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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 Promotes 70,000 Paramilitary Officers, Deploys High-Tech Immigration Centre to Tighten Border Control
Nigeria Promotes 70,000 Paramilitary Officers, Deploys High-Tech Immigration Centre to Tighten Border Control
By: Michael Mike
In a sweeping show of reform across Nigeria’s internal security architecture, the Federal Government has promoted more than 70,000 paramilitary officers within three years and launched a technology-driven Integrated Operating Centre to track immigration violators in real time.
Minister of Interior, Olubunmi Tunji-Ojo, announced the twin developments in Abuja while declaring open the 2026 Sectoral Performance Retreat for agencies under the Ministry of Interior. The retreat, held at the Nigeria Army Conference Centre, was themed “Accountable Leadership, Measurable Impacts: Reviewing Results, Renewing Commitments.”
Tunji-Ojo described the mass promotion exercise as unprecedented, saying it reflects the commitment of President Bola Tinubu’s administration to improve morale and restore professionalism across the paramilitary services.
“Only yesterday, I approved the 2026 promotion of personnel across all agencies under the Ministry. By April and May, the implementation will commence,” the minister said, urging officers to reciprocate government’s support with discipline, patriotism and improved service delivery.
In what observers see as a major shift toward data-driven border management, Tunji-Ojo disclosed that the Nigeria Immigration Service (NIS) has inaugurated an Integrated Operating Centre (IOC) equipped with sophisticated surveillance and data harmonisation tools.
According to him, the centre provides real-time intelligence on foreigners who have overstayed their visas, with historical data covering up to a decade.
“With the kind of sophisticated gadgets and equipment now in place, the Immigration Service has become a strong internal security enabler. The Service will go after those who have overstayed. It is no longer business as usual,” he declared.
The minister said the deployment of advanced analytics and harmonised databases has placed persons of interest squarely on government radar, reinforcing efforts to secure Nigeria’s borders and sanitise its migration system.
As part of ongoing reforms, he revealed that seven new Forward Operating Bases (FOBs) have been established to strengthen border surveillance and migration management nationwide. He commended the Comptroller-General of the NIS, Kemi Nanna Nandap, for what he described as visionary leadership in modernising the Service.
The minister also applauded the efforts of the Nigeria Security and Civil Defence Corps (NSCDC), the Nigeria Correctional Service (NCoS), and the Federal Fire Service (FFS), but warned that commendation must not breed complacency.
He tasked the NSCDC with intensifying protection of critical national infrastructure, including oil pipelines, solid mineral sites, schools and hospitals, stressing that the corps “cannot be run like a volunteer service.” He urged its Commandant-General, Prof. Ahmed Audi, to submit a clear operational roadmap following his reappointment.
On correctional reforms, Tunji-Ojo insisted that efforts must go beyond custodial management to ensure rehabilitation and reintegration, warning that repeat offending signals systemic failure.
“If offenders complete their sentences and return to crime, then we have not succeeded,” he said.
Permanent Secretary of the Ministry, Dr. Magdalene Ajani, described the retreat as a critical platform for reviewing stewardship and aligning performance with national priorities. She said the Ministry carries enormous responsibility in border management, citizenship administration and internal security, all of which directly affect the daily lives of Nigerians.
Ajani stressed the need to align operations with the Renewed Hope Agenda of President Tinubu, encouraging openness to constructive criticism and innovative thinking.
She expressed confidence that the retreat would produce a concrete roadmap to guide the Ministry’s agencies in delivering measurable results in the year ahead.
The dual announcement of mass promotions and high-tech border surveillance signals a government intent on pairing welfare reforms with operational efficiency — a strategy officials say is essential to strengthening Nigeria’s security framework in an era of complex internal and cross-border threats.
Nigeria Promotes 70,000 Paramilitary Officers, Deploys High-Tech Immigration Centre to Tighten Border Control
News
Troops of Operation FANSAN YANMA neutralise two terrorists, recover weapons in Katsina
Troops of Operation FANSAN YANMA neutralise two terrorists, recover weapons in Katsina
By: Zagazola Makama
Troops of 17 Brigade, Operation FANSAN YANMA of the Nigerian Army, on March 4, 2026, successfully engaged terrorists during clearance operations at notorious hideouts in Barkishi Maiha Gumma, Sabuwa Local Government Area of Katsina State.

Sources told Zagazola Makama that In the ensuing gun battle, the troops overpowered the terrorists, neutralising two insurgents and recovering one AK-47 rifle, one magazine, four rounds of ammunition, a motorcycle, a matchete, a Tecno phone, and two extra phone batteries.

There were no casualties among the troops.
The sources said that the General Officer Commanding 8 Division and Commander, Sector 2 Joint Task Force (North West), Maj. Gen. Paul Koughna, commended the troops for their bravery and urged continued operations to completely eliminate terrorist threats in the region.
Troops of Operation FANSAN YANMA neutralise two terrorists, recover weapons in Katsina
News
NDLEA Insists Drug Case Against Abba Kyari Continues Despite Court Discharge
NDLEA Insists Drug Case Against Abba Kyari Continues Despite Court Discharge
By: Michael Mike
The National Drug Law Enforcement Agency (NDLEA) has reaffirmed that its substantive drug trafficking case against suspended Deputy Commissioner of Police, Abba Kyari, remains firmly on track, clarifying that recent court proceedings discharging him on a separate matter do not affect the ongoing trial.
The agency said the core drug case is scheduled to continue before Justice Emeka Nwite of the Federal High Court, Abuja, on Monday, March 16, 2026.
NDLEA’s clarification follows the decision of Justice James Omotosho, who discharged Kyari in a 23-count charge relating to alleged money laundering and non-declaration of assets. The anti-narcotics agency stressed that the ruling pertains to a different case and should not be confused with the main drug prosecution.
Reacting to inquiries on whether the agency would challenge the ruling, NDLEA’s Director of Media and Advocacy, Femi Babafemi, explained that the prosecution team has been directed to obtain the Certified True Copy (CTC) of the judgment before determining the next legal step.
He emphasized that the matter decided by Justice Omotosho is distinct from the substantive drug charges pending before Justice Nwite, noting that the latter remains active and unaffected.
The spokesman of the anti-narcotics agency, Femi Babafemi in a statement on Thursday, said: “First, I need to clarify that the ruling by Justice Omotosho is completely different from the main and substantive drug case which continues before Justice Emeka Nwite of the Federal High Court, Abuja, on Monday, March 16, 2026. That one is very much on course.”
He added that the prosecution team would review the detailed judgment upon receipt of the CTC to guide the agency’s management in deciding whether an appeal is warranted.
The development underscores the complex legal battles facing the suspended senior police officer, as the NDLEA maintains its resolve to pursue the substantive drug allegations to their conclusion in court.
NDLEA Insists Drug Case Against Abba Kyari Continues Despite Court Discharge
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