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
Security operatives recover AK-47 rifle in Kaduna community
Security operatives recover AK-47 rifle in Kaduna community
By: Zagazola Makama
Security operatives in Kauru Local Government Area of Kaduna State have recovered an AK-47 rifle and ammunition from a fleeing suspect.
Zagazola learnt that the recovery was made at about 2:00 p.m. on Feb. 11, 2026, during a routine patrol along the Kauru–Unguwan Ganye Road.
Security sources said the patrol team received intelligence about a suspicious motorcycle rider heading toward the area.
Following the tip-off, the operatives immediately mounted a snap roadblock along the route.
On sighting the checkpoint, the rider reportedly abandoned his motorcycle, dropped a bag and fled into nearby bush paths.
A search of the abandoned bag led to the recovery of one AK-47 rifle with its breach number filed off, one magazine and one 6.2mm live ammunition.
Security personnel have since launched a manhunt for the fleeing suspect.
Security operatives recover AK-47 rifle in Kaduna community
News
Suspected IED explosion foiled at Bayelsa State Secretariat, suspect arrested
Suspected IED explosion foiled at Bayelsa State Secretariat, suspect arrested
By: Zagazola Makama
Security operatives have arrested a man following a suspected improvised explosive device (IED) incident at the Bayelsa State Secretariat in Yenagoa.
Zagazola reports that the explosion was heard on Feb. 11, 2026, at about 6:00 a.m., prompting an immediate response from police operatives attached to the Special Weapons and Tactics (SWAT) Unit.
Sources said that the suspect, identified as Pentecost Elijah, 60, of Otuan in Southern Ijaw Local Government Area, reportedly admitted to placing the suspected explosives in the secretariat complex.
According to preliminary investigations, the suspect claimed he sought to draw attention from the State Government due to perceived neglect.
The sources said that the area has been cordoned off, and Explosive Ordnance Disposal (EOD) teams, along with CBRN specialists, are conducting thorough sweeps of the complex. Authorities confirmed that the situation is currently under control, and investigations are ongoing.
Suspected IED explosion foiled at Bayelsa State Secretariat, suspect arrested
News
Korea, Kaduna Film Festival Spotlight Girl-Child Plight, Deepen Creative Ties
Korea, Kaduna Film Festival Spotlight Girl-Child Plight, Deepen Creative Ties
By: Michael Mike
The Kaduna International Film Festival (KADIFF), in collaboration with the Korean Cultural Centre in Nigeria (KCCN), has hosted a powerful screening of “Scars the Movie” alongside an intensive filmmaking workshop in Abuja, using cinema as a platform to confront social injustice and strengthen Nigeria–Korea cultural relations.
The event brought together filmmakers, actors, students and culture enthusiasts for a thought-provoking exploration of forced marriage, gender inequality and the transformative power of storytelling.
Scars the Movie follows the journey of Hasia, a 16-year-old girl with dreams of becoming a doctor, whose aspirations are crushed when her father forces her into marriage to settle a debt. Married off to an older wealthy man, she endures abuse, repeated miscarriages and isolation, while her education and independence are stripped away. The film lays bare the harsh intersection of poverty, patriarchy and silence that continues to affect vulnerable girls.
Speaking at the opening ceremony, Director of KCCN Abuja, Mr. Jeon Ju-ho, described the screening as deeply significant, noting that it addresses an issue that transcends borders.
“Today is of immense importance because it speaks about life — and not just life, but the life of a girl child,” he said. “A child forced into the role of a woman, and brutally so. These are conversations we must not avoid.”
He emphasized that film remains one of the most powerful tools for sparking dialogue and social reflection.
Director-General of KADIFF, Israel Audu, explained that the film was deliberately selected to spotlight challenges prevalent in parts of northern Nigeria.
“Hasia’s story represents the painful reality faced by many young girls whose dreams are sacrificed on the altar of poverty and cultural pressure,” Audu said. “This film exposes the emotional and generational scars such practices leave behind.”
Beyond the screening, participants engaged in a practical workshop covering directing, acting and cinematography, designed to strengthen technical capacity within Nigeria’s fast-growing film industry.
Audu noted that the partnership between KADIFF and KCCN reflects a broader commitment to creative collaboration between Nigeria and South Korea. He said cultural exchanges — from film festivals to K-drama, K-pop, language classes, Taekwondo and culinary programs — have helped build mutual understanding between both nations.
According to him, more than 300,000 Nigerians have participated in Korean cultural programmes, gaining new skills and global exposure.
“These collaborations are not just about entertainment,” he said. “They are about knowledge transfer, talent development and economic opportunity. By sharing filmmaking techniques and nurturing creative talent, we can develop a richer, blended cinematic identity.”
The event underscored how film can serve as both a mirror and a bridge — reflecting societal challenges while connecting cultures across continents.
As discussions continue around protecting the rights of the girl-child and expanding Nigeria’s creative economy, stakeholders say partnerships like this demonstrate how art, when supported by international cooperation, can inspire change and deepen diplomatic ties.
Korea, Kaduna Film Festival Spotlight Girl-Child Plight, Deepen Creative Ties
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