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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
Report in best interest of children, stakeholders urge journalists
Report in best interest of children, stakeholders urge journalists
Stakeholders in child rights protection have urged journalists to adhere to strict ethical guidelines that prioritise a children’s safety, dignity, and welfare over the urgency of a story.
They made the call on Tuesday in Gombe during a two-day training on ethical journalism and child rights reporting for journalists in the North-East.
They called on journalists to avoid reports that harm or stigmatise children while covering related issues.
The training was organised by the Federal Ministry of Information and National Orientation in collaboration with the United Nations Children’s Fund.
Mr Nansel Nimyel, a facilitator, said the training aimed not only to amplify children’s issues but ensure responsible and ethical coverage.
Nimyel said reporting on children must always prioritise their best interests and safeguard their dignity and welfare.
He noted that children and adolescents deserved adequate media attention in spite of limited coverage of their issues.
He urged journalists to move beyond reporting by considering how stories are framed and the potential consequences of exposure.
He said: “A central concern in ethical reporting is avoiding further harm to children.
“Many featured children are already vulnerable due to trauma from conflict, abuse, or social challenges such as bullying.
“In such contexts, insensitive reporting can worsen suffering, causing re-traumatisation, stigma, or long-term psychological harm.
“The journalist’s role extends beyond information dissemination to protecting the child’s dignity and welfare.”
Another facilitator, Dr Jide Johnson, stressed balancing public interest with child protection in all reports involving children.
Johnson urged journalists to act responsibly in ways that protect children’s dignity and future.
Sussan Akila, a Communication Specialist with the United Nations Children’s Fund, urged prioritising children’s safety, well-being and development in reports.
Akila said journalists’ reports could either make survivors feel safe or expose them to further harm.
“It starts with the footage we capture of survivors within our communities affected by conflict.
“It also includes the photographs and headlines we use; they can either support or harm those affected,” she said.
The News Agency of Nigeria (NAN) reports that at least 60 journalists participated in the training.
Report in best interest of children, stakeholders urge journalists
News
Outrage as ActionAid Raises Alarm Over School Bullying, Child Protection Failures
Outrage as ActionAid Raises Alarm Over School Bullying, Child Protection Failures
By: Michael Mike
Fresh concerns over the safety of schoolchildren in Nigeria have emerged following allegations of violence and bullying at Igbinedion Education Centre, prompting strong condemnation from ActionAid Nigeria, which warned of a deepening crisis in the country’s child protection system.
The organisation described the incident as a serious breach of children’s rights, saying it exposes widespread institutional weaknesses that allow abuse to persist within school environments.
Speaking in Abuja, ActionAid Nigeria’s Country Director, Andrew Mamedu, said the case reflects more than isolated misconduct, pointing instead to systemic failures in monitoring, reporting, and accountability across the education sector.
He stressed that every child is entitled to protection from violence, in line with provisions of the Child Rights Act, warning that when abuse goes undetected or unresolved, it signals a breakdown in the duty of care expected from schools and relevant authorities.
According to him, the incident highlights the inability of existing safeguarding systems to identify early warning signs or prevent escalation, raising questions about the effectiveness of oversight mechanisms in schools.
ActionAid noted that the situation at the school is only a reflection of a broader, largely hidden problem of bullying and school-related gender-based violence across Nigeria. It said many cases remain unreported due to fear, stigma, and the absence of trusted channels for victims to seek help.
The organisation also expressed concern over the circulation of videos linked to the incident, reportedly shared by students, describing it as evidence of failing internal reporting systems and a growing reliance on social media as a last resort for exposing abuse.
It criticised what it called a reactive approach to child protection, where authorities often respond only after incidents gain public attention, rather than through proactive monitoring and enforcement.
Calling for urgent reforms, ActionAid urged the Federal Ministry of Education and other regulatory bodies, including the Universal Basic Education Commission and the National Human Rights Commission, to strengthen implementation of safeguarding policies and establish effective reporting and tracking systems across schools.
The group also called on schools to introduce confidential reporting mechanisms, enforce strict disciplinary measures, and provide continuous training for staff on child protection, conflict management, and trauma-informed care.
Law enforcement agencies, particularly the Nigeria Police Force, were urged to ensure thorough investigation and prosecution of offenders, while parents were encouraged to support their children in speaking out against abuse.
ActionAid warned that unless urgent and coordinated steps are taken, cases of school-based violence could continue to escalate, putting the safety and wellbeing of Nigerian children at serious risk.
Outrage as ActionAid Raises Alarm Over School Bullying, Child Protection Failures
News
Plateau police arrest suspected bandit informant in Dengi-Kanam
Plateau police arrest suspected bandit informant in Dengi-Kanam
By: Zagazola Makama
The Plateau State Police Command has arrested a suspected informant believed to have aided bandits responsible for a deadly ambush that killed three officers and eight soldiers of Operation Enduring Peace along Wanka Village in Kyaram District, Dengi-Kanam Local Government Area.
Police sources identified the suspect as Hashimu Adamu, the village head of Wanka Village. He is alleged to have provided intelligence to the bandits who terrorised the area.
The command said the suspect is currently undergoing interrogation, while investigations continue to apprehend the perpetrators of the ambush. Concerted efforts by security agencies remain ongoing to ensure the arrest of all involved in the attack.
Further updates on the investigation will be communicated, the police said.
Plateau police arrest suspected bandit informant in Dengi-Kanam
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