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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
Ex-NGF Coordinator Onaiwu urges support for NSA security direction
Ex-NGF Coordinator Onaiwu urges support for NSA security direction
By: Michael Mike
A former coordinator of the Nigeria Governors Forum, NGF, Earl Osaro Onaiwu, has called on the political class across party lines to support ongoing security efforts of the federal government.
Onaiwu in a statement in Abuja on Wednesday noted that insecurity is colour blind, has no party affiliation and was religious neutral, therefore, the need for politicians to eschew partisan slant on security matters.
He cautioned that failure by the political elite to support the fight against insecurity leading to several ungoverned spaces could disrupt elections, stressing that except there is a country, then elections are guaranteed.
The former NGF coordinator particularly commended the National Security Adviser, Mallam Nuhu Ribadu, for his coordination and strategic efforts in streamlining security policies and engagements in tackling insecurity.
According to him, the recent delivery of military hardware by the United States Government to Nigeria is a demonstration that the NSA was working and his recent foray to the U.S. is yielding the desired results.
“The season requires patriots and this means that irrespective of party affiliations, every politician worth his name needs to support ongoing security efforts as coordinated by the Office of the National Security Adviser, Mallam Nuhu Ribadu.
“Insecurity is colour blind, has no party affiliation, it is religious blind and those not respect societal status. Therefore, Nigerians, especially our political class, should lend their support, proffer solutions and galvanise the people to back the government’s security initiatives.
“Only on Tuesday, the federal government received critical military hardware from the United States Government. This is cheering and it shows that the NSA’s recent visit to the United States and the subsequent hosting of delegations in the country is bearing the desired results.
“Also, renewed military and police onslaughts against terrorists and bandits show that the federal government is taking the fight to those who are intent on denying us our peace and well-being.
“The least we can do as citizens is to support the government, provide real time intelligence from our communities and do not engage in fake news on social media against government’s efforts,” Onaiwu stated.
He further called on governors to match the energy of the federal government by supporting the NSA to address the various security challenges in their states as well as continued logistics and equipment to the military and police.
Ex-NGF Coordinator Onaiwu urges support for NSA security direction
News
Court Threatens Contempt Action Against IGP Over Alleged Disobedience in Anozie Abduction Case
Court Threatens Contempt Action Against IGP Over Alleged Disobedience in Anozie Abduction Case
By: Michael Mike
The Inspector General of Police (IGP), Kayode Egbetokun, is facing possible committal to prison following contempt proceedings initiated over an alleged failure to comply with a Federal High Court order relating to the abduction and disappearance of Mr. John Chukwuemeka Anozie.
The action was instituted by legal counsel to Mr. Anozie’s wife, Mr. Vincent Adodo, who accused the Nigeria Police Force under the leadership of the IGP of willfully disobeying a judgment delivered by the Federal High Court, Abuja, on September 24, 2025.
In the suit, marked FHC/ABJ/CS/865/2025 between Mrs. Nnenna Anozie v. Inspector General of Police, Justice Binta Nyako ordered the IGP to produce for prosecution operatives of the defunct Special Anti-Robbery Squad (SARS) alleged to have abducted Mr. Anozie from his Lekki residence in Lagos on June 15, 2017.
The court also directed the police authorities to forward the investigation report and legal advice on the matter to the Office of the Attorney General of the Federation for appropriate action.
The court further awarded ₦2 million in damages against the IGP for failing to respond to a Freedom of Information request submitted by Mrs. Anozie seeking details of investigations into her husband’s disappearance.
The SARS operatives listed in the judgment include officers attached to the former SARS unit in Akwuzu, Anambra State, who were accused of involvement in the alleged abduction.
According to court documents, despite being served with the judgment in October 2025, the IGP has neither complied with the orders of the court nor paid the damages awarded. This development prompted Mrs. Anozie’s legal team to initiate contempt proceedings by serving the IGP with Form 48 (Notice of Consequences of Disobedience to Court Order) and Form 49 (Notice of Committal to Correctional Centre).
The applicant is now seeking an order of court committing the IGP to Kuje Correctional Centre until he complies fully with the judgment.
The motion for contempt has been scheduled for hearing on February 9, 2025, before the Federal High Court, Abuja.
As of the time of filing this report, the Nigeria Police Force has not issued an official response to the contempt proceedings.
Court Threatens Contempt Action Against IGP Over Alleged Disobedience in Anozie Abduction Case
News
VP Shettima Lauds Massachusetts Tech Institute’s Impact On Global Innovation Ecosystem
VP Shettima Lauds Massachusetts Tech Institute’s Impact On Global Innovation Ecosystem
Urges African entrepreneurs to close ranks to fully harness continent’s huge potentials
By: Our Reporter
The Vice President, Senator Kashim Shettima, has lauded the transformative impact of the Massachusetts Institute of Technology (MIT) on the global entrepreneurship and innovation ecosystem that has raised over $1.5 billion dollars and created over 30,000 direct jobs in 20 years.
He, however, urged African entrepreneurs to close ranks in order to fully harness the continent’s huge potentials, leveraging MIT’s resource mobilization network and job creation opportunities.
The Vice President made the remarks on Wednesday when he received a delegation from Kuo Sharper Foundry Fellowship 2025-2026 led by MIT’s Executive Director for the Kuo Sharper Centre for Prosperity and Entrepreneurship, Dina Sherif, on a courtesy visit at the presidential villa.

Senator Shettima called for unity of purpose among African professionals and entrepreneurs, saying “Africa is the new frontier and future belongs to the continent but its people must unite to transform potentials into tangible results that impact lives and livelihoods.
“Africa is blessed with enormous human and material resources but its people must fuse into one to benefit from the tremendous opportunities that abound across the continent,” he added.

He disclosed that Nigeria President Bola Tinubu is daring to leverage available opportunities to transform the entire economy, noting that “President Tinubu is not afraid of taking bold decisions that will reposition Nigeria’s economy and better the lives of the livelihoods of the people.”
Earlier in her remarks, the leader of the delegation, Sherif, said the delegation was at the Presidential Villa to brief the Vice President on the activities of MIT’s Kuo Sharper Centre for Prosperity and Entrepreneurship, assuring that the Centre is dedicated to “fueling the engine of entrepreneurship across the world”.
She noted that the team was in Nigeria in view of the Kuo Sharper Foundry Fellowship programme, which, according to her, has helped to entrench the spirit of entrepreneurship across the continent.

Sherif underscored the significance of collaboration among African startups, noting that Nigeria is a leading country, as evidenced in the progress recorded by startups across the continent.
She further assured of improved support for African-based startups from the centre through its various initiatives.

Also present at the meeting with the Vice President were the Director General of the National Emergency Management Agency (NEMA), Mrs. Zubaida Umar, and some fellows of the Kuo Sharper Foundry Fellowship 2025 – 2026 Session across Africa.
VP Shettima Lauds Massachusetts Tech Institute’s Impact On Global Innovation Ecosystem
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