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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
Security forced arrested three over illegal arms dealings in Bauchi
By: Zagazola Makama
Three men have been arrested for allegedly engaging in illegal weapons dealings in Bauchi State, security sources said.
The suspects, identified as Peter Pama and Saleh Monday, both of Iburu, and Sunday Makama of Kasuwan Magani, were apprehended on Feb. 17 following intelligence on illicit arms activities.
Zagazola gathered that one locally fabricated AK-47 rifle and one fabricated pump-action gun from the suspects.
Investigations into the case are ongoing as security agencies work to determine the full extent of the arms network.
Security forced arrested three over illegal arms dealings in Bauchi
Joint troops repel bandit attack in Katsina, neutralise two and recover motorcycle
By: Zagazola Makama
Joint troops of Operation FANSAN YANMA have repelled an armed bandit attack in Gida Soda Village, Katsina State, neutralising two attackers and recovering a motorcycle, security sources said.
The incident reportedly occurred at about 12:45 a.m. on Feb. 17 when suspected bandits stormed the village. Troops, acting promptly in coordination with local police and Civil Watch Patrol Teams, engaged the attackers in an intense gunfight, forcing the criminals to flee.
During the operation, two of the bandits were neutralised, and a Boxer-brand motorcycle belonging to the group was recovered.
Tragically, one resident, Hassana Muhammad, 30, was reportedly fatally shot during the attack. She was rushed to Dansoda Hospital, where she was pronounced dead by medical personnel.
Sources said efforts to track fleeing bandits and secure the area are ongoing.
Joint troops repel bandit attack in Katsina, neutralise two and recover motorcycle
AACIS’26 Set to Open $40 Trillion Africa-Caribbean Market
By: Michael Mike
The 2026 edition of the Aquarian Consult’s Afri-Caribbean Investment Summit (AACIS’26) will focus on boosting trade, investment, and private sector partnerships between Africa and the Caribbean, targeting a combined market valued at $40 trillion across Africa, the Caribbean, and the Americas.
The Chief of Staff of Aquarian Consult Ltd, Serumun Ubwa, disclosed this while briefing journalists in Abuja, ahead of the summit scheduled for March 23–28, 2026.
She described AACIS as a strategic platform designed to connect African businesses with Caribbean partners, attract foreign investment, and promote sustainable economic collaboration across key sectors.
Ubwa highlighted that the inaugural AACIS in 2025 achieved landmark outcomes, including the establishment of the first direct flight from Africa to Saint Kitts and Nevis, the signing of Memoranda of Understanding in agriculture and cultural exchange, and a $40 million deep-water port agreement. She said these successes set the stage for the 2026 summit, which will expand opportunities for trade and investment.
She revealed that the 2026 summit will introduce two specialized events: the Afri-Caribbean Agriculture and Food Security Summit (March 23–24) and the Afri-Caribbean Health Summit (March 26), running alongside the main Investment Summit from March 25–28.
“By focusing on agriculture and healthcare, we aim to strengthen regional cooperation, enhance food security, open new export markets for African producers, and support policy frameworks that reduce import dependence in the Caribbean,” Ubwa said.
She added that the summit will feature structured Business-to-Business (B2B) and Business-to-Government (B2G) matchmaking sessions, an Investor Deal Room managed by investment promotion agencies, and sector-specific engagements in agriculture, healthcare, pharmaceuticals, renewable energy, tourism, digital technology, and the creative economy.
Ubwa added that over 2,000 participants are expected, including current and former heads of government, sovereign wealth funds, multilateral institutions, and private sector leaders. She emphasised that AACIS seeks to strengthen South-South cooperation and increase Africa-Caribbean trade, which currently represents less than one per cent of total trade between the regions.
Interested participants are expected to register for the summit at www.aquarianconsult.com/AACIS.
AACIS’26 Set to Open $40 Trillion Africa-Caribbean Market
Bandit attack in Zamfara leaves one dead, three abducted
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Joint troops repel bandit attack in Katsina, neutralise two and recover motorcycle
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