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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
Nigeria No Longer Safe Haven for Drug Cartels, Says UNODC
Nigeria No Longer Safe Haven for Drug Cartels, Says UNODC
By: Michael Mike
The United Nations Office on Drugs and Crime (UNODC) has declared that Nigeria is no longer a permissive environment for international drug cartels, citing a surge in arrests, seizures, and convictions driven by reforms within the National Drug Law Enforcement Agency (NDLEA).
The UNODC Country Representative, Cheikh Toure, made the statement in Abuja on Monday during the handover of newly constructed audiovisual interview rooms to the NDLEA.

The facilities, equipped with modern interrogation technology, were provided by UNODC with funding support from the United States International Narcotics and Law Enforcement Affairs (US-INL).
Toure described transnational drug trafficking as one of the most destabilizing global threats, linking it to corruption, violence, and the exploitation of vulnerable populations. He noted that Nigeria’s geographic position has historically made it both a target and transit hub for drug networks spanning Latin America, Asia, and Africa.

However, he said recent enforcement efforts have significantly altered that narrative.
“Under the leadership of Mohamed Buba Marwa, the NDLEA has demonstrated remarkable courage and professionalism,” Toure said, adding that the agency’s intensified operations since 2021 have sent a strong deterrent message to organized criminal groups.
He further emphasized that international collaboration remains critical, commending the United States government for its financial support. According to him, the newly donated facilities represent more than infrastructure, describing them as an investment in transparency, accountability, and the rule of law.
The UNODC chief also called for the replication of such modern interrogation systems across NDLEA commands nationwide to strengthen investigative capacity.
In his response, NDLEA Chairman, Buba Marwa, expressed appreciation to both UNODC and US-INL for their continued partnership, assuring that the agency is prepared to build on recent gains.

“We are not just commissioning rooms; we are strengthening the integrity of our investigative process,” he said.
Marwa highlighted that the agency is undergoing a major digital transformation, and the integration of advanced interrogation technology would enhance operational efficiency and align Nigeria’s law enforcement standards with global best practices.
He described the facilities as a symbol of international trust and a boost to the agency’s capacity to deliver justice effectively, while reaffirming NDLEA’s commitment to professionalism, transparency, and respect for human rights.
The event was attended by senior officials from UNODC, NDLEA, and the US-INL, including Deputy Director Douglas Grane.
The latest development underscores growing international confidence in Nigeria’s anti-narcotics efforts and signals a shift in the country’s role in the global fight against drug trafficking.
Nigeria No Longer Safe Haven for Drug Cartels, Says UNODC
News
Nigeria Trains New Envoys, Pushes for Results-Driven Diplomacy
Nigeria Trains New Envoys, Pushes for Results-Driven Diplomacy
By: Michael Mike
The Federal Government has begun the formal preparation of newly appointed ambassadors and high commissioners-designate, signaling a renewed push for a more proactive and results-oriented foreign policy.
The induction programme, which commenced on Monday in Abuja, is organised by the Ministry of Foreign Affairs to equip the envoys with the skills and strategic direction required for their diplomatic postings.
Speaking at the opening session, Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, described the appointees as critical representatives of Nigeria’s image and interests abroad.

She said their appointments reflect the confidence placed in them by President Bola Tinubu and come with significant responsibility.
According to her, the envoys are expected to drive Nigeria’s foreign policy priorities, particularly the administration’s “4Ds” framework—Democracy, Development, Demography, and Diaspora.
She stressed that diplomacy must go beyond protocol to deliver measurable outcomes, especially in attracting foreign investment, promoting trade, and boosting tourism.
Odumegwu-Ojukwu also highlighted the importance of protecting Nigerians living abroad, urging the diplomats to ensure efficient consular services, rapid crisis response, and sustained engagement with diaspora communities. She warned against misconduct, emphasizing that diplomatic privilege must be exercised with discipline, integrity, and accountability.
Delivering a keynote address on behalf of the President, Secretary to the Government of the Federation, George Akume, described the appointments as a “sacred national duty.” He noted that Nigeria’s foreign policy has been repositioned to prioritize the welfare of its citizens and called on the envoys to produce tangible benefits that support national development and enhance the country’s global standing.

Akume further urged the diplomats to uphold professionalism, respect the laws and cultures of their host countries, and demonstrate unwavering loyalty to Nigeria.
Representatives of the National Assembly also pledged legislative backing for the diplomatic corps. Lawmakers assured continued oversight and support for improved funding of foreign missions while emphasizing strict adherence to financial regulations and accountability standards.

The induction programme will feature a series of technical sessions covering diplomatic practice, mission administration, economic diplomacy, security coordination, and multilateral engagement. It will also address the role of spouses in diplomatic service.
Officials said the initiative underscores the government’s determination to strengthen Nigeria’s diplomatic machinery and ensure its representatives abroad deliver impactful and citizen-focused outcomes.
Nigeria Trains New Envoys, Pushes for Results-Driven Diplomacy
News
Alleged Coup Plot: Court Invokes Practice of Speedy Trial of Six Defendants
Alleged Coup Plot: Court Invokes Practice of Speedy Trial of Six Defendants
*Adjourns to April 29
By: Our Reporter
Justice Joyce Abdulmalik of the Federal High Court, Abuja, on Monday granted the request for accelerated hearing in the trial of six persons accused of plotting to overthrow the government of President Bola Tinubu.
The court scheduled April 29, April 30, May 4, and May 5 for the commencement of trial and the hearing of bail applications filed by the defendants.
In the course of proceedings, the Attorney General of the Federation, Lateef Fagbemi, SAN, informed the court that the prosecution had witnesses available, subject to the convenience of the court.
Counsel to the first defendant, Mohammed Ilayepo, indicated that his client’s bail application was due for hearing. Justice Abdulmalik, however, ruled that the trial would commence before any bail applications are considered.
Paul Erokoro, A.I. Yeru, and N.S. Diri, who are counsel to the second, third, and sixth defendants respectively, expressed reservations about their readiness to proceed, citing the short notice given them and the complex nature of the case.
Justice Abdulmalik then directed all counsel to agree on dates suitable for a speedy trial. The court subsequently fixed April 29, April 30, May 4, and May 5 as hearing dates for the accelerated trial.
Alleged Coup Plot: Court Invokes Practice of Speedy Trial of Six Defendants
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