News
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
APC Backs Tegbe for Power Reforms, Cites Proven Expertise, Strategic Leadership
APC Backs Tegbe for Power Reforms, Cites Proven Expertise, Strategic Leadership
By: Michael Mike
The All Progressives Congress (APC) in Oyo State has hailed the nomination of Chief Joseph Olasunkanmi Tegbe as Nigeria’s Minister of Power, describing it as a timely move amid the country’s persistent electricity challenges.
In a statement issued in Ibadan, the party’s state leadership said Tegbe’s selection reflects both merit and the urgent need for competent leadership in the nation’s power sector.
The statement, jointly signed by State Chairman Chief Moses Adeyemo Alake and State Secretary Hon. Fatai Adesina, expressed strong confidence in Tegbe’s ability to drive meaningful reforms, citing his extensive professional background and policy experience.
Tegbe, an engineer and seasoned policy strategist, brings over three decades of experience spanning engineering, consulting, and public sector advisory.
He previously served as Director-General of the Nigeria–China Strategic Partnership, where he coordinated bilateral development initiatives and investment engagements between both countries.
He also chaired the National Tax Policy Implementation Committee, playing a key role in advancing Nigeria’s fiscal reform agenda and strengthening revenue frameworks.
Before transitioning fully into public service, Tegbe built a distinguished career at KPMG, rising to become Senior Partner and Head of Advisory Services in Africa. In that role, he led major engagements on governance reforms, economic policy, institutional transformation, and investment strategy across both public and private sectors.
Earlier in his career, he worked with Shell Petroleum Development Company, gaining experience in corporate operations and resource management.
Academically, Tegbe holds a first-class degree in Civil Engineering from Obafemi Awolowo University and has attended executive programmes at globally renowned institutions including Harvard and INSEAD, further reinforcing his technical and leadership credentials.
The APC noted that this blend of technical expertise and policy leadership positions him to tackle longstanding challenges in power generation, transmission, and distribution.
“The APC in Oyo State is confident that Chief Tegbe will bring innovation, efficiency, and sustainable solutions to Nigeria’s power sector. His history of performance and commitment to service positions him to make meaningful contributions to national development,” the statement read.
The party emphasized that Nigeria is at a critical stage where strategic direction is essential to unlock sustainable energy solutions, noting that Tegbe’s leadership could help reposition the sector for improved performance.
It added that the APC in Oyo would offer its full support while maintaining constructive engagement with the minister-designate and other stakeholders to ensure progress.
The statement also acknowledged Tegbe’s longstanding contributions to the growth of the party in the state, expressing optimism that his new role would further deepen his commitment to national development.
The APC wished him a successful tenure, expressing hope that his leadership would mark a significant shift toward stable and reliable electricity supply across the country.
APC Backs Tegbe for Power Reforms, Cites Proven Expertise, Strategic Leadership
News
Nigeria Convenes African Leaders on Climate-Conflict Nexus, Pushes Peace-Centred Adaptation Strategy
Nigeria Convenes African Leaders on Climate-Conflict Nexus, Pushes Peace-Centred Adaptation Strategy
By: Michael Mike
Nigeria has brought together policymakers, climate experts, and peacebuilding practitioners from across Africa in a high-level regional forum aimed at tackling the growing link between climate change and insecurity on the continent.
Declaring the forum open in Abuja, Permanent Secretary of the Federal Ministry of Environment, Salihu Aminu Usman, warned that the accelerating pace of climate change is already triggering severe global consequences, stressing the need for urgent and coordinated action.
“Climate change impacts are on the rise daily, with unprecedented and extreme weather conditions being experienced all around the world. Urgent solutions are required before it gets out of hand,” he said.
Usman noted that Nigeria remains committed to global climate obligations under frameworks such as the United Nations Framework Convention on Climate Change, the Kyoto Protocol, and the Paris Agreement. He added that the country has pledged to cut greenhouse gas emissions by up to 47 percent with international support.
He revealed that Nigeria’s National Adaptation Plan (NAP), currently nearing completion, incorporates conflict-sensitive approaches, linking climate adaptation directly to peacebuilding efforts. According to him, environmental pressures are increasingly tied to security challenges such as farmer-herder clashes, banditry, and cattle rustling.
