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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
Yobe: MBICA to commence full operation
Yobe: MBICA to commence full operation
By: Yahaya Wakili
The Muhammadu Buhari International Cargo Airport (MBICA), Damaturu, Yobe State, will soon commence full commercial operations.
This was contained in a signed service level agreement with the Nigerian Airspace Management Agency (NAMA), Managing Director Mr. Farouq Ahmed Umar, and the Yobe State Government.
At the signing of the agreement, the Yobe State government was represented by the Honourable Commissioner for Transport and Energy, Hon. Muhammad Muhammad Bara, and the Permanent Secretary, Dr. Mustapha Abba Geidam FCVSN.
Under the agreement, NAMA will provide critical services to ensure safe, efficient, and compliant aerodrome operations at the Cargo Airport, including Air Traffic Control (ATC) Services and managing aircraft movements within the airport airspace.
In the agreement, others include communication services provision and maintenance of aeronautical communication systems, navigation and surveillance systems, instrument landing systems radar coverage, and flight path monitoring.
Therefore, this brings Muhammadu Buhari International Cargo Airport (MBICA) to the verge of full compliance with International Civil Aviation Organization (ICAO) operational and safety standards.
Aeronautical Information Services (AIS) ensures pilots and airlines receive up-to-date flight and operational information, and search and rescue coordination support within national airspace regulations would also be provided under the agreement.
Yobe: MBICA to commence full operation
News
Guterres Calls for Recommitment to Protection of Fundamental Freedoms
Guterres Calls for Recommitment to Protection of Fundamental Freedoms
By: Michael Mike
United Nations Secretary-General António Guterres has urged the international community to recommit to the protection of fundamental freedoms, warning that human rights are increasingly under threat worldwide.
Guterres made the call in his annual message to mark Human Rights Day, commemorated globally.
Guterres, whose message was read by the United Nations Resident and Humanitarian Coordinator in Nigeria, Mr. Mohamed Fall, at the celebration of 30th Anniversary celebration of National Human Rights Commission (NHRC), reflected on the legacy of the Universal Declaration of Human Rights, adopted nearly 80 years ago, describing it as a “philosophical and political breakthrough” that remains the foundation of modern international cooperation.
The declaration, he noted, laid out the basic civil, political, economic, social and cultural rights required for every person to “survive and thrive.”
He however cautioned that the world is experiencing a disturbing erosion of these rights. “Recent years have brought a shrinking of civic space,” he said. “We have grave violations that signal a flagrant disregard for rights, and a callous indifference to human suffering.”
He noted that despite these setbacks, change is possible when governments, institutions and citizens work together.
He highlighted the role of the United Nations in supporting vulnerable populations through activities such as food assistance, shelter provision, education support, election monitoring, environmental protection, women’s empowerment and peacebuilding.
“This work depends on all people, everywhere, taking a stand,” he emphasised. “When we protect the most vulnerable, when we refuse to look away, when we speak up for the institutions that speak up for us, we keep human rights alive.”
He underscored that human rights must never be sacrificed for political gain or economic interests. “Our rights should never take second place to profit or power,” Guterres said. “Let us unite to protect them, for the dignity and freedom of all.”
He noted that Human Rights Day 2025 continues the global call for renewed commitment to justice, equality and universal freedoms at a time of rising conflict, displacement and social inequality.
On his part, the Executive Secretary of the National Human Rights Commission (NHRC), Dr. Tony Ojukwu restated the Commission’s commitment to advancing freedom, equality and justice in Nigeria.
Ojukwu who led the commission on symbolic “Walk for Human Rights” in Abuja, said a lot needs to be done to safeguard human rights.
NHRC, which also used the day to commemorate the 2025 International Human Rights Day, welcomed stakeholders, partners and human rights defenders to the celebration,
Ojukwu described the event as a moment of gratitude and reflection, noting that the Commission has, since its establishment in 1995, remained a beacon for the protection and enforcement of human rights across the country.
He said: “This year’s Human Rights Day is special,” he said. “It marks three decades of dedicated service to humanity by Nigeria’s National Human Rights Institution. It is also an opportunity to honour exceptional partners whose support has strengthened our work over the years.”
Ojukwu emphasised that the anniversary represents both a journey and a reaffirmation: a journey that began with the vision of entrenching freedom, equality and justice, and a reaffirmation of the Commission’s resolve despite persistent challenges including insecurity and socio-economic pressures.
He noted that the annual walk was not a protest but a demonstration of unity and determination. “We walk not in anger, but with purpose—to defend human rights. Not as spectators, but as active participants in building a Nigeria where every voice counts and no one is left behind,” he said.
