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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
Cuban Embassy Honours Fidel Castro Nine Years After His Passing
Cuban Embassy Honours Fidel Castro Nine Years After His Passing
By: Michael Mike
The Cuban Embassy in Nigeria has held a commemorative gathering to mark nine years since the death of Fidel Castro, with Ambassador Miriam Morales Palmero leading the tribute to the late Cuban leader whose influence, she said, continues to shape global struggles for justice.
Addressing diplomats, government officials, and members of Nigeria’s Cuba-friendship community, Ambassador Morales Palmero said the annual remembrance carries deep meaning for the Cuban people and remains a moment to reflect on the principles Castro championed throughout his lifetime.

She thanked attendees for what she described as a visible expression of the strong ties between Cuba and Nigeria, noting that solidarity between both nations “remains a living and unbreakable link.”
The ambassador described Castro as a figure whose impact went far beyond politics. She portrayed him as a global moral voice, committed to defending the disadvantaged and speaking out against oppression in all forms.
She said: “His (Castro) life was defined by dedication to just causes,” adding that his legacy reaches beyond Cuba’s borders to all who pursue a more equitable world.
Morales Palmero also highlighted Castro’s longstanding connection to Africa, recalling his admiration for countries on the continent and the mutual respect he cultivated with African leaders and liberation movements. According to her, Castro viewed Africa not only as a partner but as a source of resilience and inspiration.
Although Castro died in 2016, the envoy emphasized that his influence persists. She told the audience that Castro’s ideals, consistency, and loyalty to principle continue to serve as a guide for people who remain committed to justice and dignity. “Fidel did not disappear,” she said. “His example endures.”
The programme featured the screening of the documentary “Fidel is Fidel,” which presents key moments from Castro’s life and leadership. Organizers said the film was chosen to give audiences a renewed sense of the personal qualities—discipline, conviction, and humanity—that shaped his decades of public service.
The evening ended with expressions of continued friendship between Cuba and Nigeria, reaffirming shared commitments to solidarity and cooperation—values central to Castro’s worldview.
Cuban Embassy Honours Fidel Castro Nine Years After His Passing
News
ActionAid Secretary-General Praises Nigerians’ Warmth, Urges Government to Scale Up Community-Based Solutions
ActionAid Secretary-General Praises Nigerians’ Warmth, Urges Government to Scale Up Community-Based Solutions
By: Michael Mike
The Secretary-General of ActionAid International has applauded Nigerians for their hospitality and resilience during his maiden visit to the country, describing Nigeria as “an impressive nation whose people embody warmth, courage, and a strong sense of community.”
Speaking during a field visit to a women-led community empowerment programme in Abuja as part of activities marking ActionAid Nigeria’s 25th anniversary, the global head of the development organisation said he arrived with mixed expectations but was quickly won over by the sincerity and openness of ordinary Nigerians.
“I had heard many things about Nigeria before coming, some of them told in jest, like the idea that you haven’t truly visited Africa until you’ve visited Nigeria,” he said. “But over the past three days, I’ve been moved by the kindness of the people and the genuine willingness to help. It has left me with a very strong, positive impression.”
Reflecting on the organization’s two-and-a-half decades in the country, the Secretary-General said the true measure of impact lies not in written reports but in the lived experiences of people who have benefited from the programs.
“Listening to women and young people speak confidently about how trainings and community support have transformed their lives is the clearest sign of impact,” he noted. “When people speak from a position of power and agency, you know development work is reaching the right places.”
He added that ActionAid will deepen its investments over the coming years—especially in women and young people—because these groups play a pivotal role in driving sustainable change at both community and national levels.
The Secretary-General urged the Nigerian government to recognize the vital role civil society organizations play in development and to ensure a supportive environment for their operations.
“When organizations like ActionAid thrive, entire communities thrive with them,” he said. “The government must acknowledge this and create conditions that allow civil society to operate effectively.”
However, he stressed that NGOs alone cannot achieve nationwide transformation.
“Non-governmental organizations can only reach a limited number of communities. Government has the mandate, the resources, and the long-term responsibility to deliver services at scale,” he explained. “Our job is to demonstrate what works. Government’s job is to expand it.”
He also highlighted education as a non-negotiable priority for Nigeria’s development.
“No country can achieve meaningful transformation without investing in education,” he said. “Budget decisions must reflect this reality, and every expenditure should have a direct impact on communities.”
His visit concluded with renewed commitments from ActionAid International to strengthen partnerships, expand grassroots initiatives, and support Nigerian communities in achieving long-term, people-driven development.
On his part, the Country Director of ActionAid Nigeria, Dr. Ahmed Mamedu reiterated the need for urgent government investment in underserved communities across the Federal Capital Territory (FCT) as well as other parts of the country, particularly those facing severe infrastructural and social service gaps.
He made the appeal during a field visit to Pasepa community, one of several hard-to-reach areas where ActionAid has worked for more than a decade.
Mamedu explained that the visit formed part of the anniversary celebrations, which include showcasing communities where ActionAid has driven long-term development initiatives. He noted that Pasepa, like many others in the FCT, reflects the reality of deep rural poverty often overlooked in discussions about Abuja.
He noted that: “Many people assume Abuja is all about the city’s glamour, but Pasepa is also part of the FCT,” adding that: “Coming here reveals what daily life looks like for people living in real poverty — difficult terrain, limited infrastructure, and minimal access to essential services.”
He said ActionAid has worked in Pasepa for over 12 years, partnering with local stakeholders to build community structures, strengthen accountability, and push for government responsiveness. Despite notable progress, but lamented that the reality on ground remains far from satisfactory.