“It would be a mistake to ignore adaptation needs in these peacebuilding contexts,” Usman said, underscoring the importance of aligning climate policies with national security strategies.
In her remarks, Director of the Department of Climate Change, Iniobong Abiola-Awe, highlighted the widespread impact of climate variability on infrastructure, biodiversity, and livelihoods, warning that these disruptions are deepening existing vulnerabilities and contributing to instability.
She said Nigeria’s adaptation planning process has been inclusive and participatory, designed to address medium- and long-term climate risks while strengthening resilience across sectors.
Also speaking, Alec Crawford of the International Institute for Sustainable Development stressed that climate change is no longer a future threat but a present reality, particularly in fragile and conflict-affected regions.
“The intersection between climate risks, war, and conflict is no longer abstract,” Crawford said, adding that adaptation strategies must not only respond to environmental challenges but also actively support peacebuilding efforts.
He commended Nigeria for hosting the forum and acknowledged financial support from the Government of Ireland.
The forum has drawn participation from several African countries, including Burkina Faso, Cameroon, Central African Republic, Chad, Liberia, Mali, Somalia, and South Sudan.
Organisers say discussions will centre on integrating peacebuilding into climate adaptation planning, sharing country experiences, and strengthening collaboration among environment, security, and development stakeholders.
The forum runs through May 7, featuring technical sessions, policy dialogues, and peer learning aimed at shaping a more coordinated African response to the climate-security challenge.
Nigeria Convenes African Leaders on Climate-Conflict Nexus, Pushes Peace-Centred Adaptation Strategy
News
Nigeria, Ghana Close Ranks Against Drug Cartels, Sign Landmark Anti-Trafficking Pact
Nigeria, Ghana Close Ranks Against Drug Cartels, Sign Landmark Anti-Trafficking Pact
By: Michael Mike
Nigeria and Ghana have reinforced their joint fight against drug trafficking networks in West Africa, sending a strong warning to criminal cartels with a new wave of coordinated enforcement and intelligence-sharing efforts.
Chairman of the National Drug Law Enforcement Agency, Brig. Gen. Buba Marwa (Rtd) declared that both countries are now more aligned than ever in tackling transnational drug crimes. He spoke on Tuesday in Abuja while hosting a delegation from Ghana’s Narcotics Control Commission led by its Director-General, Brig. Gen. Maxwell Obuba Mantey.

Marwa described the visit as a strategic step beyond diplomacy, emphasizing that the growing sophistication of drug trafficking and its links to money laundering demand deeper regional collaboration.
“Let this serve as a warning to those who seek to destabilize our societies with illicit drugs: Nigeria and Ghana stand united,” he said, noting that joint efforts in intelligence-led operations and interdiction strategies would significantly shrink the operational space for criminal networks.
A major highlight of the engagement was the signing of a Memorandum of Understanding (MoU) between the two agencies. The agreement establishes a formal framework for cooperation in combating the production and trafficking of psychotropic substances, precursor chemicals, and associated financial crimes.

Marwa said the MoU transforms an already strong relationship into a “structured, aggressive, and unified front” against drug barons, adding that both countries would intensify joint training, digital forensics collaboration, and coordinated operations across the West African corridor.
On his part, Mantey acknowledged Nigeria’s leadership role in regional security, describing the relationship between both countries as one rooted in shared history and mutual respect. He stressed that the visit was aimed at strengthening existing ties rather than starting new ones.
He warned that drug trafficking across West Africa is becoming more complex, with traffickers adopting advanced methods, expanding maritime routes, and increasing the production and distribution of synthetic drugs. He also noted a shift in Ghana’s role from primarily a transit hub to a country facing rising domestic drug use and distribution challenges.
“No single country can effectively address this threat in isolation,” Mantey said, underscoring the need for practical cooperation in operations, intelligence sharing, and institutional capacity building.
He added that the success of the new partnership would depend on concrete implementation, including coordinated enforcement actions and sustained collaboration between both agencies.
The meeting, held at the NDLEA headquarters in Abuja, was attended by senior officials from both countries, including representatives of the Ghanaian High Commission.
The renewed alliance signals a broader regional push to confront organized drug networks, amid growing concerns over their impact on security, governance, and public health across West Africa.
Nigeria, Ghana Close Ranks Against Drug Cartels, Sign Landmark Anti-Trafficking Pact
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