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
Troops repel insurgents, neutralise suspected informant in Borno
Troops repel insurgents, neutralise suspected informant in Borno
By: Zagazola Makama
Troops of Operation Hadin Kai have repelled suspected insurgents and neutralised a suspected informant during operations in Ngamdu area of Borno.
Military sources said the action followed signals intelligence indicating that suspected Boko Haram elements were massing.
At about 2:30 a.m. on Feb. 18, troops carried out a fire mission on the identified area, forcing the insurgents to disperse and abort their suspected plan.
Shortly afterward, at about 3:45 a.m., troops engaged and neutralised a suspected insurgent informant who attempted to breach the trench defensive position in Ngamdu.
Sources said the troops immediately conducted a search of the surrounding area after the encounter but made no further contact with fleeing suspects.
Troops repel insurgents, neutralise suspected informant in Borno
News
Yobe: Troops Disperse Terrorists, Arrest Five Suspected Arms Smugglers
Yobe: Troops Disperse Terrorists, Arrest Five Suspected Arms Smugglers
By: Zagazola Makama
Troops of Operation Hadin Kai have disrupted a suspected terrorist gathering and arrested five suspected arms smugglers during separate operations in Yobe State.
Security sources said that at about 6:21 p.m. on Feb. 17, troops conducted a fire mission following credible intelligence that terrorists were converging in large numbers on motorcycles at Mangari, about 10.6 kilometres from the location of the 135 Special Forces Battalion in Buratai.

The swift action forced the insurgents to disperse in disarray, effectively disrupting their suspected plans.
In a separate development, troops of the Forward Operating Base (FOB) Potiskum apprehended five suspected arms smugglers and abductors at about 4:30 a.m. on Feb. 18 at a checkpoint along the Gombe–Potiskum road.

Those arrested included a 41-year-old suspect, Baba Abare, who was found in possession of an AK-47 rifle, alongside four others identified as Idris Zakari, 33; Nasiru Aliyu, 25; Abdullahi Sulaiman, 35; and Mohammed Idris, 34, all said to be indigenes of Potiskum town.

The suspects were intercepted in two Golf Wagon vehicles bearing registration numbers Borno NGL-506XA and Kaduna DKD16-01.

They were disarmed and handed over to appropriate authorities for further investigation.
Yobe: Troops Disperse Terrorists, Arrest Five Suspected Arms Smugglers
News
Ward Congress: Bayelsa APC Group Condemns Marginalization Of Sylva’s Supporters, Call On Party NWC, Tinubu To Intervene
Ward Congress: Bayelsa APC Group Condemns Marginalization Of Sylva’s Supporters, Call On Party NWC, Tinubu To Intervene
The Bayelsa State Chapter of the All Progressives Congress (APC) Grassroot Movement (BSAGM), has expressed deep dissatisfaction over the State Governor, Senator Douye Diri biased, marginalized conduct of the party ward congress in the state.
Condemning in strong terms the APC ward congress conducted on Wednesday, 18th of February, 2026, the group described the process as witch-hunt of a selected group of stakeholders and leaders in the party.
A statement issued on Thursday by the group’s spokesman, Mr John Peremobowei, condemned the governor’s deliberate segregation of key stakeholders in various wards geared towards generating division.
Some APC stalwarts through their followers have expressed profound dissatisfaction on the social media over segregation and non-inclusion of critical stakeholders who stood firmly as an opposition in building the “Hausa party” in Bayelsa State.
They stated that Governor Douye Diri’s failure to conduct an all inclusive APC congress in various wards across the state; which is his first assignment as party leader after defection, has proven beyond a shadow of doubt that the governor is incapable to manage affairs of the party in the state.
The group said “Governor Diri who could not manage insignificant affairs of the Peoples Democratic Party, PDP leading to Mr George Turnah factional leadership in Bayelsa, has transferred the same attitude from the PDP to the APC barely four months of defection.
“The governor whose administration and leadership depend, and feed on propaganda, rumours, gossip from subordinates without investigation before making decisions, obviously cannot build, neither maintain the APC–as he couldn’t manage the PDP.
“Senator Diri leadership of division, propaganda to incite leaders against other leaders, can’t build people like he was deliberately built by the likes of former President Goodluck Ebele Jonathan, GCFR, Chief Timi Alaibe, Senator Seriake Dickson and others.
“Diri is a Supreme Court Governor who has never had grassroot support due to failure to manage people from his days in house of representatives, senate till date as governor, and the Bayelsa APC is in trouble because he can’t build neither maintain a party.”
The group said the governor who was a financier of Atiku-Okowa PDP presidential ticket, and worked so hard against President Ahmed Bola Tinubu in the 2023 presidential election, defected to the APC for fear of prosecution by the anti-corruption agencies over misappropriation.
Governor Diri who has been receiving over thirty-four billion naira and above on a monthly basis from the federation account since the inception of President Bola Tinubu administration, was caught by the United States interpol with huge amount of money early 2025.
The group’s spokesman cried out to the APC National Working Committee, President Bola Tinubu for immediate intervention, saying followers/loyalists of the former governor and minister, Chief Timipre Sylva were sidelined in the ward congress in various wards across the state, describing it as witch-hunt.
“Sylva with the support of loyalists brought APC to Bayelsa, and fought so hard to build, and strengthen the party as an opposition, and today, he is unjustly marginalized in the party.
“Despite undeserved exclusion in the party congresses, we the steadfast supporters of Chief Timipre Sylva will stand firm in galvanizing support for President Bola Tinubu re-election.
“We have stood firm in APC even as an opposition in the state, but can’t relent now that it is the ruling party.
“We call on President Bola Tinubu to intervene, as he did in Rivers, and call Governor Douye Diri to order–as his actions are targeted towards generating division in the party.
Ward Congress: Bayelsa APC Group Condemns Marginalization Of Sylva’s Supporters, Call On Party NWC, Tinubu To Intervene
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