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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

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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

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54 Borno Students Arrives Isaac Balami University as Government Justifies Investment

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54 Borno Students Arrives Isaac Balami University as Government Justifies Investment

By: Our Reporter

The 54 Borno indigenes who were sponsored by the state government to pursue aerospace and related engineering courses have arrived at Isaac Balami University of Aeronautics and Management in Lagos.

Before they departed from Maiduguri, the Commissioner for Education, Science, Technology, and Innovation, Engr. conducted a farewell ceremony. According to Lawan Abba Wakilbe, the beneficiaries were selected through a competitive process that involved more than 1,200 applicants.

He announced that the Borno State government would provide scholarships worth about $30,000 per year to the 54 beneficiaries, covering tuition, accommodation, transportation, food, and other necessary costs.

Justifying the decision of the state government, Engr. Wakilbe said the choice of Isaac Balami University was strategic, cost-effective, and supportive of local capacity development.

According to him, “the university charges about $30,000 per student annually, covering tuition, accommodation, feeding, training, and stipends. While Aviation schools in the Philippines charge about $34,000 annually without accommodation, and institutions in the there States and the United Kingdom, where fees range between $120,000 and £90,000, excluding living costs,” Wakilbe stated.

The Commissioner for Education noted that the founder of the Institution, Isaac Balami, is an indigene of Borno State whose success in establishing Nigeria’s first private aeronautic university is a source of pride.

“If one of our own has built a specialised aviation university, it is only right that we patronize him first, noting that investing in local institutions keeps resources within the country.

“Isaac Balami, as an example, recalls how a scholarship enabled him to pursue aviation training and eventually establish a private aeronautic university. “We expect you to return as 54 Isaac Balamis,” he charged.

Addressing the students at IBUAM Lagos, the Executive Secretary of the Borno State Scholarship Board, Dr. Bala Isa, urged the beneficiaries to justify the expenditure made by Governor Zulum’s administration through discipline, excellence, and commitment.

“Some people are complaining about the cost of this training and other major projects,” he said. “But when you complete this programme successfully and begin to contribute meaningfully to society, those same critics will appreciate the vision behind it,” Isa remarked.

He reminded them that they were selected to pursue academic and professional excellence, not to engage in misconduct.

“You are here to learn, not to play. Put in your best efforts. This profession demands seriousness, focus, and responsibility. Lives will one day depend on your competence,” he cautioned.

On discipline, the Executive Secretary issued a stern warning, revealing that scholarships have previously been withdrawn from beneficiaries who failed to uphold acceptable standards of conduct.

“We have withdrawn scholarships before due to indiscipline. Even abroad, including in India, a student was sent back home for misconduct. We will not hesitate to take similar action if necessary,” he stated.

Founder of the University, Dr. Isaac Balami, urged the students to take their studies seriously and make the most of what has been described as a rare and highly privileged opportunity.

He reminded the students that the government is making significant financial investments in their training and expects measurable results in return. He cautioned that only those who demonstrate competence, discipline, and commitment will thrive in the programme.

“Aviation is about safety first, safety second, safety third. There is no room for carelessness. There is no participation in the air, underscoring the high level of responsibility required in the profession,” Balami stressed.

Dr. Isaac Balami said qualified professors, instructors, and technical personnel are on the ground to provide guidance and ensure their success.

54 Borno Students Arrives Isaac Balami University as Government Justifies Investment

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We will soon submit the report on the research into kidney disease prevalence in Borno state… Prof Umate

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We will soon submit the report on the research into kidney disease prevalence in Borno state… Prof Umate

The Nigerian Association of Nephrologists (NAN) recently met in Maiduguri for their annual meeting. This exclusive interview with Professor Ibrahim Umate was conducted recently after the opening session where he was honored with a fellowship of the award. Below are extracts of the interview

By: Bodunrin Kayode

Q: Governor Babagana Zulum and his directive for the UMTH to embark on research on prevalence of kidney diseases in Borno

A: We have gone very far in the sense that we have been able to find out the real militating factors responsible for the prevalence of the disease. But there is something we are waiting for to be able to conclude. In all the research we have been doing so far, we have been searching for genetic components igniting the problem.
This genetics research involves taking samples to the molecular laboratory and assessing the genetic components within each sample. There are other genes that may also be responsible like NHY genes which we are looking into how it influences kidney diseases. So we have taken samples to the molecular lab and results will soon be ready. People that have this kinds of genes are more likely to have these kinds of diseases.

