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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
80 militants surrender arms, embrace amnesty in Cross River
80 militants surrender arms, embrace amnesty in Cross River
By: Zagazola Makama
No fewer than 80 militants operating in the creeks of Akpabuyo Local Government Area of Cross River State have voluntarily surrendered their arms and embraced the state government’s peace and reintegration Amnesty framework.
The militants came out in large numbers from the creeks on Friday at Atimbo Rear Area under Operation OKWOK, within the Area of Responsibility of Headquarters 13 Brigade, Nigerian Army and is already being described by as a strategic breakthrough in the fight against coastal militancy and maritime crime in southern Cross River.

Security sources told Zagazola Makama that the surrender was the outcome of months of sustained military pressure combined with discreet dialogue involving community leaders, government officials and security agencies.
Two militant camps dismantled themselves in one coordinated move. The first camp, headed by ThankGod Ebikontei, popularly known as Ayibanuagha, presented 39 fighters. Four additional members, officials said, are expected to report in the coming days.
The second camp, commanded by John Isaac, alias Akpokolo, brought forward 41 fighters. His group, widely known along the waterways as the Akpokolo Marine Forces or “Border Boys,” had controlled large stretches of creeks linking Cross River to neighbouring coastal corridors.
Ten more of his fighters are also expected to join the amnesty process. In total, 80 militants formally stepped out of the creeks and into a state-supervised disarmament and rehabilitation programme.
The disarmament was not symbolic. A significant cache of weapons, equipment and operational assets was voluntarily handed over, illustrating the firepower the groups once commanded.
The sources said that items surrendered included AK-47 rifles, pump-action guns, a Mark 4 rifle, a G3 rifle, multiple single-barrel guns, magazines, speedboats, high-powered boat engines, locally fabricated pistols and assorted military kits.
Of particular concern to security officials was the surrender of an explosive charge and live ammunition, which draw to the attention of the destructive capacity the groups had at their disposal. Also surrendered were machetes, camouflage clothing, tactical vests, knee and elbow guards, and communication tools, all of which painted a picture of organised armed groups rather than loosely structured criminal gangs.

For the Nigerian Army, the scale and quality of the surrendered items confirmed that the amnesty was reaching core actors, not just foot soldiers.
Brig.-Gen. P.O. Alimikhena, Commander of 13 Brigade, Nigerian Army, described the development as a “confidence-building milestone” that validates the military’s dual-track strategy.
“This voluntary surrender shows that consistent operations, combined with constructive dialogue and strong collaboration with the Cross River State Government and other security agencies, can deliver peace,” Alimikhena said.
“We will continue to secure the environment while supporting lawful initiatives that reintegrate repentant youths and ensure lasting stability.”he said.
Military sources said the success in Akpabuyo followed intensified patrols, improved intelligence flow and engagement with local power structures in creek communities.
After the formal disarmament, the former militants were handed over to the Cross River State Government’s Rapid Response Team.
They are currently undergoing profiling by the Department of State Services (DSS) at Muka Sam Hotel in Ikot Ansa, Calabar.
The exercise is designed to verify identities, assess security risks and determine eligibility for rehabilitation, skills training and reintegration support. Officials said the profiling phase is crucial to ensuring that only genuine repentant militants benefit from the programme and that criminal elements do not exploit the amnesty.
Akpabuyo Local Government Area sits along a strategic maritime corridor that links Cross River’s inland communities to coastal and cross-border trading routes. For years, militancy in the area has affected fishing, boat transport, palm produce trade and cross-border commerce with Cameroon.
Sea robbery, illegal taxation of fishermen, extortion and violent turf battles turned the creeks into zones of fear. The collective withdrawal of two major camps in one day is therefore both a psychological and operational shift. It sends a signal that militancy is no longer the dominant survival strategy for youths in the area.
The Nigerian Army credited the success of the Akpabuyo amnesty to what it called “effective civil-military collaboration,” singling out the Cross River State Government under Gov. Bassey Edet Otu for sustained political backing, coordination and logistical support.
Sources said the state government’s willingness to invest in dialogue, rehabilitation and youth empowerment made the option of peace more attractive than continued life in the creeks.
Beyond the powerful images of surrendered weapons and surrendered men, officials insist the hardest phase lies ahead. Reintegration, monitoring and economic re-engagement will determine whether the peace holds or unravels.

Headquarters 13 Brigade has reaffirmed its commitment to consolidating the gains, warning that while the door to peace remains open, security forces will maintain pressure against any group that chooses violence over dialogue.
They has urged the public to continue providing timely and credible information to security agencies, stressing that the breakthrough in Akpabuyo is not an endpoint, but the foundation for a safer and more stable Cross River State.
80 militants surrender arms, embrace amnesty in Cross River
News
Zulum Dismisses Claims of Favoring Candidates for APC Congress
Zulum Dismisses Claims of Favoring Candidates for APC Congress
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has firmly dismissed rumours circulating that he has anointed individuals for executive positions in the forthcoming All Progressives Congress (APC) party congresses.
In a statement by his Special Adviser on Media, Dauda Iliya, the Governor described the claims as the handiwork of mischief-makers seeking to cause disaffection within the party.
Governor Zulum emphasised that he has not in any fora endorsed any candidate for any party position, whether in Gwoza Local Government Area or any of the state’s 27 local government areas.
“Let me categorically state that I have not anointed any person for the position of Chairman or Secretary of APC in Gwoza local government in the forthcoming party congress. I wish to also stress that I have not anointed any person for any position in the APC congress in any of the 27 local government areas,” Governor Zulum stated.
He further called on party members to disregard the false information, saying, “I am calling on our party faithful and supporters to disregard the rumour as it is a calculated attempt to create disaffection and derail the party from its trajectory.”
The Governor instead urged party stakeholders to continue constructive consultations aimed at identifying credible candidates to be fielded for all party positions.
Zulum Dismisses Claims of Favoring Candidates for APC Congress
News
VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration
VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration
By: Our Reporter
Vice President Kashim Shettima has arrived in Conakry, the capital of Guinea, to represent President Bola Ahmed Tinubu at the inauguration of President-elect Mamady Doumbouya.

The Vice President was received by senior Guinean government officials and members of the Nigerian diplomatic corps ahead of the official ceremony, which is scheduled to take place on Saturday, January 17, at the GLC Stadium in Nongo.

The inauguration of President Doumbouya follows his victory in the December 2025 general elections, signalling the formal end of a four-year military transition.

The Vice President’s attendance at the inauguration affirms Nigeria’s leadership role within the Economic Community of West African States (ECOWAS) and its commitment to the restoration of constitutional order across the sub-region.

Under President Tinubu’s Renewed Hope agenda, Nigeria has continued to position itself as a stabilising force, advocating for democratic governance as a prerequisite for regional prosperity.

The visit also serves as a strategic mission to expand the economic corridor between the two West African nations.
VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration
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