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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
Akpeme: Young Says Suspension Of Delta State NAPPS Exco, Illegal, Null And Void
Akpeme: Young Says Suspension Of Delta State NAPPS Exco, Illegal, Null And Void
The Chairman, National Association of Proprietors of Private Schools (NAPPS), Delta State Wing, Deaconess (Mrs.) Young P.N, has said that Dr. Ochuko Akpeme lacks powers to suspend the state executive.
She said this during a phone conversation with Oasis Magazine on Monday night.
Recall that online media reports on Monday quoted Dr. Akpeme declaring the Young-led executive suspended in Asaba during a press conference.
Reacting, Deacon Young, added that he simply wants to remain a life president.
Her words: “He claims to be the South South Vice President and we do not recognize him as so and we have no dealings with him. He just wants to cause confusion. He and other NAPPS members he picked from Asaba who he said her regional executive members are impersonators and we will deal with him and his accomplices legally if he continues in this direction,” saying that the suspension pronounced on them by Akpeme and his cohorts is illegal, null and void.
According to her, just last week, a letter of caution was sent to him warning him to desist from parading himself round the chapters in the state as the Vice President, South South, adding that they also reminded him in the said letter that they were sworn-in with the 2017 constitution and not that of 2023.
She continued: “What he did today is unacceptable. He should look for his loyalists and work with them and not my excos.”
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Furthermore, she called on NAPPS members in the state to be calm and resolute, saying that they are on the matter and that there was no cause for alarm.
She said further: “We are not under Akpeme, our NVP is Hon Ekhosuehi Rueben Ikponwwmen Dr. Hajia Samari as our National President. He wants to force Delta NAPPS to join him in his group. He is recruiting young people who are new in the association and have little knowledge about the issues. We did not vote for him as he claims.”
Continuing, she hinted that the state exco has held an online emergency meeting and they have agreed that will remain where they are and that they will not change their minds on not supporting Akpeme.
Meanwhile, she said the state general meeting for Wednesday scheduled to hold in Sapele will still hold, just as she disclosed that he has not been attending their meetings and they are not expecting him, while threatening to arrest him if he shows up at the venue.
Akpeme: Young Says Suspension Of Delta State NAPPS Exco, Illegal, Null And Void
News
Singer Market Inferno: FG, APC Govs Donate N8bn To Kano Traders
Singer Market Inferno: FG, APC Govs Donate N8bn To Kano Traders
As VP Shettima receives Yusuf into APC, says governor’s place in party is second to none
By: Our Reporter
The Federal Government has approved the sum of N5 billion as intervention fund for traders affected by the fire outbreak that razed large sections of the popular Singer Market in Kano.
This is just as state governors on the platform of the All Progressives Congress (APC), under the aegis of the Progressive Governors’ Forum (PGF), also donated N3 billion to victims of the inferno, totalling N8 billion to provide relief to hundreds of affected traders.

The Vice President, Senator Kashim Shettima, who announced the donations on Monday when he led a Federal Government delegation to condole with traders at the market on behalf of President Bola Ahmed Tinubu, sympathized with the traders, praying Almighty God to prevent future occurrence of fire disaster in the market.
Senator Shettima also formally received Governor Abba Kabir Yusuf of Kano State and his teeming supporters into the APC fold on behalf of the President.

Speaking during the grand reception to welcome Governor Yusuf to the APC at the Sani Abacha Stadium, Kano, the Vice President reiterated President Tinubu’s assurance that the governor’s place in the governing party was second to none.
He noted that the governor’s decision to join the governing party has strengthened the collective resolve of the Tinubu administration and the party to build a more inclusive and prosperous nation.ll

“Your Excellency, we have watched the transformation that Kano has undergone under your leadership. We have seen a commitment to people-centred governance and a respect for the mandate of history. Today, we are proud to welcome you aboard the All Progressives Congress train.
“We welcome you with open hands and open hearts. His Excellency, Bola Ahmed Tinubu has made it abundantly clear that your place in this party is second to none and that your presence strengthens our collective resolve to build a more inclusive and prosperous Nigeria,” the VP stated.
Describing Kano as “an eloquent expression of Nigeria’s cosmopolitan soul” and a state that “welcomes every Nigerian, absorbs every accent, accommodates every ambition, and turns diversity into destiny,” VP Shettima acknowledged the state’s contributions to Nigeria, which he said “stretch far beyond the arithmetic of elections.

