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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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Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

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Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

By Comrade Philip Ikodor

KADUNA – When a soldier falls in the line of duty, the echoes of the final salute eventually fade, but for the families left behind, a silent and grueling battle begins. While these brave men defended the nation’s sovereignty with courage, their widows are often left to navigate a minefield of poverty, trauma, and social isolation.

In a decisive move to address these challenges, the Ashlee Momoh Foundation (AMF) held a special outreach event at the Golden Orange Gate Hotel in Kaduna State on Thursday, May 21, 2026. The initiative sought to provide a lifeline to the families of departed heroes, framed not as charity, but as a profound national debt of gratitude.

The Chairperson and CEO of the Foundation, Princess Ashlee Momoh, emphasized that the AMF remains committed to ensuring no widow walks alone. She noted that the sacrifice of a soldier continues in the quiet hallways of homes where wives suddenly become sole providers.

“Many military widows face a daunting reality: sudden loss of income, housing insecurity, and a lack of access to specialized mental health support,” Princess Momoh stated. “Unless intentional interventions are made, these families remain trapped in a cycle of hardship that dishonors the legacy of the departed. Your story does not end in sorrow; it continues in purpose.”

Princess Momoh outlined the Foundation’s three strategic pillars designed to bridge the gap between loss and self-sufficiency:

Economic Independence: Providing small business grants, financial literacy, and vocational skills to restore dignity and autonomy.

Securing the Future: Offering scholarships and tuition assistance so that children do not pay for their fathers’ patriotism with their education. Emotional Fortitude: Establishing counseling and wellness groups to ensure widows are seen, heard, and sustained.

The Chairperson called for a “whole-of-society” approach, urging the government, private sector, and philanthropic organizations to join in collective action. While government intervention is pivotal, she noted that partnerships are essential to scaling the impact of these programs.

The event featured the distribution of empowerment gift items and the announcement of new scholarship awards. Prominent guests, partners and volunteers in attendance included Special Guests of Honor, Air Commodore Chris Dola (Rtd), PhD, and General Brown Yakubu (Rtd), CEO of Golden Orange Gate Hotel, both of whom delivered goodwill messages and also contributed immensely in support of the Foundation’s mission.

Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

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Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation

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Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation

By: Zagazola Makama

The Government of Mali has lodged a formal diplomatic protest with the Kingdom of Saudi Arabia over recent media reports concerning the security situation in northern Mali, particularly around the Kidal region.

The protest follows broadcasts by Saudi-based media outlets Al Arabiya and Al Hadath, which Bamako described as misleading and damaging to the image of the Malian Armed Forces (FAMa).

In a statement issued by the Ministry of Foreign Affairs on May 17, 2026, the Malian authorities accused journalist Ibrahim Moustapha, correspondent for the two networks, of entering the country “illegally” and operating in “flagrant violation of Mali’s sovereignty.”

The government further alleged that the journalist may have had links with armed groups operating in the region, an accusation the authorities extended to the content of the reports aired by the networks, which Bamako described as “false, unfounded and aimed at undermining national institutions.”

The reports in question reportedly focused on security developments in northern Mali, including the Kidal axis, an area where state authority has faced persistent challenges from armed groups.

The diplomatic note also warned that such reporting could strain relations between Mali and Saudi Arabia, a country Bamako described as a “long-standing friend and partner.”

The development comes amid ongoing debate over press freedom and media access in Mali, where international organisations have repeatedly raised concerns about restrictions on journalists and shrinking civic space under the transitional authorities.

Observers note that Mali has in recent years tightened oversight of media operations through regulatory bodies, including suspensions of outlets and prosecutions linked to alleged dissemination of false information.

Bamako’s action has renewed discussion on the role of journalists in conflict zones, with media rights advocates maintaining that independent reporting remains a core element of international humanitarian law, provided journalists do not take part in hostilities.

Tensions reportedly escalated further after Al Arabiya broadcast footage showing Malian soldiers allegedly held captive in the north, a development the government also condemned as an infringement on national sovereignty.

While the Malian authorities maintain that media coverage must respect territorial integrity and security sensitivities, press freedom advocates argue that conflict reporting does not necessarily require prior authorisation from parties to a conflict.

The situation has raised concerns over possible diplomatic friction between Bamako and Riyadh, although no official response has yet been issued by the Saudi authorities or the media organisations involved.

Any prolonged disagreement could carry broader diplomatic and economic implications for Mali, which continues to navigate complex security and international relations challenges in the Sahel region.

Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation

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Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties

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Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties

By: Zagazola Makama

The Chief Imam of Ogbomoso has called on the Federal Government to adopt stricter measures against kidnappers and armed criminals involved in attacks on schools and abduction of children, urging that offenders be made to face the full weight of the law.

The religious leader made the call while reacting to recent cases of school attacks, killings of teachers, and abduction of pupils in parts of the country, describing such acts as grave crimes against humanity and unacceptable under any moral or legal standard.

He stressed that individuals who engage in kidnapping, killing of innocent civilians and terrorising communities should not be granted leniency, amnesty or reintegration, but should instead be prosecuted and subjected to the maximum penalties prescribed under Nigerian law.

The Chief Imam said religious teachings emphasise justice, protection of innocent lives and accountability for those who commit serious crimes, adding that insecurity affecting schools and rural communities must be confronted decisively by the state.

He called on security agencies and judicial authorities to ensure that arrested suspects are properly prosecuted in accordance with due process, while urging government to strengthen protective measures around vulnerable communities, especially schools and rural settlements.

According to him, sustained attacks on teachers, children and civilians undermine national stability and require a firm and coordinated response from both security and justice institutions.

The Imam further urged policymakers to prioritise the safety of citizens over considerations that may weaken deterrence, insisting that justice must be seen to be served in order to restore public confidence in the security system.

He, however, maintained that all actions must remain within the framework of the law, stressing that the rule of law remains central to any sustainable response to insecurity.

Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties

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