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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
Tonlagha: Forged in the Creeks, Bridging Nigeria to the World
Tonlagha: Forged in the Creeks, Bridging Nigeria to the World
•Quiet Power, Citizen Diplomacy and the Promise of Nigeria
By Jude Obioha
In a country where activism often clashes with national cohesion and where loud voices frequently overshadow steady hands, Matthew Tonlagha represents a rare Nigerian archetype. This bridge builder fights fiercely for his people while working tirelessly for the peace, stability and economic future of Nigeria. His journey from the creeks of the Niger Delta to global engagement is not merely a personal success story. It is a powerful narrative of resilience, citizen diplomacy and quiet nation-building.
Tonlagha’s story begins not with privilege but with adversity. Born into a disciplined military family in Delta State, his early life was marked by profound physical challenges after complications from an ill-administered polio vaccine impaired his mobility. For nearly a decade, he depended on his mother’s strength to attend school and navigate daily life. Social stigma, financial hardship and the early loss of his father could have silenced his ambitions. Instead, these experiences forged in him a deep empathy for the vulnerable and an unyielding commitment to service. His eventual recovery and rise stand today as a testament to resilience; a personal struggle transformed into a lifelong mission for collective empowerment.
From his earliest activism in the Benikrukru community in the Gbaramatu Kingdom of Delta State, Tonlagha distinguished himself not only as a protester but also as an intellectual force behind the Niger Delta emancipation struggle. He confronted exploitation and neglect with courage, yet consistently advocated peaceful engagement, negotiation and constructive dialogue. Like many iconic leaders who understood that lasting change requires both firmness and foresight, he pursued justice for the Niger Delta without undermining Nigeria’s unity. This duality—fighting for regional equity while championing national stability—has defined his leadership philosophy.
His grassroots activism evolved into entrepreneurship and indigenous industrial growth through MATON Engineering Nigeria Limited, a company that has become a major employer and a driver of local capacity development. But Tonlagha’s influence extends far beyond boardrooms. As Vice Chairman of Tantita Security Services Nigeria Limited, he emerged as a critical private-sector partner in Nigeria’s oil security architecture. The success of efforts to curb oil theft, protect pipelines and restore production levels has had direct implications for national revenue, economic recovery and investor confidence. In a sector long plagued by instability, his role has been central to fostering sustained economic growth.
Yet perhaps the most compelling aspect of Tonlagha’s legacy is his understated philanthropy. He is a quiet humanitarian who has been funding scholarships, supporting widows and orphans, empowering youth through vocational training, and sustaining free feeding programmes without fanfare. His giving is not performative; it is rooted in lived experience and a belief that dignity must accompany assistance. This approach reflects a leader who remembers the pain of exclusion and seeks to build systems that offer opportunity rather than dependence.
Beyond Nigeria’s borders, Tonlagha has emerged as an informal yet effective citizen diplomat. Through international engagements and policy advocacy, he contributes to shaping Nigeria’s global image, strengthening bilateral conversations and promoting economic diplomacy. In an era when official channels alone cannot capture the full spectrum of global influence, individuals like Tonlagha help bridge gaps by advancing national interests while fostering international goodwill. His work underscores a new model of diplomacy in which private citizens complement formal statecraft, thereby reinforcing Nigeria’s strategic standing on the global stage.
What sets Tonlagha apart is not only the breadth of his engagements but the philosophy underpinning them. He embodies a generation of Nigerian leaders who believe that peace in the Niger Delta is complementary to Nigeria’s prosperity and that local development should align with national progress. His early activism against exploitation, including dramatic acts of defiance that drew attention to neglected communities, gradually evolved into a more nuanced strategy; one that combines dialogue, economic empowerment and security collaboration.
As he marked his golden jubilee in 2026, the outpouring of recognition from community leaders, national figures and global stakeholders revealed a man whose impact has long been felt but rarely publicised. Friends and admirers describe him as a peacemaker, a unifier and a patriot whose influence transcends ethnic and political boundaries. Indeed, his ability to convene diverse actors—from grassroots leaders to international partners—demonstrates a rare gift for consensus-building in a nation often divided by competing interests.
