Abuja due to negligence and poor planning by construction firms.

Odumosu said the increasing damage to the communication infrastructure has led to repeated disruption of internet services, banking operations, telecommunications networks and other critical government and commercial activities.
According to him, the destruction of fibre-optic cables constitutes a serious national security risk and undermines economic activities in the country.
He explained that under the Designation and Protection of Critical National Information Infrastructure Order 2024, telecommunications infrastructure, including fibre-optic cables, has been classified as Critical National Information Infrastructure, making any deliberate or negligent damage a punishable offence.
The Commandant noted that the Corps derives its powers from the Nigeria Security and Civil Defence Corps Act 2003 (as amended in 2007), which empowers it to protect national assets, maintain round-the-clock surveillance on critical infrastructure and prosecute offenders involved in vandalism and sabotage.
He added that the law authorises the Corps to arrest, detain and investigate individuals or organisations responsible for damaging public utilities such as communication cables, power transmission lines, pipelines and other strategic facilities.

Odumosu disclosed that in line with directives from the Office of the National Security Adviser, contractors must verify the presence of underground utilities before commencing excavation or drilling in the FCT.
He directed all construction firms to liaise with telecommunication service providers, the NSCDC and relevant authorities before carrying out digging or drilling activities, stressing that ignorance of the presence of fibre-optic cables will not be accepted as a defence.
The NSCDC boss further warned that the Corps would not tolerate vandalism or interference with critical national assets such as power installations, oil and gas pipelines, rail infrastructure, water facilities, communication masts and government buildings.
He said offenders—whether individuals, companies or government contractors—would face prosecution under existing laws, including the Cybercrimes (Prohibition, Prevention, etc.) Act 2015 and other relevant legislation protecting national infrastructure.
Odumosu assured residents that the NSCDC remains committed to safeguarding critical national assets across the capital territory and urged contractors to strictly comply with verification procedures before undertaking civil works.
He also called on members of the public, professional bodies and project managers to report suspicious excavation activities or vandalism of public infrastructure to the nearest NSCDC formation for prompt response.
The Commandant reiterated the Corps’ zero-tolerance for vandalism, urging organisations and stakeholders to collaborate with the agency to protect public utilities and ensure sustainable economic growth.
NSCDC Warns Contractors Over Damage to Fibre Optic Cables in Abuja
News
FG, World Bank Move to Restore Degraded Northern Landscapes with Nine Catchment Plans
FG, World Bank Move to Restore Degraded Northern Landscapes with Nine Catchment Plans
By: Michael Mike
The Federal Government, in partnership with the World Bank, has commenced the appraisal and validation of nine Strategic Catchment Management Plans (SCMPs) aimed at tackling desertification, land degradation and water scarcity across Northern Nigeria and the Federal Capital Territory.
The initiative is being implemented under the Agro-Climatic Resilience in Semi-Arid Landscapes Project (ACReSAL), a climate resilience programme led by the Federal Ministry of Environment with support from the World Bank.
The validation workshop, holding in Abuja, is bringing together federal and state agencies, technical experts, and community representatives to review the plans and ensure they are inclusive, practical and capable of improving livelihoods while restoring degraded landscapes.

Speaking at the event, Nigeria’s Minister of Environment, Balarabe Abbas Lawal, warned that environmental degradation in Northern Nigeria has reached alarming levels, threatening food security and the stability of rural communities.
According to him, millions of people in the 19 northern states and the FCT are already facing harsh environmental realities such as advancing deserts, irregular rainfall patterns, shrinking water bodies and declining farmland productivity.
“These are not abstract problems. They threaten the food on our tables, the income of our farmers and herders, and the stability of our communities,” the minister said.
Lawal explained that the ACReSAL project represents Nigeria’s strategic response to the growing environmental crisis, with the Federal Ministry of Environment working closely with the Federal Ministry of Water Resources and Sanitation and the Federal Ministry of Agriculture and Food Security to restore degraded landscapes and promote sustainable management of natural resources.
He noted that the Strategic Catchment Management Plans form the backbone of the intervention, providing a coordinated roadmap for identifying priority environmental hotspots, mobilising resources and aligning actions across multiple sectors.
Representing the Minister of Water Resources and Sanitation, Joseph Terlumun Utsev, the Director of Hydrology, Abohwo Ngozi, said the workshop would review the final nine catchment management plans developed under the ACReSAL framework.
She stressed that the plans are essential for improving integrated water and land management while addressing the growing environmental challenges facing communities across Northern Nigeria.
Ngozi warned that desert encroachment, degraded farmlands and unpredictable rainfall patterns are already threatening agricultural productivity and the livelihoods of millions of farmers and pastoralists.
National Coordinator of ACReSAL, Abdulhamid Umar, represented by Shettima Adams, said the nine plans are designed to guide targeted interventions in semi-arid landscapes to ensure sustainable water and land management.
He listed the catchments covered by the plans as Malenda, Oshin-Oyi, Gurara-Gbako, Aloma-Konshisha, Benue-Mada, Sarkin-Pawa-Kaduna, Zungur-Gongola, Gaji-Lamurde and Hawul-Kilange.
According to him, the catchment areas cut across several states including Adamawa, Bauchi, Benue, Borno, Gombe, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Nasarawa, Niger, Plateau, Taraba, Yobe and Zamfara, as well as the FCT.
Umar explained that the plans were developed through extensive consultations with local communities and stakeholders, ensuring that they capture real environmental challenges such as deforestation, soil erosion, shrinking water sources and overgrazing.
FG, World Bank Move to Restore Degraded Northern Landscapes with Nine Catchment Plans
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