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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
Experts Demand Stronger Research, Free Screening, Community Mobilisation to Tackle HPV in Nigeria
Experts Demand Stronger Research, Free Screening, Community Mobilisation to Tackle HPV in Nigeria
By: Michael Mike
Nigeria’s battle against Human Papillomavirus (HPV) must move beyond routine vaccination campaigns to embrace deeper research, free nationwide screening and aggressive grassroots engagement if the country is to defeat cervical cancer and other HPV-related diseases, medical experts declared on Wednesday in Abuja.
The call came during activities marking the 2026 International Human Papillomavirus Awareness Day, a global initiative championed by the International Papillomavirus Society to spotlight the dangers of HPV and promote prevention strategies.
Speaking at the event, Professor Imran Oludare Morhason-Bello of the University College Hospital Ibadan and the University of Ibadan warned that limiting HPV conversations to cervical cancer alone is both misleading and dangerous.
According to him, the virus is responsible not only for cervical cancer but also for cancers of the throat, mouth, anus and penis, affecting men and women alike.
“Human Papillomavirus is not a women-only issue,” he said. “It affects both genders and people of different backgrounds. We must broaden our understanding and our response.”
He urged policymakers to adopt a transdisciplinary approach that integrates medical science, social research, education, religious institutions and community leadership. He noted that vaccine hesitancy differs across regions and communities, making localised research and engagement essential for effective intervention.
Morhason-Bello stressed that policies designed without grassroots input often fail, adding that communities must be partners — not passive recipients — in the fight against HPV.
The experts acknowledged Nigeria’s progress in rolling out HPV vaccines through the National Primary Health Care Development Agency, with over 16 million girls vaccinated so far. However, they noted that with tens of millions more eligible, the country must intensify both funding and awareness to close the gap.
The LOC Chairman, IHAD IPVS-Nigeria and Nigeria Country Ambassador, IPVS, Dr. Maureen Umeakuewulu called for a nationwide advocacy movement that includes religious leaders, traditional rulers, women’s organisations, youth groups and survivors of cervical cancer.
She said misinformation — particularly claims that the vaccine causes infertility — continues to undermine progress.
“The vaccine has been in use globally for over 20 years. There is no evidence linking it to infertility,” she said. “But while we are educating communities, those spreading falsehoods are also active. We must be louder with facts.”
She further argued that cervical cancer screening should be made free in all hospitals — public and private — to eliminate financial barriers that discourage women from testing.
“If women gather the courage to seek screening and are turned back by costs they cannot afford, then our advocacy is weakened,” she said. “Screening must be accessible to every woman, regardless of her income or location.”
Also speaking, President of the Nigerian chapter of the International Papillomavirus Society, Professor Mohammed Manga,, described HPV as one of the few cancer-causing infections that is preventable through vaccination and early detection.
He said the global slogan “One Less Worry” reflects the reality that cervical cancer could become a thing of the past if countries commit fully to vaccination, screening and sustained awareness.
“This is not a battle for doctors alone,” Manga said. “It requires the media, policymakers, community leaders, caregivers and citizens. No single profession can eliminate HPV. It is a collective responsibility.”
Participants agreed that while funding remains critical, education and system efficiency are equally important. They pointed to gaps in training, misinformation among some health workers and infrastructural weaknesses within the health system.
The experts concluded that Nigeria stands at a critical moment: with vaccines available and awareness growing, the country has the tools to dramatically reduce HPV-related deaths. What remains, they said, is the political will, sustained funding and community-driven action to turn that potential into reality.
Experts Demand Stronger Research, Free Screening, Community Mobilisation to Tackle HPV in Nigeria
News
Military Air precision bombardment neutralises over 50 terrorists after attack on Ngoshe in Borno
Military Air precision bombardment neutralises over 50 terrorists after attack on Ngoshe in Borno
By: Zagazola Makama
The Air Component of Operation Hadin Kai has neutralised over 50 suspected Boko Haram/ISWAP terrorists following precision air strikes on their withdrawal routes after a failed attack on Ngoshe in Gwoza Local Government Area of Borno.
Sources told Zagazola Makama that the officer said the terrorists had, at about 7:30 p.m. on March 3, launched a coordinated assault on artillery positions in Ngoshe, a community located about 12 kilometres from Pulka and 31 kilometres from Gwoza town.
“The insurgents attempted to overrun the artillery positions in a surprise evening attack. Troops on ground responded effectively but conducted a tactical withdrawal under intense fire to preserve personnel and equipment while reinforcements were being mobilised,” he said.
The sources explained that the insurgents had adopted a hit-and-withdraw tactic, abandoning the scene before reinforcement troops fully secured the area.
The sources added that additional troops were immediately deployed, while surveillance platforms tracked the fleeing terrorists along identified withdrawal corridors.
“Upon receipt of real-time intelligence from ground troops, the surveillance aircraft were scrambled to engage the terrorists on their egress routes. The terrorists were sighted moving in clusters in both locations.
“Precision bombardment was conducted on confirmed target clusters and movement trails. Battle Damage Assessment indicates that over 50 terrorists were neutralised in two separate strike runs,” the officer said.
“The air-ground synergy under Operation Hadin Kai ensured that although the terrorists attempted to escape into forested enclaves, they were decisively engaged from the air.
“The strikes also disrupted their logistics and mobility capability within the Ngoshe–Pulka corridor,” he said.
The sources further stated that clearance and area domination operations were ongoing to forestall any regrouping attempts by the insurgents.
He noted that the Ngoshe–Gwoza axis remains a historically volatile corridor due to intermittent activities of Boko Haram and ISWAP remnants exploiting difficult terrain and proximity to cross-border forest zones.
“Operation Hadin Kai remains resolute in sustaining offensive pressure. The message is clear any attempt to attack our positions will attract overwhelming and coordinated firepower,” he said.
He assured residents of Gwoza and surrounding communities of the military’s commitment to protecting lives, supporting resettlement efforts, and consolidating gains recorded in the ongoing counter-insurgency campaign in Borno.
Military Air precision bombardment neutralises over 50 terrorists after attack on Ngoshe in Borno
News
Two arrested over alleged child trafficking in Cross River
Two arrested over alleged child trafficking in Cross River
By; Zagazola Makama
Two suspected child traffickers have been arrested by the Police in Oboho Ito community, Odukpani Local Government Area of Cross River, following a foiled attempt to allegedly sell a one-month-old baby.
Security sources told Zagazola Makama that the suspects were apprehended on March 2 after youths of the community intercepted them based on a tip-off.
According to the source, the mother of the baby, Favour Effiong, reported that on March 1, one Happiness Etim Udoh, allegedly persuaded her to bring her one-month-old child under the pretext of taking her to receive financial assistance for the upkeep of the baby.
“On suspicion, the mother informed her landlord, and community youths laid ambush for the suspect,” the source said.
Udoh was subsequently arrested alongside an alleged accomplice, Ekpo Inyang, said to have no fixed address.
Police say preliminary investigation revealed that the suspects allegedly planned to snatch and sell the baby to a woman in Abuja.
The source further disclosed that during interrogation, the suspects allegedly confessed to previously selling a child for N200,000 to a buyer in Abuja.
It was also alleged that arrangements had been made to hand over the one-month-old baby to a relative of one of the suspects in Abuja, who was reportedly pretending to be pregnant.
The baby was safely recovered and handed back to the mother.
Police said investigation into the matter had commenced, while efforts were ongoing to identify and apprehend other members of the suspected trafficking network.
They reiterated commitment to tackling child trafficking and protecting vulnerable children across the state.
Two arrested over alleged child trafficking in Cross River
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