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
China, Nigeria Unite to Support Women’s Empowerment Through Film
China, Nigeria Unite to Support Women’s Empowerment Through Film
By: Michael Mike
China is partnering with Nigeria and other nations to drive the comprehensive advancement of women worldwide, with a plan at opening a new chapter in global gender equality and empowerment.
Speaking during the celebration of the China Women’s Film Festival, the Deputy Ambassador, Embassy of the People’s Republic of China in Nigeria, Zhou Hongyou,
highlighted China’s deep-rooted policy of promoting gender equality, noting that the Chinese government has consistently supported women’s advancement in education, employment, and social status.
He explained that the upcoming Global Women’s Summit will focus on strengthening gender equality and empowering women as key drivers of sustainable progress. The summit aims to align international efforts with the UN 2030 Agenda for Sustainable Development, ensuring that women’s rights and opportunities remain central to global development goals.
“This year’s summit will focus on promoting gender equality and women’s development, and on advancing the implementation of the UN 2030 Agenda for Sustainable Development,” he said.
The envoy further revealed that China credits women as a central force in its rapid economic and social transformation, emphasizing their indispensable contributions to national progress.
“Chinese women have fully utilised their intelligence, talents and creativity, playing an indispensable role in China’s transformation from a poor and backward country to a world economic powerhouse in just over the past 50 years,” he stated.
He added that China also incorporates women’s development indicators into its national planning system, making gender equality a key measure of broader economic and social progress.
“China has integrated women’s development goals and tasks into its five-year plan for national economic and social development, using the status of women’s development as a key metric for assessing broader economic and social progress,” he added.
Hongyou further stressed China’s global outlook, particularly its cooperation with Nigeria and other countries, to promote women’s empowerment and sustainable progress worldwide.
“China is working with the Nigerian side and other countries around the world to accelerate the comprehensive development of women and open a new chapter in the advancement of the women’s cause globally,” he said.
On his part, the Chairman of the House Committee on Culture and Creative Economy, Hon. Gabriel Saleh Zock, commended China’s ongoing partnership with Nigeria in promoting cultural diplomacy through initiatives such as the China Women’s Film Festival. He emphasized that such collaborations not only celebrate women in film but also deepen creative and cultural ties between both nations.
He said: “I commend the Embassy of China and the China Cultural Center in Nigeria for their consistent commitment to building cultural diplomacy and fostering creative exchange between our two nations, Nigeria and China. This festival is another bridge linking our creative communities, inspiring new possibilities for cooperation, artistic collaboration, and knowledge exchange,” he stated.
Zock also stressed Nigeria’s dedication to gender inclusion and empowerment, revealing that the National Assembly is actively working to ensure greater female representation in governance, aligning with broader global goals for gender equality.
“Just like how we are doing in the National Assembly now, we are trying to amend the Constitution and make a reserve seat for 30% women inclusion in governance. By God’s grace, in the coming years, more women will take their rightful place in leadership and decision-making across our nation,” he said.
He highlighted the unifying power of art and culture, stressing that collaboration between Nigeria and China can lead to a future where creativity, peace, and prosperity thrive.
“Together, Nigeria and China can champion a creative future where talent knows no bounds and where art continues to unite humanity. When women tell their stories, society evolves; and when nations exchange their art, peace and prosperity follow. Let us reaffirm our shared responsibility to make cultural diplomacy a cornerstone of development and mutual understanding,” he added.
Delivering a goodwill message on behalf of the Honourable Minister of Women Affairs, H.E. Iman Suleman-Ibrahim, Ms. Rukkayah described the China Women’s Film Festival as a distinguished platform that celebrates creativity, resilience, and the power of storytelling to connect nations and inspire change.
“It is a great honor to join you at this year’s China Women’s Film Festival a distinguished platform that celebrates creativity, resilience, and the power of storytelling to connect nations and inspire change. Through the art of film, we are reminded that stories have the power to bridge cultures, ignite compassion, and build mutual understanding across borders,” she said.
She noted that the festival coincides with renewed international reflection on the Beijing Declaration and Platform for Action, underscoring its lasting influence on global gender equality and women’s empowerment.
“This festival holds a special significance as it coincides with the renewed global reflection on the Beijing Declaration and Platform for Action a landmark framework that has guided three decades of advocacy for women’s rights, gender equality, and empowerment. As the world revisits the spirit of Beijing, we reaffirm our shared duty to ensure that every woman and girl, everywhere, lives freely, fulfilled, and empowered to reach her full potential,” she added.
Rukkayah also highlighted Nigeria’s ongoing efforts under President Bola Ahmed Tinubu’s Renewed Hope Agenda, emphasizing programs designed to uplift women, strengthen families, and support vulnerable groups.
“For Nigeria, this moment aligns closely with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, which places people at the heart of national development. Through the Renewed Hope Social Impact Intervention Programme, the Federal Ministry of Women’s Affairs is driving transformative initiatives that promote women’s economic empowerment, strengthen the family system, enhance child protection, and improve welfare for vulnerable groups building a more inclusive, just, and compassionate society,” she said.
She further emphasized the growing partnership between Nigeria and China in promoting women-led innovation, cultural diplomacy, and creative exchange.
“Deepening collaboration with the Chinese Embassy in Nigeria holds immense promise for advancing women’s development. China’s success in leveraging culture, technology, and social innovation provides valuable lessons for Nigeria. Together, our partnership can expand opportunities for capacity-building, creative industry exchange, and women-led entrepreneurship particularly in film, digital storytelling, and cultural diplomacy ensuring that women’s voices continue to shape communities and inspire global progress,” she stated.
