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
Troops ambush terrorists along Marte–Dikwa road, recover logistics in Borno
Troops ambush terrorists along Marte–Dikwa road, recover logistics in Borno
By: Zagazola Makama
Troops of Operation Hadin Kai have successfully ambushed Boko Haram/ISWAP terrorists along the Marte–Dikwa axis of Borno, forcing them to flee and abandoning logistics items.
A military source said the operation was conducted in the early hours of Thursday by a combined team of 50 Task Force Battalion/24 Task Force Brigade and 134 Special Forces Battalion, supported by volunteer forces.
The source disclosed that the troops, who had laid in wait at Momoh village along the Marte–Dikwa road, made contact with the insurgents moving on bicycles at about 12:45 a.m.
“On sighting the terrorists, the troops engaged them decisively, compelling them to retreat in disarray,” the source said.
He added that troops immediately carried out exploitation of the general area, leading to the recovery of eight bicycles believed to have been used by the insurgents for mobility, as well as some beverages suspected to be part of their logistics supply.
The Marte–Dikwa axis has remained a critical corridor in counter-insurgency operations, with sustained military pressure limiting the activities of insurgents in the area.
The source reaffirmed the commitment of troops to sustain aggressive operations to deny terrorists freedom of action and ensure the safety of communities across Borno.
Troops ambush terrorists along Marte–Dikwa road, recover logistics in Borno
News
Army troops neutralized 8 Boko Haram in Borno failed attack, recover arms
Army troops neutralized 8 Boko Haram in Borno failed attack, recover arms
By: Zagazola Makama
Troops of Operation Hadin Kai have successfully repelled a coordinated attack by Boko Haram/ISWAP terrorists on a Forward Operating Base in Mandaragirau, Borno, killing several insurgents and recovering arms and ammunition.
A military source told Zagazola Makama that the attack occurred in the early hours of Saturday when terrorists advanced from multiple directions toward the base.
According to the source, troops who had taken ambush positions engaged the insurgents with superior firepower, forcing them to retreat in disarray.
“The troops demonstrated resilience and tactical superiority, effectively repelling the assault and immediately launching a counter-exploitation along the terrorists’ withdrawal route, inflicting further casualties on the fleeing insurgents,” the source said.

He confirmed that no personnel of the Nigerian military was killed during the encounter, although one Mine-Resistant Ambush Protected (MRAP) vehicle was hit by a rocket-propelled grenade.
The source added that at least eight terrorists were neutralised during the operation, while troops recovered seven AK-47 rifles, eight magazines, four RPG bombs, and a cache of ammunition.
“Blood trails were observed along the withdrawal routes, indicating that several other insurgents escaped with gunshot wounds,” he said.
He further disclosed that injured personnel from the encounter were currently receiving treatment at a military medical facility in Biu.
Zagazola gathered that additional bodies of fleeing terrorists were sighted along their escape corridors toward the Timbuktu Triangle, a known insurgent enclave. We saw four more bodies,” said sources.
The military sources also revealed that abandoned weapons and casualties were observed in Garin Mallum and Garin Gajere, suggesting heavy losses suffered by the insurgents during the failed attack.
The military leadership urged to sustain the operational tempo, retain the initiative, and consolidate on the gains recorded against the insurgents.
Army troops neutralized 8 Boko Haram in Borno failed attack, recover arms
News
Nigeria Positions Itself for Global Space Leadership at Satellite Week 2026
Nigeria Positions Itself for Global Space Leadership at Satellite Week 2026
By: Michael Mike
Nigeria is set to sharpen its policy direction in the global space ecosystem as Nigerian Communications Satellite Limited prepares to host the 2026 Nigerian Satellite Week in Abuja.
The Managing Director of Nigerian Communications Satellite Limited, Jane Egerton-Idehen, disclosed this in a statement issued by the agency’s Head of Corporate Communications, Stephen Kwande, noting that the event will convene top government officials, regulators, and international stakeholders to shape the future of satellite governance and digital infrastructure.
Egerton-Idehen said the forum is coming at a critical time when countries around the world are strengthening their space capabilities as part of broader national development strategies.
According to her, satellite technology is increasingly linked to economic growth, national security, and digital connectivity, making strategic investments in space infrastructure a priority for many nations.
She explained that the conference is expected to attract high-level participation, including cabinet members, defence authorities, development finance institutions, and technology innovators from across Africa.
The NIGCOMSAT boss also highlighted Nigeria’s growing influence in global space policy, pointing to her emergence as Vice Chair of the Global Satellite Operators Association as a sign of the country’s expanding role in international satellite governance.
She further cited ongoing collaboration between Nigeria and the Kenya Space Agency as part of broader efforts to strengthen partnerships within Africa’s evolving space ecosystem.
Egerton-Idehen described the upcoming satellite week as both a reflection of Nigeria’s 20-year journey in satellite development and a strategic platform to define the country’s next phase in an increasingly competitive global space economy.
Nigeria Positions Itself for Global Space Leadership at Satellite Week 2026
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