The Executive Secretary stressed that human rights can only thrive in societies that embrace harmony, mutual respect and peaceful coexistence. He added that the awards presented during the ceremony were a tribute to organisations and individuals whose courage and consistency have helped strengthen the Commission’s mandate.
Reaffirming the NHRC’s statutory duty, Ojukwu noted that protecting and promoting human rights cannot be the responsibility of the Commission alone. He called for collaboration across ministries, government agencies, the private sector and communities.
He appealed that: “Together, let us build a nation where human rights are not distant ambitions but everyday realities,” he urged. “Our collective effort remains the driver of progress.”
Guterres Calls for Recommitment to Protection of Fundamental Freedoms
News
NCTC, UNODC Inaugurate Working Group to Counter Criminal and Terrorist Finance in Nigeria’s Mineral Sector
NCTC, UNODC Inaugurate Working Group to Counter Criminal and Terrorist Finance in Nigeria’s Mineral Sector
By: Michael Mike
The National Counter Terrorism Centre (NCTC), Office of the National Security Adviser (ONSA), in collaboration with the United Nations Office on Drugs and Crime (UNODC), and with the support of the Government of Canada, has established a Technical Working Group (TWG) on Mineral Crime and Terrorism Financing.
Nigeria’s mineral sector, particularly artisanal and small-scale gold mining, has increasingly been exploited by criminal and terrorist networks.
These illicit activities have continued to deprive the government of vital tax and royalty revenues, weaken state capacity to deliver essential services, and fuel instability nationwide. By exploiting regulatory gaps and opaque value chains, criminal groups disguise illicit proceeds, perpetuating conflict and organized crime in the country.
The TWG, comprising representatives of law enforcement, intelligence and other security agencies, including those of other strategic MDAs and the Presidential Artisanal Gold Mining Initiative (PAGMI) under the latest agreement, will collaborate to strengthen the nation’s criminal justice capacity to address illicit financial flows tied to terrorism financing and money laundering in the mining sector by coordinating individual agency responses, supporting national efforts, and guiding policy reforms.
It will also promote community resilience in artisanal mining regions while integrating gender equality and human rights into government interventions.
In his keynote speech at the inaugural meeting of the working group, the NCTC National Coordinator, Major General Adamu Garba Laka, who was represented by the Centre’s Director of Preventing and Countering Violent Extremism, Ambassador Mairo Musa Abbas underscored the Federal Government of Nigeria’s commitment to cutting off terrorist financing at its source, including in the mineral sector.
He said: “Nigeria’s mineral resources remain some of the most valuable national assets we possess. Yet in recent years, the growing exploitation of these resources by criminal syndicates and violent extremist elements has become a significant threat. This is not merely a theoretical risk; it is a lived reality in several regions of our country, where illegal mining intersects with banditry, insurgency, arms trafficking and cross-border smuggling. In past years, the NCTC has recorded remarkable progress in strengthening Nigeria’s counter-terrorism financing architecture. Today’s initiative builds on this momentum. Protecting our mineral resources from criminal capture is not only a security imperative, but it is also a development imperative, an economic imperative and, ultimately, a sovereign duty.”
On his part, UNODC Country Representative for Nigeria, Mr Cheikh Toure,, in his remarks conveyed by Mr Tom Parker, Head of the UNODC Counter Terrorism Unit, praised the leadership of the NCTC, while emphasising that “Illegal mining, and the illicit financial flows generated by this activity, undermine Nigeria’s stability and development. The creation of this interagency Working Group by the NCTC is an important step in reversing this trend. UNODC is committed to strengthening Nigeria’s capacity to detect, investigate, and prosecute financial crimes linked to terrorism and organized crime. Collaboration is fundamental to defeating criminal and terrorist threats, and helps foster shared learning and policy innovation.”
Funded by the Government of Canada, UNODC is working closely with the NCTC together with agencies like Economic and Financial Crimes Commission, National Financial Intelligence Unit, the Mining Marshals Corps and the Ministry of Solid Minerals Development to build Nigeria’s capacity towards combating illicit financial flows linked to Nigeria’s mineral sector by deepening analysis of relationship between mineral-related crimes and the financing of terrorism, strengthening supervision in the financial sector by equipping both private and government actors to detect suspicious transactions, and supporting the effective investigation, prosecution, and adjudication of money laundering and terrorism financing cases at the state and federal levels.
NCTC, UNODC Inaugurate Working Group to Counter Criminal and Terrorist Finance in Nigeria’s Mineral Sector
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