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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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I don’t know my successor, Zulum declares at APC meeting

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I don’t know my successor, Zulum declares at APC meeting

By: Our Reporter

Borno State Governor Babagana Umara Zulum has stated that he does not know who will succeed him after the expiration of his tenure in May 2027.

The governor reiterated that his administration was focused on strengthening security and providing needed development to the people.

He spoke on Sunday evening during a critical All Progressives Congress (APC) stakeholders’ meeting convened at the Multi-purpose Hall of the Government House in Maiduguri.

Addressing party leaders, elected officials and members, Zulum reiterated his stand for a fair, transparent and just process in the election of party officials during the forthcoming congresses.

He emphasised that the integrity of the process was paramount for the party’s unity and future success.

The governor strongly advocated a fresh set of individuals to occupy the various party positions.

He urged stakeholders to allow new faces to emerge through a democratic process, thereby strengthening the party’s grassroots structure and inclusivity.

Governor Zulum also dismissed speculation about his influence on the party’s future ticket.

He firmly and publicly reaffirmed that he had not anointed any candidate for the upcoming party positions or for any elective position.

“I have no candidate for any position, and I do not know who will succeed me. I have entrusted the choice of leaders to Almighty Allah, in accordance with the democratic will of the party members and the people of Borno State.

The governor set up two committees to scale up the APC e-registration and reconciliation among party members.

The 10-man committee will be headed by Nigeria’s former Ambassador to China, Baba Ahmed Jidda and will include members drawn from the state’s 3 senatorial districts.

The meeting was attended by the acting governor, Umar Usman Kadafur; the former governor of Borno State, Maina Ma’aji Lawan; APC Deputy National Chairman, Ali Bukar Dalori, State APC Chairman, Bello Ayuba and three former deputy governors, including Ali Abubakar Jatau, Adamu Shettim Dibal and Usman Mamman Durkwa.

The Chief Whip of the Senate, Mohammed Tahir Monguno, Senator Kaka Shehu Lawan and 10 members of the House of Representatives, including Dr Midala Balami, who announced his resignation from the People’s Democratic Party (PDP), were in attendance.

The speaker of the Borno State House of Assembly, Abdulkarim Lawan; the deputy speaker, Engr Abdullahi Askira and 25 other members also graced the occasion.

Others in attendance included former Senator Baba Kaka Bashir Garbai, Dr Bulama Mali Gubio and senior government and party officials.

I don’t know my successor, Zulum declares at APC meeting

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Tuggar Holds Strategic Talks with Turkish Counterpart in Ankara

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Tuggar Holds Strategic Talks with Turkish Counterpart in Ankara

By: Michael Mike

Ahead of President Bola Ahmed Tinubu’s State visit to Türkiye, the Minister of Foreign Affairs Amb Yusuf Maitama Tuggar, on Monday paid an official visit to Ankara where he held high-level talks with his Turkish counterpart, Hakan Fidan aimed at deepening bilateral cooperation between the two countries.

The meeting, Tuggar’s first official visit to Türkiye, focused on strengthening political, economic, security, and multilateral cooperation. Minister Fidan commended Nigeria’s constructive role in promoting regional stability, peace, and prosperity in West Africa, noting Nigeria’s leadership within regional and continental frameworks.

Tuggar placed strong emphasis on expanding bilateral trade and increasing mutual investment, particularly in sectors of interest to Turkish companies, including construction, manufacturing, energy, and infrastructure. Both ministers acknowledged the steady growth in economic relations and underlined the need to unlock further potential through structured public–private engagement.

On security cooperation, the two sides highlighted opportunities to deepen collaboration in military affairs and the defence industry.

The visit reflects the growing strategic character of Nigeria–Türkiye relations, anchored in shared positions on sovereignty, institutional cooperation, and pragmatic partnership, with both sides expressing confidence in the prospects for deeper engagement in the period ahead.

Alkasim Abdulkadir

SA Media and Communications to the Honorable Minister of Foreign Affairs.

Tuggar Meets Turkish Foreign Minister in Ankara Ahead of Tinubu’s State Visit

Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has held strategic discussions with Türkiye’s Minister of Foreign Affairs, Hakan Fidan, in Ankara as part of preparations for President Bola Ahmed Tinubu’s forthcoming state visit to the country.

The meeting, which marked Tuggar’s first official visit to Türkiye, focused on strengthening bilateral ties between both nations across political, economic, security and multilateral fronts. The talks underscored the growing importance of Nigeria–Türkiye relations and the shared commitment of both governments to expanding cooperation.