Nigeria’s future will depend not only on official institutions but also on citizens willing to shoulder responsibility beyond personal ambition. Tonlagha’s life offers a compelling blueprint: resilience forged through hardship, advocacy grounded in intellect and peace, economic empowerment anchored in indigenous enterprise, and diplomacy driven by patriotism rather than self-promotion. From the creeks of the Niger Delta to the corridors of international engagement, he has quietly shaped conversations on development, security and national cohesion.
In an age hungry for loud heroes, Tonlagha reminds us that the most enduring influence often operates in silence; building bridges where others see barriers, lifting communities where others see divisions, and proving that one individual, driven by empathy and vision, can help align regional emancipation with national unity. His story is not only a tribute to personal triumph but a reflection of the Nigeria that is possible when courage meets compassion and service meets strategy.
Obioha is the Director of Strategy at the Hope Alive Initiative (HAI), a group dedicated to good governance in Nigeria.
Tonlagha: Forged in the Creeks, Bridging Nigeria to the World
News
Troops arrest suspected gun-runner in Taraba, recover weapons and ammunition
Troops arrest suspected gun-runner in Taraba, recover weapons and ammunition
By: Zagazola Makama
Troops deployed at Ibi and the Forward Operating Base (FOB) Wukari have arrested a suspected gun-runner and recovered weapons, ammunition, and other items during an intelligence-led operation in Taraba State.
Security sources disclosed that the troops acted on credible intelligence about a suspicious Peugeot vehicle heading toward the Ibi waterside area. The troops swiftly mobilised to intercept the vehicle and apprehended the suspect.

The suspect, identified as Abubakar Ibrahim, 48, from Barkin-Ladi Local Government Area of Plateau State, was arrested during the operation.
Items recovered from him include six locally fabricated weapons bearing various registration numbers, two rounds of 7.62mm special ammunition, one Peugeot 504 vehicle, a Q Seven mobile phone, seven bottles of perfume with rubbers, seven charms, one mentholatum rub, two small containers of Vaseline, and the sum of N1,400 in cash.
Military sources said the suspect and the recovered items are currently in custody and will be transferred to the Brigade Headquarters for further investigation.
The sources added that the general security situation within the Area of Responsibility remains calm but highly unpredictable, noting that troops’ morale and fighting efficiency remain satisfactory.
The arrest is part of ongoing efforts by security forces to curb the proliferation of illegal arms and criminal activities in Taraba and adjoining areas.
Troops arrest suspected gun-runner in Taraba, recover weapons and ammunition
News
ISWAP kills professor in targeted abduction on Maiduguri-Damboa highway
ISWAP kills professor in targeted abduction on Maiduguri-Damboa highway
By: Zagazola Makama
ISWAP terrorists have reportedly killed Professor Abubakar Mohammed el-Jumma of the Nigerian Army University Biu following a targeted abduction along the Maiduguri-Damboa highway on March 25, 2025.
Sources told Zagazola Makama that the attackers, described as light-skinned foreigners, specifically targeted Professor el-Jumma, suggesting the abduction was premeditated. The perpetrators were reportedly in possession of his photograph before carrying out the attack, confirming that the operation was deliberate and planned.
Authorities have confirmed that no ransom demands were made and attempts to negotiate his release were unsuccessful. ISWAP later informed the family of Professor el-Jumma’s death and that his burial had been carried out within their enclave.
The incident demonstrates ISWAP’s growing capability to exploit local vulnerabilities with the support of spies and sympathizers.
The group’s targeting of high-profile individuals, including academics and community leaders, reflects a shift towards calculated kidnappings designed to spread fear and disrupt governance and education in the North East.
No official statement has yet been issued by Nigerian Army University Biu authorities regarding the incident.
ISWAP kills professor in targeted abduction on Maiduguri-Damboa highway
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