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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
Eid-al-Fitr: NSCDC Mobilises 53,500 Operatives Nationwide for Security of Lives and Property
Eid-al-Fitr: NSCDC Mobilises 53,500 Operatives Nationwide for Security of Lives and Property
By: Michael Mike
Nigeria is tightening its internal security grid ahead of the forthcoming Eid al-Fitr celebrations, with the Nigeria Security and Civil Defence Corps (NSCDC) announcing a sweeping nationwide deployment of more than 53,500 operatives.
The directive, issued by the Commandant General, Ahmed Audi is aimed at pre-empting security threats and ensuring a peaceful atmosphere before, during, and after the festivities. The deployment spans all 36 states and the Federal Capital Territory, underscoring the scale of the operation.
Security presence is to be significantly heightened at identified flashpoints, including Eid prayer grounds, mosques, churches, shopping centres, motor parks, and recreational hubs. The Corps is adopting a dual-layer strategy that combines visible policing with covert intelligence operations to deter criminal elements and swiftly neutralize any emerging threats.
Field commanders across zones and states have been instructed to take full control of their operational environments, with clear orders to intensify patrols and maintain constant surveillance. The NSCDC leadership is also pushing for deeper inter-agency collaboration, emphasizing intelligence sharing and rapid response mechanisms as critical to maintaining order during the festive period.
Audi, while reaffirming the Corps’ readiness, stressed that security is a collective responsibility. He urged citizens to remain alert and cooperate with law enforcement agencies by reporting suspicious activities. He also appealed to parents and guardians to guide young people away from actions that could disrupt public peace.
In a further show of readiness, specialized units—including the Commandant General’s Special Intelligence Squad, Crack Squad, Mining Marshals, Special Female Squad, and Special Forces—have been placed on high alert. These units have been specifically tasked with responding decisively to any threats posed by criminal or subversive elements.
The large-scale mobilization reflects growing efforts by security agencies to stay ahead of potential risks during major national celebrations. With millions expected to travel and gather across the country, authorities say the operation is designed not only to prevent incidents but also to reassure citizens of their safety.
The NSCDC promised its continued commitment to protecting lives, property, and critical infrastructure, while calling on Nigerians to support security efforts to ensure a hitch-free celebration nationwide.
Eid-al-Fitr: NSCDC Mobilises 53,500 Operatives Nationwide for Security of Lives and Property
News
NIMC Targets Diaspora Expansion as Tinubu’s UK Visit Boosts Digital Identity Drive
NIMC Targets Diaspora Expansion as Tinubu’s UK Visit Boosts Digital Identity Drive
By: Michael Mike
Nigeria’s push to build a robust and inclusive digital identity system has gained fresh momentum, as the National Identity Management Commission (NIMC) unveiled plans to significantly expand National Identification Number (NIN) enrolment among citizens living abroad.
The development comes on the heels of the ongoing state visit of Bola Tinubu the United Kingdom, where top government officials, including NIMC Director-General Abisoye Coker-Odusote, are leveraging high-level engagements to deepen cooperation in digital innovation and identity management.

While the visit, hosted by King Charles III and Queen Camilla, carries strong diplomatic symbolism, it is also serving as a springboard for concrete policy actions, particularly in bridging identity gaps for millions of Nigerians in the diaspora.
A statement on Wednesday by the Head, Corporate Communications, National Identity Management Commission, Dr. Kayode Adegoke read that at the centre of NIMC’s renewed push is an aggressive expansion of NIN enrolment infrastructure across the UK, widely regarded as one of the largest hubs of Nigerian migrants.
He said the plan includes opening additional enrolment centres, streamlining verification processes, and deploying more efficient digital platforms to eliminate long-standing bottlenecks.
Coker-Odusote, speaking during engagements on the sidelines of the visit, stressed that the Commission is determined to remove barriers that have historically limited access to identity services for Nigerians overseas.
“We are taking deliberate steps to ensure that every Nigerian, regardless of location, can seamlessly obtain their NIN and access essential services tied to it,” she said, underscoring the Commission’s commitment to inclusivity.
The implications of the initiative are far-reaching. A functional and accessible NIN system is increasingly central to participation in Nigeria’s financial system, telecommunications services, and government programmes. For diaspora Nigerians, improved access means the ability to stay economically and administratively connected to the country without physical presence.
Industry observers note that the timing of the initiative is critical, as Nigeria accelerates its transition to a digitally driven economy where identity verification underpins everything from banking to social welfare delivery.
Back home, NIMC is mirroring its international expansion with a parallel grassroots strategy aimed at closing the identity gap within Nigeria. Through ward-level enrolment campaigns, the Commission is taking registration services directly to rural and underserved communities, reducing travel burdens and improving coverage among vulnerable populations.
The dual approach, global expansion and local penetration, signals a shift from policy ambition to execution, with identity infrastructure now firmly positioned as a cornerstone of governance and economic planning.
As Nigeria strengthens its diplomatic and economic ties with the UK, stakeholders noted that the integration of identity management into bilateral discussions reflects a broader recognition: in an increasingly digital world, national development is inseparable from the ability to accurately identify and connect citizens, wherever they may be
NIMC Targets Diaspora Expansion as Tinubu’s UK Visit Boosts Digital Identity Drive
News
ISWAP death toll rises to 75 after devastating defeat in Malam Fatori
ISWAP death toll rises to 75 after devastating defeat in Malam Fatori
By: Zagazola Makama
The death toll of terrorists neutralised during a failed infiltration attempt on troops’ position in Malam Fatori, Abadam Local Government Area of Borno, has risen to 75, in what security analysts describe as one of the most decisive recent blows against the Islamic State West Africa Province.
Zagazola report that the Initial reports had put the number of insurgents killed at 61, following a coordinated response by troops of Operation Hadin Kai, supported by the Nigerian Air Force.

However, updated battlefield assessments and mop-up operations indicate that at least 75 fighters were neutralised, with several others believed to have escaped with severe injuries.
The attack, which occurred in the early hours of Wednesday, saw ISWAP fighters advancing on foot toward the 68 Battalion location, reportedly deploying armed drones in an attempt to breach defensive lines. The infiltration, launched from the Duguri axis toward the Bravo Company frontage, was swiftly detected and repelled.

Military sources said the success of the operation was anchored on superior coordination between air and ground forces, illustrating the growing effectiveness of joint-force synergy in counter-insurgency operations in the North-East.
Four precision air interdiction strikes were conducted on identified terrorist withdrawal routes effectively degrading their combat capability and disrupting their manoeuvre.
The integration of air power ensured that the insurgents were fixed in position and subjected to sustained bombardment, forcing a chaotic withdrawal toward the Arege axis.
Further compounding the losses of the terrorists group was the intervention of allied air assets from the Niger Republic, which carried out additional strike passes on fleeing terrorists.Although a full battle damage assessment of those strikes is still ongoing, security sources believe the combined firepower significantly increased the casualty figures.

In addition to the high number of fatalities, troops reportedly recovered a large cache of arms and ammunition from the battlefield, further weakening the operational capacity of the group in the Lake Chad region.
On the side of government forces, four soldiers sustained minor injuries and have since been stabilised.
ISWAP death toll rises to 75 after devastating defeat in Malam Fatori
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