Q: Cuts in….So the results will be ready before the Governor leaves office next year?

A: It will be ready within a month or so. We will present the official details to the Governor as soon as we are done with the details.

Q: How about the Challenges you are faced within the realm of the nephrology practice at UMTH?

A: Challenges are always there especially when people come to the hospital with very late presentation of the disease. Its a major and worrying challenge. If only people will come early with their ailments, some of these challenges would become reversible but if they come late there is almost nothing for us to do. Some of them come so late that you have nothing left to do other than to start dialysis. Or even begin to bother about transplant of another kidney to keep them alive. This is all due to the Challenges of late reporting.

Another challenge is about the facilities. Its not as if we don’t have, but you know as the patients population is growing, the machines are over stretched. For now, we have about 20 functional machines and we have to do two to three sessions on some of the machines on a daily bases depending on the number of patients waiting in the queue. Sometimes we have 30, 40 or even more patients waiting in a day for the same service. So sometimes we finish the first session and embark on the second session and these kinds of daily routines affects the machines badly. So ideally, after using the machines that day we can’t use again till the next day. Another challenge is that many people can’t afford the funds for the dialysis.
Again our daily challenge is not only around dialysis alone. There are other aspects of treatment which are far more expensive than dialysis. Example if you are to maintain the red blood vessels of a patient to avoid anemia, electro-positive stimulating agents are very important but its quite expensive. And it is expected that the patients should take it daily while just a vile of it is about 18,000. So if a patient is taking it just twice a week, he must have about 36,000 naira to take it.

Q: The CMD once hinted in a news conference about a foundation to help kidney patients, is it functional now?

A: Yes we have the Kashim Shettima foundation that is helping out with anyone that has transplant issues. As it stands today, anyone that does a transplant will not buy drugs again as long as the operation was done in Maiduguri. And this is courtesy of the Kashim Shettima foundation which will enable them to access the drugs and consumables.

Q: You seem to be having a good time with consumables Prof. What is the reality in the kidney centre?

A: Indeed, government is trying its best on that. We are getting them at subsidized rates. Instead of patients paying over 50,000 naira, they pay just 12,000 for a session of dialysis. So it is about 80% subsidized. That is a good deal to me.

We will soon submit the report on the research into kidney disease prevalence in Borno state… Prof Umate

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Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions

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Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions

By: Michael Mike

The Embassy of the Federal Republic of Nigeria in the State of Kuwait has urged Nigerian nationals in Kuwait and Bahrain to remain calm, vigilant, and compliant with host government ldirectives in light of prevailing regional developments.

In a circular dated March 1, 2026, and referenced NKT/GA/C/004/Vol. I, the Embassy — which holds concurrent accreditation to the Kingdom of Bahrain — advised citizens to strictly observe safety guidelines and official advisories issued by authorities in both countries.

The mission encouraged Nigerians to stay informed by monitoring credible local news outlets and official government announcements in Kuwait and Bahrain. It assured the community that it is closely tracking the situation and maintaining communication with leaders of Nigerian groups and associations in both countries.

To enhance real-time communication, the Embassy announced the creation of a dedicated mobile and WhatsApp line to ensure active engagement with nationals.

For further inquiries or assistance, Nigerians were advised to contact the Embassy via email at nigeriakuwait@yahoo.com or through the designated telephone and WhatsApp numbers provided by the mission.

The Embassy reaffirmed its commitment to the safety and welfare of all Nigerian citizens in its jurisdiction and pledged to continue providing timely updates as the situation evolves.

Nigerian Embassy in Kuwait Issues Safety Advisory to Citizens Amid Regional Tensions

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