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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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Troops Raid Terrorist Enclaves in Katsina, Criminals Flee Before Contact

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Troops Raid Terrorist Enclaves in Katsina, Criminals Flee Before Contact

By: Zagazola Makama

Troops of 17 Brigade, in collaboration with local vigilantes, have conducted coordinated offensive operations on suspected terrorist enclaves across parts of Katsina State, forcing criminals to flee before troops’ arrival.

Security sources told Zagazola that the operation took place at about 0800 hours on May 10, 2026, targeting Kafin-Soli, Karaduwa, Maraban Musawa and Jikamshi villages in Kankia, Musawa and Matazu Local Government Areas of the state.

The sources said the clearance operation was part of ongoing efforts to dislodge criminal elements and deny them freedom of action within rural communities.

According to the sources, troops and vigilantes moved simultaneously into the identified locations but met no resistance as the suspected terrorists had fled prior to their arrival.

Military authorities said follow-up exploitation of the general area was ongoing to ensure the criminals do not regroup or return to the affected communities.

They added that troops will continue intelligence-led patrols and offensive operations across vulnerable areas in Katsina State to sustain pressure on criminal networks and restore normalcy.

Troops Raid Terrorist Enclaves in Katsina, Criminals Flee Before Contact

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Troops Ambush Terrorists in Kogi State, Neutralise One, Recover Arms and Cash

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Troops Ambush Terrorists in Kogi State, Neutralise One, Recover Arms and Cash

By: Zagazola Makama

Troops of 12 Brigade have successfully ambushed suspected terrorists along the Old Obajana–Jakura–Tajimi axis in Lokoja Local Government Area of Kogi State, neutralising one insurgent and recovering weapons, ammunition and other items.

Security sources said that the operation occurred at about 0450 hours on May 10, 2026, west of Meyanga and north of Adankolo Forest during a planned ambush operation.

The sources said troops made contact with the terrorists in the early hours of the day, leading to a brief exchange of fire.

According to the sources, one terrorist was neutralised during the engagement, while others fled the scene, abandoning their weapons and equipment.

Items recovered at the scene included two AK-47 rifles, six magazines loaded with 145 rounds of 7.62mm special ammunition, one locally fabricated pistol, one Motorola handheld radio, one motorcycle, and a sum of ₦62,900.

Other recovered items included a camouflaged bandolier, three mobile phones and additional sundry materials.

Military authorities said troops have continued exploitation of the general area to track fleeing suspects and prevent regrouping of criminal elements.

They added that operations in the axis remain ongoing as part of sustained efforts to dominate the environment and deny terrorists freedom of action.

Troops Ambush Terrorists in Kogi State, Neutralise One, Recover Arms and Cash

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Funding of Politics with State Funds: ActionAid Demands Impeachment of Governors Found Culpable

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Funding of Politics with State Funds: ActionAid Demands Impeachment of Governors Found Culpable

By: Michael Mike

Human rights and anti-poverty organisation, ActionAid Nigeria, has called for the immediate impeachment of any governor found guilty of using state resources to fund political campaigns ahead of the 2027 general elections.

The organisation made the demand in a statement issued on Tuesday in Abuja by its Country Director, Andrew Mamedu, following growing public concerns over alleged movement of huge sums of money by some political actors for campaign-related activities.

ActionAid Nigeria said the allegations have raised serious questions about the source of the funds allegedly being deployed for political mobilisation and consolidation of power ahead of the next election cycle.

Mamedu described the reports as disturbing and unacceptable, especially at a period when millions of Nigerians are grappling with economic hardship, rising inflation, insecurity, unemployment and worsening living conditions.

According to him, it would amount to a grave abuse of public trust if state resources meant for governance and development were diverted for partisan political purposes.

“It is appalling that at a time when Nigeria is drowning in debt, workers are struggling with the rising cost of living, public hospitals are underfunded, schools are collapsing, insecurity is spreading, and millions of Nigerians are battling hunger and extreme economic hardship, that any suggestion of public resources are being diverted or deployed for political campaigns,” he stated.

The organisation stressed that governors were elected to serve the people and not to convert state resources into what it described as “political war chests.”

ActionAid Nigeria challenged governors and political actors allegedly linked to the claims to publicly explain the source of the funds being used for political activities, insisting that Nigerians deserve transparency and accountability.

The group further urged anti-corruption agencies, including the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, as well as State Houses of Assembly, to commence immediate investigations into the allegations.

According to the organisation, any governor found culpable should face impeachment, prosecution and recovery of diverted public funds.

“Any governor who diverts public resources for political campaigns has violated public trust and abused the mandate given to them by citizens. Such individuals should not remain in office,” Mamedu said.

He warned that unchecked misuse of public resources could weaken democratic institutions and create an unfair political environment where incumbents enjoy undue advantage over other contestants.

The organisation also noted that while political parties have the right to organise campaigns and raise lawful support, such activities must not involve public funds, government assets or state institutions.

ActionAid Nigeria cited countries such as the United Kingdom, United States, Canada, Germany and South Africa as examples where strict accountability measures exist to prevent incumbents from using state resources for partisan political activities.

The organisation called on citizens, civil society groups, journalists, whistleblowers and anti-corruption advocates to remain vigilant and expose any suspicious use of public resources for political purposes ahead of the 2027 elections.

ActionAid Nigeria maintained that safeguarding democracy and protecting public resources must remain a collective responsibility of both institutions and citizens.

Funding of Politics with State Funds: ActionAid Demands Impeachment of Governors Found Culpable

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