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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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Why US–Nigeria counter-terrorism cooperation remains critical to defeating insurgency

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Why US–Nigeria counter-terrorism cooperation remains critical to defeating insurgency

By: Zagazola Makama

The ongoing United States–Nigeria counter-terrorism operations are critical not only to degrading terrorist networks, but also to helping the international community, particularly the U.S., better understand the scale, complexity and human cost of Nigeria’s long-running war against terrorism.

Nigeria has battled multiple terror and extremist groups for over a decade, with attacks spanning the North-East, North-West and North-Central zones, claiming thousands of lives, displacing millions and overstretching security and humanitarian resources.

Therefore, deeper operational cooperation allows the U.S. to see firsthand the terrain, tactics and evolving threat environment Nigerian forces contend with daily from suicide bombings and IED warfare to cross-border terrorism, banditry and extremist collaboration.

Joint operations provide a clearer picture of what Nigeria is passing through. It is different from reading intelligence reports. When partners operate together, there is a better appreciation of the sacrifices, the operational difficulties and the resilience required to fight terrorism in this environment.

Though, nothing new in what the Nigeria Air Force was already doing but the cooperation, will enhanced intelligence sharing, surveillance, training and technical support, while also improving Nigeria’s capacity to disrupt terrorist logistics, communication and financing networks.

Nigeria brings critical advantages to the partnership, including local knowledge, community structures and long-term operational presence, while the U.S. contributes advanced intelligence, surveillance and reconnaissance capabilities, precision strike support and global counter-terrorism experience.

This synergy will help narrow intelligence gaps, improve early warning systems and strengthen the ability of Nigerian forces to respond to threats more proactively. Beyond military gains, the partnership helps place Nigeria’s security challenges in proper global context, correcting misconceptions that often underestimate the intensity of terrorist violence in the country.

The collaboration helps the U.S. and other international partners understand that Nigeria is not facing isolated incidents but a sustained, multi-front war. That understanding is essential for sustained diplomatic, technical and humanitarian support, rather than the rhetoric being purported about the conflict.

The partnership also sends a strong message to terrorist groups that Nigeria is not isolated in its fight, and that attacks on civilians and security personnel attract international attention and consequences.

However, counter-terrorism cooperation must go beyond kinetic operations. Those executing these operations must put emphasized on the importance of civilian protection, community engagement and post-conflict stabilisation, as lasting peace cannot be achieved through force alone.

Why US–Nigeria counter-terrorism cooperation remains critical to defeating insurgency

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VP Shettima, Zulum Visit Maiduguri Mosque Bomb Blast Victims

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VP Shettima, Zulum Visit Maiduguri Mosque Bomb Blast Victims

By: Our Reporter

Vice President Kashim Shettima and The Governor of Borno State, Prof. Babagana Umara Zulum, on Friday paid a visit to victims of Wednesday’s bomb blast at a mosque in Maiduguri who are currently receiving treatment at the University of Maiduguri Teaching Hospital (UMTH).

The visit was to sympathise with those injured in the devastating explosion that targeted a mosque in Gamboru Market on Wednesday, December 24. The attack, believed to have been carried out by Boko Haram insurgents, resulted in multiple casualties and injuries.

Speaking to journalists at the hospital, Vice President Shettima, who was accompanied by Governor Zulum, consoled the victims and reiterated the commitment of the President Bola Tinubu administration to ending the threat of terrorism and restoring lasting peace in the country.

“We are here on behalf of the President to sympathise with the victims and reassure the good people of Borno, and by extension the nation, that the government remains unwaveringly committed to securing the lives and property of its citizens,” Zulum said.

He added, “The Governor of Borno has been up and doing, working round the clock to complement the efforts of the Federal Government, and we sincerely appreciate the efforts and investments in the security architecture by the Borno State Government.”

The delegation was briefed by the Director of the Muhammadu Buhari Trauma Centre, who reported that many of the victims had been discharged, others were responding well to treatment, while one remained in critical condition.

VP Shettima, Zulum Visit Maiduguri Mosque Bomb Blast Victims

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U.S. president orders deadly strikes against ISIS militants in northwest Nigeria

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U.S. president orders deadly strikes against ISIS militants in northwest Nigeria

By: Zagazola Makama

President Donald J. Trump announced that the United States had launched a powerful and deadly military strike against Islamic State (ISIS) terrorist targets in Nigeria, in response to what he described as ongoing attacks on primarily innocent Christians in the region.

In a post on his social media platform, Mr. Trump said the operation was conducted “at my direction as Commander in Chief” and targeted ISIS militants whom he accused of “viciously killing, primarily, innocent Christians, at levels not seen for many years, and even centuries.”

The president said he had previously warned the extremist group to halt attacks on Christians or face consequences, adding: “tonight, there was.”

Mr. Trump described the strikes as “numerous perfect strikes, as only the United States is capable of doing,” and reiterated that under his leadership the U.S. would not allow “Radical Islamic Terrorism to prosper.” He extended Christmas greetings to U.S. military forces and said there would be “many more” such strikes if the killing of Christians continued.

The announcement marks a significant escalation of U.S. military involvement in Nigeria’s complex security landscape. Western and Nigerian officials have long warned that militant groups such as ISIS’s West Africa Province (ISWAP) and Boko Haram pose a persistent threat in northern Nigeria, where attacks on civilians including Christians and Muslims alike have killed thousands over the past decade.

Reactions to the U.S. action are still emerging. The strikes come amid ongoing debates over Nigeria’s sovereignty and the best approach to combat extremist violence in West Africa. Previous statements by the Nigerian government welcomed U.S. assistance in fighting terrorism provided it respects the country’s territorial integrity.

The full military impact of the operation including casualties among militants or its implications for Nigeria’s internal security strategy has not yet been independently verified.
End

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