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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
Youth attempt to disarm soldiers enforcing curfew in Niger
Youth attempt to disarm soldiers enforcing curfew in Niger
By: Zagazola Makama
Some youths in Borgu Local Government Area of Niger State allegedly attempted to disarm soldiers enforcing a curfew before fleeing the scene, security sources have said.
Zagazola gathered that the incident occurred at about 10:35 p.m. on March 10 when troops of the 221 Battalion, Wawa Cantonment, were on patrol to enforce the curfew declared by the Chairman of Borgu Local Government.
According to the sources, the troops were patrolling along the Correctional Service Office area in New Bussa when they intercepted some motorcycles.
During the encounter, some aggressive youths reportedly began stoning the soldiers and attempted to struggle with them in a bid to seize a rifle, while also hurling abusive language.
The troops fired warning shots into the air to disperse the youths, who later fled the scene.
The Controller of the Nigerian Correctional Service subsequently reported the incident to the police.
Following the report, the Divisional Police Officer (DPO) in New Bussa immediately mobilised more security personnel to the area, but the youths had already dispersed.
Community leaders, including the village head, were later invited and cautioned to maintain peace and ensure residents avoid confrontations or misunderstandings with security personnel.
Security sources said no arrest was made and no injury was recorded, while the military troops continued their patrol in the area.
Youth attempt to disarm soldiers enforcing curfew in Niger
News
ISWAP appoints Abu Ameer as new pulka commander after neutralization of Modu Kundiri
ISWAP appoints Abu Ameer as new pulka commander after neutralization of Modu Kundiri
By: Zagazola Makama
Following the recent neutralization of Modu Kundiri, the senior commander (Qa’id) of Pulka camp in Gwoza Local Government Area of Borno State, the Islamic State West Africa Province (ISWAP) has appointed a replacement to sustain its operational command in the area.
Intelligence reports obtained on the evening of March 11, 2026, revealed that ISWAP leadership quickly designated Abu Ameer as the new commander (Qa’id) of Pulka camp. The move pointed out to the group’s efforts in maintaining command continuity despite recent setbacks.
Kundiri had served as the senior commander, also known as Qa’id, of the group’s Pulka camp, a strategic operational hub located in the southern axis of Borno near the border with Adamawa State and Cameroon.
Pulka occupies a critical position in the insurgency landscape due to its geographical proximity to the border regions linking Borno State with Adamawa State and neighbouring Cameroon.
The area has historically served as a transit corridor for insurgent fighters, logistics supplies and communication networks operating across multiple theatres.
According to intelligence discussions intercepted on March 11, fighters loyal to the group are still present in Ngalta village, located between Pulka in Gwoza LGA and Madagali Local Government Area in Adamawa State.
The disclosure reportedly came during internal exchanges among insurgent members, where a fighter identified as Konto informed another member, Manya, about the continued presence of fighters in the area.
Such conversations indicated that despite losing commanders, the group continues to maintain operational cells and surveillance elements within the Pulka–Ngalta–Madagali corridor.
The continued presence of fighters in Ngalta village suggests that the insurgents may still retain limited operational capability along the Borno–Adamawa border axis. Such locations often function as temporary regrouping points or staging areas for movement between remote settlements.
The development therefore point to the need for sustained intelligence gathering, aerial surveillance and coordinated ground operations across the corridor.
Zagazola emphasise the importance of maintaining strong collaboration between military forces, local vigilante groups and community intelligence networks to detect insurgent movement.
The development comes amid ongoing operations by the Nigerian military to dismantle ISWAP strongholds across the Northeast and reinforce stability in affected communities.
ISWAP appoints Abu Ameer as new pulka commander after neutralization of Modu Kundiri
News
Buni attends funeral prayers of Wali Shettima, elder brother, in Nauru
Buni attends funeral prayers of Wali Shettima, elder brother, in Nauru
By: Yahaya Wakili
The Executive Governor of Yobe State, Hon. Mai Mala Buni CON, COMN, and other top government functionaries attended today the funeral prayers for Ba Wali Shettima, elder brother to Yobe State Secretary to the State Government, Alhaji Baba Mallam Wali mni, in Nguru town of Yobe State.
Ably represented by his deputy, Hon. Idi Barde Gubana (Wazirin Fune), the funeral prayers were led by the chief imam of Nguru Central Mosque, Shiek Ibrahim Shehu Ahmad.
The governor described the death of the renowned Islamic scholar Ba Wali as a huge loss not only to the Nguru community but to the whole Yobe state.
Gubana further extolled the virtues of the late Ba Wali as a committed and dedicated cleric, an epitome of peace and knowledge who contributed his own quota towards teaching and propagating Islam.
Late Ba Wali died at the University Teaching Hospital, Damaturu, on Tuesday after a protracted illness at the age of 80. He is survived by a wife, ten (10) children, and many grandchildren.
Special prayers were offered by Chief Imam Shiek Ibrahim Shehu Ahmad. May Aljanna Firdausi be the reward of his good deeds. Amin, suma Amin.
Buni attends funeral prayers of Wali Shettima, elder brother, in Nauru
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