“In commerce, Kano has been the heartbeat of enterprise and trade. In scholarship, it has produced minds that interrogate power and redefine ideas. In politics, in culture, in faith, in industry, Kano has consistently offered Nigeria more than it has ever demanded in return. This is a state whose influence transcends geography and whose legacy outgrows any single political moment,” he maintained.
The Vice President recalled that Kano had gifted Nigeria “towering figures who reshaped” the nation’s “political philosophy and moral imagination,” citing prominent politicians like the late Alhaji Maitama Sule and Alhaji Aminu Kano as examples.
Welcoming Governor Yusuf to the APC, Senator Shettima described the governor as “another visionary son of Kano,” observing that the governor and his supporters are on “a political journey that speaks to the future of” Nigeria.
“His Excellency, Governor Abba Kabir Yusuf, may be a man of few words, but his principles speak loudly. They speak in the language of conviction. They speak in the language of discipline. They speak in the language of service. They speak in a tone that cannot be doubted because they are anchored in consistency and guided by purpose,” he stated.
On behalf of the Federal Government, the VP sympathised with Governor Yusuf over the fire outbreak at Singer Market, assuring that the government at the centre will work collaboratively with the state “to ensure that support is extended to all those affected and that recovery efforts are swift and effective.”
Also, Deputy President of the Senate, Barau Jibrin, noted that with the governor’s defection to the APC, Kano was now in the main stream of Nigerian politics and will benefit more from the government at the centre.
“What this means is that Kano will begin to benefit more from the national government. We will have more infrastructure and healthcare delivery as well as all other facets of development. When you (Governor Yusuf) complete your eight years, Kano will become an eldorado,” he said.
On his part, Speaker of the House of Representatives, Hon Tajudeen Abbas, said the coming of Governor Yusuf into the APC was very important and strategic for the party.
“Kano is the powerhouse of our democracy, and today, Allah has made it possible for the governor to move and this will be the beginning of the coming of so many good things to Kano. The future of Kano will be brighter under him,” the Speaker assured.
For his part, APC National Chairman, Prof. Nentawe Yilwatda, said the Governor has made the right move by joining the APC, and the state is set to reap the benefits of the decision.
He praised the infrastructural development witnessed by the state under the governor, assuring that the party will support him to do more for the State.
Prof Yilwatda handed over the symbolic APC flag to the Governor and some federal legislators who also decamped to the APC
Also, Chairman of the Progressive Governors’ Forum, Governor Hope Uzodimma of Imo State, described Governor Yusuf as an original breed of the APC who “only went on sabbatical and has returned home.”
Uzodinma urged supporters and local government chairmen in the state to work hard to ensure victory for APC, saying President Tinubu is happy with the political development in Kano.
Thanking Vice President and the APC entourage for the grand reception, Governor Yusuf said his official entry into the APC was a very important occasion and a defining moment for the state, noting that “the reason for politics should always be to serve the people.”
The governor said he decided to join the APC family in order to deliver results for the people of Kano, adding that all the decisions he has taken as a governor were guided by the need to better the lot of the people.
Explaining why he dump the NNPP, Governor Yusuf said his former party was not providing the cohesion and stability required for the development of the state.
“Kano is too large and too important to be disconnected from the government at the centre,” he added, even as he pledged his support and loyalty to President Bola Tinubu.
Also, former National Chairman of APC, Dr Abdullahi Ganduje, noted that Governor Yusuf’s defection has not only increased the numerical strength of the APC in Kano State but also consolidated the position of the party in the state.
“This move of the governor is a compound of party followers that will continue to think, act, plan and move together to ensure an all round development of Kano State,” he said.
Singer Market Inferno: FG, APC Govs Donate N8bn To Kano Traders
News
NCSP DG Salutes China on Spring Festival, Unveils Push for Export-Driven Economic Reset
NCSP DG Salutes China on Spring Festival, Unveils Push for Export-Driven Economic Reset
By: Michael Mike
The Director-General of the Nigeria–China Strategic Partnership (NCSP), Joseph Tegbe, has congratulated the government and people of China on the Spring Festival, describing the celebration as symbolic of a renewed and more ambitious phase in Nigeria–China economic relations.
In a statement marking the Lunar New Year, Tegbe noted that this year’s festivities coincide with the 55th anniversary of diplomatic ties between Nigeria and China, established in 1971. He said the milestone reflects a resilient partnership that has grown from formal diplomatic engagement into one of Africa’s most consequential economic relationships.
According to him, the relationship—now elevated to a Comprehensive Strategic Partnership—has expanded beyond trade to encompass infrastructure financing, industrial investment, technology cooperation and people-to-people exchanges.
He said China remains Nigeria’s largest trading partner and a major contributor to strategic infrastructure projects spanning rail, ports, power and industrial parks.
Tegbe, however, stressed that the next chapter of engagement must go beyond infrastructure development to focus on value addition, manufacturing and export competitiveness.
He described the Zero-Tariff initiative introduced by the Chinese government for qualifying African exports as a potential game-changer for Nigeria’s non-oil sector. The policy, he said, opens a pathway for Nigerian producers to access one of the world’s largest consumer markets under preferential trade terms.
“The Zero-Tariff arrangement provides Nigerian businesses with an unprecedented opportunity to scale exports, deepen industrial processing and create jobs at home,” Tegbe stated. “But access alone is not enough—success will depend on quality standards, efficient logistics and strong collaboration between government and the private sector.”
He disclosed that the NCSP is engaging stakeholders across manufacturing, agriculture and export promotion agencies to ensure Nigeria maximises the preferential trade window and translates diplomatic goodwill into measurable economic gains.
Tegbe added that as both countries commemorate 55 years of diplomatic engagement, the symbolism of the Spring Festival—renewal, growth and prosperity—mirrors what he described as a strategic recalibration of bilateral ties toward sustainable development and shared prosperity.
“With deliberate execution and policy discipline, this next phase of Nigeria–China relations can redefine our export landscape and strengthen industrial capacity,” he said.
Observers say the renewed emphasis on export diversification signals a broader shift in Nigeria’s foreign economic strategy, positioning China not just as an infrastructure partner but as a gateway for industrial expansion and global market access.
NCSP DG Salutes China on Spring Festival, Unveils Push for Export-Driven Economic Reset
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