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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

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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

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NIMC Pushes Digital Identity Reforms to Boost Service Delivery, Security

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NIMC Pushes Digital Identity Reforms to Boost Service Delivery, Security

By: Michael Mike

The National Identity Management Commission (NIMC) has reaffirmed its commitment to strengthening Nigeria’s Digital Public Infrastructure (DPI) through the deployment of secure digital identity systems aimed at improving governance, enhancing national security, and expanding access to public services.

Speaking at a digital conference in Abuja themed “Building Africa’s Digital Foundations Together,” the Director-General and Chief Executive Officer of NIMC, Abisoye Coker-Odusote, represented by the Head of Infrastructure Technology and Identity Databases, Mr. Sulaiman Falade, said the commission is driving reforms and institutional partnerships to build an inclusive and interoperable digital identity ecosystem.

According to her, the National Identification Number (NIN) has become central to Nigeria’s digital transformation agenda, serving as a key tool for identity verification, biometric authentication, and access to both government and private sector services.

She noted that following the Presidential Directive issued on April 5, 2024, Ministries, Departments and Agencies (MDAs) were mandated to integrate the NIN into digital services, particularly in areas involving data capture, identity verification, and authentication processes.

Coker-Odusote stated that NIMC has already established implementation structures to ensure compliance with the directive and to deepen the adoption of digital identity solutions across the country.

She further stressed that the Federal Government’s vision is to establish a unified, secure, and transparent digital identity framework capable of supporting efficient service delivery and accountability in governance.

The NIMC boss added that the commission is also advancing Nigeria’s broader digital governance goals through the deployment of the National Public Key Infrastructure (nPKI), a system designed to strengthen trust in digital transactions, safeguard citizens’ data, and promote secure online interactions.

She called on stakeholders in both the public and private sectors to continue supporting the implementation of Nigeria’s digital identity ecosystem, noting that the initiative is critical to national development and economic growth.

According to her, NIMC remains committed to leveraging technology and innovation to build a more connected, efficient, and resilient nation.

NIMC Pushes Digital Identity Reforms to Boost Service Delivery, Security

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Tinubu Sweeps Zulum’s Ward with 100% Votes in APC Presidential Primary

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Tinubu Sweeps Zulum’s Ward with 100% Votes in APC Presidential Primary

By: Michael Mike

President Bola Ahmed Tinubu recorded a landslide victory in the All Progressives Congress (APC) presidential primary election in Mafa Ward of Borno State, securing all valid votes cast in the exercise held in the home ward of Governor Babagana Umara Zulum.

The direct primary election took place at Mafa Central Primary School under the supervision of the Chairperson of the Presidential Primary Election Committee, Hajiya Inna Alkali Imam.

According to the results announced at the ward level, Tinubu polled 2,175 votes, representing 100 per cent of the valid votes cast during the exercise. Out of the 2,277 registered APC members in the ward, 2,175 were accredited and participated in the voting process.

Tinubu’s challenger, Stanley Osifo, an APC chieftain and businessman from Edo State, failed to secure any vote in the ward.

Governor Zulum, who served as the Coordinator and Collation Officer for the presidential primary in the state, said he participated in the exercise as an indigene of Mafa Ward.

“I am from Mafa Ward, and that is why I am here to witness and participate in the exercise. We have two candidates, President Bola Ahmed Tinubu and Mr Stanley Osifo,” Zulum stated.

The governor also commended the peaceful conduct of the exercise and the turnout of party members.

“So far so good, we have conducted the presidential primary election for Mafa Ward, and I am very impressed with the turnout. We have a total of about 2,277 registered party members in Mafa Ward, out of which 2,175 were accredited for the voting, and all of them voted for President Bola Ahmed Tinubu, while the other candidate scored zero,” he said.

The APC presidential primary is ongoing in several states across the country, with the party expected to collate and announce final nationwide results at a later date.

Tinubu Sweeps Zulum’s Ward with 100% Votes in APC Presidential Primary

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I Remember At Age Of 8,General Gowon Would Send Hand Written Letter To Yusuf Signed Uncle Joe-Sanusi

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I Remember At Age Of 8,General Gowon Would Send Hand Written Letter To Yusuf Signed Uncle Joe-Sanusi

By: Our Reporter

The 16th Emir of Kano, Muhammadu Sanusi II, has recounted a touching childhood memory about former Nigerian Head of State Yakubu Gowon, portraying him as a compassionate leader who extended personal support to the family of a military officer killed during the 1966 coup.

Speaking during an interview on Signature TV, Sanusi reflected on his early years at St Anne’s Secondary School in Kaduna, where he attended school alongside Yusuf Pam, the son of the late Colonel Joseph Pam, one of the victims of the January 1966 Nigerian coup.

The former governor of the Central Bank of Nigeria recalled that despite the demands of national leadership, Gowon took a personal interest in the wellbeing of Yusuf following the loss of his father. According to Sanusi, the former Head of State frequently sent handwritten letters to the young boy, signing them “Uncle Joe.”

“What I remember at the age of eight was that General Gowon, as Head of State, would send a handwritten letter to Yusuf signed ‘Uncle Joe.’ That is a window into the person you are dealing with,” Sanusi said.

The Emir noted that the gesture has remained vivid in his memory over the years because it revealed a caring and humane side of leadership during one of the most turbulent periods in Nigeria’s history. He suggested that Gowon’s actions reflected empathy and a sense of responsibility toward families affected by the political upheaval of the time.

Colonel Pam was among several prominent figures who lost their lives during the 1966 coup, a pivotal event that reshaped Nigeria’s political landscape and contributed to years of instability and conflict that followed.

I Remember At Age Of 8,General Gowon Would Send Hand Written Letter To Yusuf Signed Uncle Joe-Sanusi

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