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 Intercept Suspected Terrorist Logistics Supplier, Seize PMS in Borno
Troops Intercept Suspected Terrorist Logistics Supplier, Seize PMS in Borno
By: Zagazola Makama
Troops of Operation HADIN KAI have arrested a suspected ISWAP/JAS logistics supplier and intercepted a large quantity of Premium Motor Spirit (PMS) concealed in a tricycle in Borno State.
Security sources said the suspect was apprehended at about 9:10 a.m. on April 21 by troops of 159 Battalion at a checkpoint within Sector 2 Area of Responsibility.

The suspect was reportedly conveying PMS concealed in 15 sacks, disguised with bags of sachet water in an attempt to evade detection.
Preliminary investigations indicated that the consignment was being transported to Kanama town and neighbouring communities around Dikwa and Bultuwa, areas believed to be within terrorist influence.
Items recovered from the suspect include a mobile phone and the sum of ₦34,950.
The sources said the suspect and recovered exhibits are in military custody for further investigation and necessary action.
They added that the interception forms part of ongoing operations aimed at disrupting terrorist logistics networks and denying them access to critical supplies across the North-East theatre.
Troops Intercept Suspected Terrorist Logistics Supplier, Seize PMS in Borno
News
Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents
Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents
By: Zagazola Makama
Troops of Operation HADIN KAI have repelled a Boko Haram/ISWAP terrorist infiltration into Kanama town, neutralising four insurgents during a swift response operation in Borno State.
Security sources said the incident occurred at about 6:00 p.m. on April 22 when troops of 159 Battalion, deployed in Kanama, responded to sounds of gunfire within the town.

On arrival, the troops reportedly discovered that terrorists had infiltrated parts of the community.
The troops immediately made contact and engaged the attackers with disciplined fire, forcing them to retreat in disarray.
Subsequent exploitation of the general area led to the neutralisation of four terrorists.
One member of the Civilian Joint Task Force (CJTF) sustained injuries during the encounter and has been evacuated for medical attention.

No military equipment was lost during the operation.
Items recovered from the terrorists include two torchlight mobile phones and the sum of ₦21,000.
Security sources said the general situation across the theatre remains calm but unpredictable, while troops’ morale and fighting efficiency remain high.
Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents
News
UK–Nigeria Trade Mission Deepens Education, Skills Partnership
UK–Nigeria Trade Mission Deepens Education, Skills Partnership
By: Michael Mike
A high-level United Kingdom trade mission on education and skills has concluded a week-long skills and schools trade mission to Nigeria, laying a solid foundation for expanded collaboration in education and workforce development between both countries.
The mission, which ran from April 19 to 23 in Abuja and Lagos, brought together leading UK private schools, skills providers and education institutions with Nigerian stakeholders, including policymakers, investors and school operators.
Organised by the UK Department for Business and Trade, the engagement is part of the UK’s broader International Education Strategy, which identifies Nigeria as one of five priority markets for global education partnerships. The initiative is being championed by Steve Smith, who is expected to return to Nigeria later this year to sustain momentum.
The mission builds on diplomatic and educational engagements during a recent state visit to the United Kingdom in March, further reinforcing the growing importance of education within UK–Nigeria bilateral relations.

At the heart of discussions was the expansion of in-country delivery of British education, including the establishment of internationally recognised UK schools in Nigeria, as well as the development of industry-aligned skills programmes, particularly in Technical and Vocational Education and Training (TVET).
In Abuja, the delegation held high-level talks with Nigeria’s Minister of Education, Tunji Alausa, securing strong political backing for deeper institutional cooperation. Both sides explored pathways for partnerships that would strengthen Nigeria’s education system while equipping young people with skills tailored to labour market demands.
The delegation also visited several British curriculum schools and colleges in Abuja and Lagos, gaining first-hand insight into teaching standards and operational models already in place within Nigeria.
Speaking at the conclusion of the mission, British Deputy High Commissioner, Jonny Baxter, highlighted education as a key pillar of bilateral engagement.
“The UK and Nigeria share a deep and longstanding relationship, and opportunities in education are one of its most exciting frontiers,” he said, noting that the mission demonstrated “strong appetite on both sides to deepen collaboration.”
He added that connecting UK institutions with Nigerian partners would help build sustainable, in-country education systems, while positioning Nigeria as a regional hub for high-quality learning.
Also reflecting on the mission, Sarah Chidgey described the initiative as a practical demonstration of the UK’s education strategy in action.
According to her, progress in UK–Nigeria education collaboration has grown steadily since her first visit in 2022, with the current mission reinforcing mutual commitment to expanding access, quality, and innovation in the sector.
The delegation included representatives from prominent UK institutions such as Harrow International School, The King’s School Canterbury, Whitgift School, Bedford School, and Pearson, among others.
The mission concluded with a robust pipeline of follow-up activities, including one-on-one engagements, memorandum of understanding (MoU) discussions, and agreed next steps aimed at translating dialogue into tangible partnerships.
Analysts say the initiative signals a shift toward more structured and commercially viable education cooperation between both countries, with potential benefits spanning student mobility, local capacity building, and skills development aligned to Nigeria’s economic priorities.
With sustained engagement expected in the months ahead, stakeholders believe the mission could mark a turning point in positioning Nigeria as a major destination for international education investment in Africa.
UK–Nigeria Trade Mission Deepens Education, Skills Partnership
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