During the engagement, Fidan commended Nigeria’s leadership role in West Africa, particularly its efforts in promoting peace, stability and regional prosperity. He acknowledged Nigeria’s influence within regional and continental institutions and its constructive contributions to addressing common security and development challenges.

Tuggar, in his part, emphasized Nigeria’s interest in deepening economic collaboration with Türkiye, calling for increased trade volumes and stronger investment flows. He identified construction, manufacturing, energy and infrastructure as key sectors offering significant opportunities for Turkish investors. Both ministers noted the steady improvement in economic relations and stressed the need for enhanced public–private sector engagement to unlock further growth.

Security cooperation also featured prominently in the discussions, with both sides expressing readiness to strengthen collaboration in military relations and defence industry partnerships.

The high-level talks highlight the increasingly strategic nature of Nigeria–Türkiye relations, built on mutual respect for sovereignty, institutional cooperation and practical partnership. Both countries expressed optimism about expanding engagement and delivering tangible outcomes in the period ahead.

Tuggar Holds Strategic Talks with Turkish Counterpart in Ankara

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Ogoni Leaders Petition Tinubu, Accuse Wike of Undermining Peace Dialogue

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Ogoni Leaders Petition Tinubu, Accuse Wike of Undermining Peace Dialogue

By: Michael Mike

Leaders and people of Ogoniland have petitioned President Bola Tinubu over alleged attempts by the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to undermine the ongoing Federal Government–Ogoni dialogue process aimed at resolving the decades-long Ogoni crisis.

The petition was submitted under the auspices of the Conscience of Ogoni People (COOP), formerly known as the Ken Saro-Wiwa Associates, a group of concerned Ogoni stakeholders advocating peace, justice, and sustainable development in Ogoniland.

In a statement issued on Monday and signed by COOP’s Leader and Spokesman, Chief Gani Topba, the group expressed strong support for the dialogue and peace process being facilitated by the National Security Adviser (NSA), Mallam Nuhu Ribadu, describing it as the most credible effort so far to address the long-standing Ogoni question.

COOP alleged that Wike has been engaging in actions intended to frustrate the dialogue, tracing the dispute to unresolved issues from his tenure as Governor of Rivers State.

According to the group, the controversy is linked to a long-standing compensation dispute between the Ejama Ebubu community in Ogoni and the Shell Petroleum Development Company of Nigeria Limited (SPDC) over environmental damage claims that were decided in favour of the community.

The group stated that the Rivers State Government became deeply involved in the matter during Wike’s administration, a development that has remained contentious and unresolved in public discourse.

COOP further alleged that during the recent visit of the NSA to Ogoniland, political associates of the FCT Minister were instructed to boycott and undermine the engagement. The group claimed that efforts were deliberately made to sabotage the dialogue at the community level.

Raising security concerns, COOP alleged that armed youths recruited from different parts of Rivers State are currently being mobilised and camped around the Rivers State House of Assembly quarters, allegedly to destabilise the peace process.

The group also claimed that Wike is displeased with Rivers State Governor, Sir Siminalaiyi Fubara, for cooperating with the NSA to ensure the success of the Ogoni dialogue. According to COOP, local government chairmen in Eleme, Tai, Gokana and Khana LGAs were allegedly directed to recruit armed youths to disrupt the dialogue and frustrate the proposed resumption of oil operations in Ogoniland.

COOP warned that if these alleged actions are not checked, they could pose serious threats to public peace and security in Rivers State and derail the fragile but promising dialogue process.

The group noted that the ongoing engagement has been widely welcomed by Ogoni people as a sincere and inclusive initiative aimed at achieving lasting peace, environmental remediation, economic reintegration of Ogoni communities, and the safe resumption of oil production in Oil Mining Lease (OML) II. They added that a successful outcome would significantly boost national revenue, foreign exchange earnings, energy security and employment.

COOP appealed to President Tinubu to intervene by calling on the FCT Minister to desist from actions capable of reigniting tension in Ogoniland. The group urged the President to protect the dialogue process and mandate relevant security and intelligence agencies to investigate the allegations.

They call on the President to ensure that no individual, regardless of position, undermines national interest for personal or sectional gain, expressing confidence that decisive intervention would help secure peace in Ogoniland and reaffirm the Federal Government’s commitment to justice, national unity and economic recovery.

Ogoni Leaders Petition Tinubu, Accuse Wike of Undermining Peace Dialogue

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