China, Nigeria Unite to Support Women’s Empowerment Through Film
Crime
Boko Haram: Maiduguri-Damaturu road reopens after temporary closure

Boko Haram: Maiduguri-Damaturu road reopens after temporary closure
By: Bodunrin Kayode
The Maiduguri-Damaturu road, the only exit from the Borno state capital, has been opened to commuters after a temporary shutdown today after improvised explosive devices (IEDs) were planted against Nigerian troops.
The IEDs were set at the wee hours of the day when insurgents launched a fierce attack on the Ngamdu military base, causing damage to the general area for at least an hour.
Just before the first light of Friday, reinforcements were coming from Mainoc and Beneshiek but drove directly on top of IEDs, which the insurgents had planted before their aggression against the Ngamdu camp.
By first light, hundreds of commuters and their vehicles were already trapped at the exit point in Damaturu en route to Maiduguri as a result of the wee-hour attack on the base, while those coming from Maiduguri were also affected.
Those coming from Damaturu were stopped from embarking on the journey; one knows his/her fate, and no one is sure as to when the ever-busy road will reopen for free flow of traffic.
Some of the troops were feared killed even as the suspected Boko Haram terrorists attacked the military base, which was a super camp expresswayin the Kaga local government area of Borno State.
A military source hinted that troops fought back for over an hour to stop the terrorists from overrunning the camp before 4 am, when the fracas reduced.
Meanwhile, security sources said the insurgents operated for over an hour before the arrival of reinforcements.
The attack was a coordinated attack that involved a high number of criminals.
Responding to the incident, the spokesman for the 7th Division, Lieutenant Colonel Uba, stated that the attack has been successfully repelled by the military.
“Troops of Operation HADIN KAI successfully repelled a coordinated terrorist attack in the Ngamdu general area, following a swift response by forces on the ground and reinforcement elements from 29 Task Force Brigade.
“The terrorists employed Rocket Propelled Grenades (RPGs), armed drones, and command-initiated Improvised Explosive Devices, targeting troops and own platforms.
“Despite the intensity of the attack, troops held their ground and responded with superior firepower, inflicting significant losses on the terrorists. Unfortunately, our own troops recorded 4 x Killed in Action (KIA) and 5 x Wounded in Action (WIA). Additionally, some Mine-Resistant Ambush Protected (MRAP) vehicles and Gun Trucks (GTs) sustained varying degrees of damage during the encounter.
“The terrorists attempted to prevent reinforcements and inflict further casualties by planting multiple IEDs along the Ngamdu–Damaturu Main Supply Route (MSR). This necessitated a temporary closure of the MSR, as engineers swiftly responded to clear 3 IED-laden spots. Following successful clearance, the MSR has now been reopened to both military and civilian movement.
“In response to the attack, troops were immediately resupplied with critical logistics, including MRAP tires and ammunition, to sustain operations and restore full mobility. Credible intelligence confirms heavy terrorist casualties, with reports indicating mass burials of about 15 bodies conveyed in pushcarts by the terrorists for burial around Bula Wura, near Wasaram.
“As part of continued efforts to dominate the area, 29 Task Force Brigade has launched fighting patrols and exploitation operations aimed at denying the terrorists freedom of action and consolidating operational gains.
“The gallantry and resilience of the troops have been commended, and the public has been assured that normalcy would be sustained with operations ongoing to maintain peace and security in the area.” Said Uba Sani.
Boko Haram: Maiduguri-Damaturu road reopens after temporary closure
News
Borno State Councillors endorse Tinubu/Kashim for a second term

Borno State Councillors endorse Tinubu/Kashim for a second term
By: Bodunrin Kayode
The forum of Councillors in Borno State have endorsed the enthronement of President Bola Tinubu for a second term
The Councillors all from the All Progressive Congress (APC) gave the endorsement during a news conference in Maiduguri on Friday led by their Chairman of the Forum Kellum Geshehu.
While endorsing the Tinubu-Shettima Ticket for 2027, they said that they were pleased with the developmental projects of President Bola Tinubu and their son Senator Kashim Shetima who they say equally deserves a second term for pleasing the masses with basic dividends.
They maintained that as grassroot politicians who understood the pains of the masses especially when the subsidies were removed, it was clear that the economic policies applied by the party at the National level has given rise to massive production of foodstuffs and the reduction of prices of basic staples which before now were beyond the reach of a lot of people.
“We also express our profound satisfaction with the progress of the Government under the leadership of His Excellency, President Bola Tinubu. We see the Renewed Hope Initiative gradually yielding fruits for Nigerians.
“We specifically thank Mr. President for the confidence and trust in our son, His Excellency, Vice President Sen. KashimShettima, who has proven to be a dedicated, loyal, and capable partner in development.
“Therefore, the Borno State Supervisory Councillors Forum unanimously endorse the Tinubu-Shettima ticket for the 2027 Presidential election. We strongly support the President to retain Vice President Sen. KashimShettima as mate for the 2027 Presidential ticket, ensuring continuity and socio-economic gains currently being achieved in our great country.”
The councillors gave the endorsement based on the fact that the APC party under Professor Babagana Zulum has been doing well in his second term in Borno state following in the footsteps of the party at the national level.
They named sectors like Agriculture, education and the health sector as major areas of achievement of the academic turned politician Governor Babagana Zulum who has been a trailblazer in developmental projects in the state.
Borno State Councillors endorse Tinubu/Kashim for a second term
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