“Are we impressed with what we are seeing here? The answer is no,” he stated. “We can definitely do better. We want to see more impact, more livelihood opportunities, and improved access to social services.”
He said one of the most striking observations during the visit was the steady stream of political actors entering the community, insisting that this is evidence that leaders are aware of the community’s challenges — and capable of reaching it when seeking support.
“If politicians can find their way here during the political season, then they can also bring infrastructure and amenities,” he said. “We expect that in the next few months and years, returning to this community will reveal concrete improvements.”
He stressed that such development is not only overdue but essential for improving the lives of thousands of residents.
He said the visit was also an opportunity for the Secretary-General of ActionAid International to directly experience the conditions in Nigeria’s marginalized communities.
“This visit allows him to hear the voices of the people firsthand and understand the depth of the work we do,” he added.
ActionAid Nigeria says it will continue supporting rural communities while advocating stronger government accountability and sustained investment in critical social infrastructure.
ActionAid Secretary-General Praises Nigerians’ Warmth, Urges Government to Scale Up Community-Based Solutions
News
Mining: FG Finalizes Plans to Reduce Release of Mercury into Atmosphere in Nigeria
Mining: FG Finalizes Plans to Reduce Release of Mercury into Atmosphere in Nigeria
By: Michael Mike
The federal government is finalizing plans aimed at direct reduction of excess emissions and release of mercury into the environment from Artisanal and Small-scale Gold Mining (ASGM) activities in the country.
The effort is spearheaded by the Federal Ministry of Environment in collaboration with the Federal Ministry of Solid Minerals Development and funded by the Global Environment Facility (GEF).
The Minister of Environment, Balarabe Lawal, during an inception workshop organized at the weekend, in Abuja, to enhance the formalization of a mercury-free gold in Nigeria, revealed that they are collaborating together to forge a future where Nigeria’s gold resources are harnessed responsibly, without compromising the health of the people or the integrity of the environment
Lawal, who was represented by the ministry’s permanent secretary, Mahmud Kambari, said the artisanal and small-scale gold mining (ASGM) sector represents a notable contributor to Nigeria’s economy, and offers livelihoods to many, but, however worried that the sector presents a complex challenge due to the widespread use of mercury.
He decried that this has been identified as a potent neurotoxin with devastating consequences for human health and the environment.
He said: “Mercury is a highly toxic substance that can contaminate water sources and soil, leading to serious environmental and health problems. It can bioaccumulate in the food chain, leading to long-term health effects in humans and wildlife. In addition, mercury pollution can persist in the environment for decades, causing harm to ecosystems and biodiversity.”
Lawal disclosed that Nigeria, as a signatory to the Minamata Convention on Mercury, demonstrated its commitment by developing a National Action Plan (NAP) for the reduction and eventual elimination of mercury use in Artisanal and Small-scale Gold Mining (ASGM) in Nigeria between 2017 and 2020.
The Minister said the present collaboration under the GEF GOLD+ Nigeria Project builds upon the foundation laid by the NAP and represents a significant step forward in their commitment to tackling mercury pollution in the ASGM sector. He further reiterated that the project aligns perfectly with Nigeria’s national environmental policies and its obligations under the Minamata Convention on Mercury, adding that its focus on a holistic, multi-sectoral approach, integrating formalization with the adoption of mercury-free technologies and access to traceable supply chains, offers a sustainable pathway for the sector’s development.
On his part, the Permanent Secretary, Ministry of Solid Mineral Development, Engr. Faruk Yabo noted that Nigeria stands at the forefront of efforts to formalize the ASGM sector and reduce mercury use, in line with the Minamata Convention and the Sustainable Development Goals.
Yabo revealed that the by this project initiative, Nigeria is not only joining the global community efforts, but is setting an example for other nations—demonstrating that economic development and environmental stewardship can go hand in hand.
He said: “This project is designed to support policy reforms, strengthen institutional capacity, empower mining communities, and enhance access to finance for artisanal and small-scale miners. Improving financial inclusion is critical to enabling miners to invest in cleaner technologies, adopt safer practices, and transition toward formal and sustainable operations. By fostering partnerships across government, industry, and civil society, we aim to create an enabling environment where miners can thrive economically while safeguarding health and ecosystems.”
In a message at the event, United Nations Industrial Development Organisation (UNIDO), said; “By this project initiative, Nigeria is not only joining the global community efforts, but is setting an example for other nations—demonstrating that economic development and environmental stewardship can go hand in hand.”
It noted that: “This project is designed to support policy reforms, strengthen institutional capacity, empower mining communities, and enhance access to finance for artisanal and small-scale miners. Improving financial inclusion is critical to enabling miners to invest in cleaner technologies, adopt safer practices, and transition toward formal and sustainable operations. By fostering partnerships across government, industry, and civil society, we aim to create an enabling environment where miners can thrive economically while safeguarding health and ecosystems.
“UNIDO is committed to partner with the Government of Nigeria in driving this important transformation. In line with our mandate, to promote inclusive and sustainable industrial development, our commitment extends beyond the life of this project. We will continue to deliver technical expertise, facilitate knowledge exchange, and leverage international networks to attract resources and partnerships. Together, we aim to position Nigeria’s ASGM sector as a benchmark for sustainability, inclusiveness, and innovation—contributing to economic growth, environmental protection, and social well-being.”
Mining: FG Finalizes Plans to Reduce Release of Mercury into Atmosphere in Nigeria
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