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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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Hunters rescue kidnapped herder, neutralise gang leader in Yobe

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Hunters rescue kidnapped herder, neutralise gang leader in Yobe

By: Zagazola Makama

A local hunters’ group has successfully rescued a kidnapped herder, Alhaji Babawuro, from captivity in Yobe State without payment of ransom, following a coordinated operation with security authorities.

Sources told Zagazola Makama that the Babawuro, a resident of Kurbunga village under Shamka District of the Ngelzarma Emirate in Fune Local Government Area, was abducted at about 2:00 a.m. on Nov. 29, 2025, and taken to an unknown location.

The sources said the incident was reported to the Damagum Police Division on Nov. 30, after which the kidnappers contacted the victim’s family and demanded a ransom of N50 million.

“It was the fifth time the victim had been kidnapped, apparently due to his status as a wealthy herder,” the sources said.

They explained that while negotiations were ongoing and the police were making arrangements to transfer the case to the State Criminal Investigation Department for further investigation, the Special Adviser on Security Matters to the Yobe State Governor and the Emir of Ngelzarma held consultations with the Commissioner of Police.

According to the sources, it was agreed that a hunters’ group with proven expertise in kidnap rescue operations should be engaged to assist the police.

“The hunters subsequently took over negotiations, which were reduced to N7 million, while efforts were intensified to trace the kidnappers,” the sources said.

They added that the hunters traced the victim and the kidnappers to Sandi village in Gulani Local Government Area.

“At about 4:30 a.m. on Thursday, Dec. 11, the hunters stormed the hideout and successfully rescued the victim without paying any ransom,” the sources said.

During the operation, the leader of the kidnap gang, identified as Ahmadu Shuwa, also known as “Sumo,” was neutralised, while another suspect, Mohammed Bello, sustained gunshot injuries.

The sources further disclosed that two other members of the gang were arrested and have confessed to the crime.

The rescued victim, who has since reunited with his family, was treated at the State Specialist Hospital, Damaturu, and later reported the incident at the Damagum Police Station.

Efforts are ongoing to recover the weapons used by the kidnappers ahead of handing over the suspects and exhibits to the Nigeria Police for further investigation and prosecution.

The hunters’ group were commended for their role in the successful rescue operation.

Hunters rescue kidnapped herder, neutralise gang leader in Yobe

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EXCLUSIVE: President approves establishment of new Nigerian Army Depot in Abakaliki, Ebonyi

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EXCLUSIVE: President approves establishment of new Nigerian Army Depot in Abakaliki, Ebonyi

By: Zagazola Makama

The President of Nigeria, Bola Ahmed Tinubu, has approved the establishment of a new Depot Nigerian Army in Abakaliki, Ebonyi State, as part of efforts to expand the manpower and operational capacity of the Nigerian Army.

Sources told Zagazola Makama that the new Depot would complement existing Army training facilities and ensure a steady stream of well-trained personnel for deployment across the country.

Military source said the initiative is in line with the Nigerian Army’s strategic plan to enhance national security and produce combat-ready soldiers capable of addressing diverse security challenges, including terrorism, insurgency, and other internal threats.

The new Depot is expected to provide specialist and mission-oriented training, focusing on marksmanship, fieldcraft skills, and operational readiness. It will also incorporate measures to safeguard the welfare and wellbeing of recruits during and after their service.

The establishment of the Depot in Abakaliki follows recent efforts of the federal government to improve manpower of the Nigerian Military.

EXCLUSIVE: President approves establishment of new Nigerian Army Depot in Abakaliki, Ebonyi

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COAS charges 3,439 new Nigerian Army recruits to uphold professionalism, soldier ethos

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COAS charges 3,439 new Nigerian Army recruits to uphold professionalism, soldier ethos

By: Zagazola Makama

The Chief of Army Staff (COAS), Lieutenant General W. Shaibu, on Saturday charged 3,439 newly enlisted recruits of the Nigerian Army to uphold professionalism, soldier ethos, and the core values of the service as they begin their military careers.

Speaking at the passing out parade of the Regular Recruits Intake at Depot Nigerian Army Zaria, Lieutenant General Shaibu described the event as a milestone in the Nigerian Army’s strategic drive to expand its manpower and strengthen national security.

“It is indeed gratifying to note that the Nigerian Army’s strategic goal of expanding its manpower has been given a significant boost with this passing out parade.

“For these young Nigerians, today marks the beginning of a journey of sacrifice, patriotism, and commitment to the service of our nation,” he said.

The COAS urged the recruits to take pride in joining the Army at a critical moment in Nigeria’s history, when the country faces multiple security challenges including terrorism, insurgency, and other threats to national stability.

“You are now stakeholders in the noble task of securing our fatherland. The challenges ahead are daunting, but the rigorous training you have received, coupled with the purposeful leadership you will encounter in the field, will prepare you for whatever the future holds,” he said.

Shaibu charged the recruits to exhibit warrior ethos, diligence, discipline, and professionalism as they integrate into various formations and units.

He assured that their welfare and wellbeing have been prioritized, with all necessary measures put in place to support them in and out of service.

The COAS highlighted reforms in Army training across the three depots, emphasizing the streamlining of curricula to focus on marksmanship, fieldcraft, and mission-oriented skills necessary to produce combat-ready and lethal soldiers.

He also noted that recruits would have access to specialist training to maintain operational readiness throughout their careers.

In addition, Lieutenant General Shaibu informed the recruits that President Bola Ahmed Tinubu has approved the establishment of a new Depot Nigerian Army in Abakaliki, Ebonyi State, aimed at boosting training capacity and providing more well-trained troops for deployment across the country.

He further announced that other depots, including Depot Nigerian Army Osogbo, will soon hold similar passing out parades.

“Our command philosophy is to advance the transformation of the Nigerian Army into a more professional, adaptable, combat-ready, and resilient force, capable of decisively discharging its constitutional responsibilities within a joint and multi-agency environment.

“Our soldiers are the core and enduring strength of the Nigerian Army, and your training and welfare remain critical to our success,” he said.

The COAS commended the commandants, staff, and instructors of Depot Zaria for producing a steady stream of well-trained manpower capable of contributing effectively to national security objectives.

He also expressed appreciation to President Tinubu, the Executive Governor of Kaduna State, Senator Uba Sani, and the Emir of Zazzau, Ambassador Alhaji Ahmad Nuhu Bamalli, for their steadfast support to the Nigerian Army and hosting the Depot.

Lieutenant General Shaibu concluded by congratulating the families of the recruits for supporting their decision to join the Nigerian Army and urged the soldiers to act with hope, courage, and determination.

“Always act with the hope for success and never with the fear of failure. Uphold the values and ethos of the Nigerian Army as you serve the nation,” he said.

The parade, which included full military drill, inspection, and symbolic handing over of the Nigerian Army insignia to the recruits, demonstrated the Army’s commitment to producing disciplined, professional, and combat-ready personnel capable of defending the territorial integrity of Nigeria.

COAS charges 3,439 new Nigerian Army recruits to uphold professionalism, soldier ethos

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