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
How We Turned from Foes to Friends — Franco-German Envoys Share Lessons with Nigeria
How We Turned from Foes to Friends — Franco-German Envoys Share Lessons with Nigeria
By: Michael Mike
The Ambassadors of Germany and France to Nigeria have urged the country to draw lessons from decades of Franco-German cooperation, stressing that reconciliation, friendship, and shared responsibility are critical drivers of growth, stability, and regional integration.
German Ambassador Annett Günther and French Ambassador Marc Fonbaustier made the call on Wednesday in Abuja during events marking the 63rd anniversary of German-French Day, which commemorates the signing of the Élysée Treaty on January 22, 1963.

Speaking jointly, the envoys reflected on how France and Germany overcame centuries of rivalry and conflict to become close partners and allies after the Second World War.
They noted that the experience demonstrates that even the most hostile relationships can be transformed through sustained dialogue and political commitment.
“The history of reconciliation and European unification shows that no matter how dark the past may seem, a different future is possible,” the ambassadors said, adding that this message is particularly relevant for Nigeria and its partners. “We are stronger together — and stronger as friends.”
They explained that Franco-German cooperation is anchored in formal treaties that mandate continuous consultation between both countries at all levels, including heads of state, foreign ministers, and senior officials. This coordination, they said, now extends beyond Europe to global and African issues.
Fielding questions from journalists, the ambassadors pointed to Nigeria’s strategic role within West Africa, saying the country could apply similar principles to strengthen the Economic Community of West African States (ECOWAS).
Fonbaustier said stronger countries within a regional bloc have a responsibility to drive integration while supporting weaker members to ensure collective progress. “A union only succeeds when all its members move forward together,” he said, noting that unity should be based on shared development rather than narrow national interests.
He described Nigeria as the leading power within ECOWAS and encouraged it to continue playing a central role in promoting regional security, economic integration, and people-to-people exchange.
Günther also echoed these views, highlighting what she described as a “Franco-German reflex” of constant consultation and coordination. She said this habit of cooperation enables both countries to respond jointly to emerging challenges and align their diplomatic efforts, including in Africa.
They both stressed that the Franco-German journey from hostility to partnership offers valuable lessons for Nigeria and the African continent, particularly in fostering regional unity, managing diversity, and building long-term peace through cooperation.
How We Turned from Foes to Friends — Franco-German Envoys Share Lessons with Nigeria
News
Bandits ambush police patrol in Katsina, four officers killed
Bandits ambush police patrol in Katsina, four officers killed
By: Zagazola Makama
Four police officers were killed and two others injured when suspected armed bandits ambushed a patrol along the Guga–Bakori road in Katsina State.
Sources told Zagazola Makama on Wednesday that the attack occurred on Jan. 27 at about 12:45 p.m., targeting operatives of the 27 Police Mobile Force (PMF), Guga Camp, during a routine patrol.
According to the source, the driver of the patrol vehicle lost control after coming under fire, causing the vehicle to crash by the roadside. Officers who died on the spot were identified as UC ASP Abubakar Abdullahi, Insp. Umar Ahmed, and Sgt. Kailani Kabir.
The source added that the assailants carted away the officers’ weapons, including an AK-47 rifle loaded with 30 rounds, a Tokarev pistol with eight rounds, and a long-range gunner rifle.
Two other officers sustained injuries: Cpl. Daniel Japet sustained a fracture, while Cpl. Abdulaziz Sani suffered a gunshot wound.
The Area Commander, Funtua, promptly mobilised joint police alongside troops of Operation FANSAN YANMA to the scene. Victims were evacuated to the General Hospital, Funtua, for autopsy and medical treatment.
Security forces have blocked all potential exit routes, and cordon-and-search operations are ongoing to apprehend the perpetrators and recover the missing arms.
Bandits ambush police patrol in Katsina, four officers killed
News
Rival bandit leaders clash as key peace enforcer is killed in Jibia axis, Katsina
Rival bandit leaders clash as key peace enforcer is killed in Jibia axis, Katsina
By: Zagazola Makama
A prominent bandit leader and key enforcer of a fragile peace arrangement in Jibia, Katsina State, Abdullahi Lantai, also known as “Lantai Officer”, has been killed in a deadly ambush linked to a rival gang.
Security sources told Zagazola Makama on Wednesday that Lantai was executed on Jan. 27 at about 1:00 p.m. by gunmen believed to be loyal to the Bello Turji-led network operating across Sokoto and Zamfara states.
According to the sources, Lantai was lured to what was described as a dialogue and reconciliation meeting following a rivalry clash between his group and the Turji faction on Jan. 24.

“The meeting was reportedly arranged by Turji and Aliyu Aliero to resolve the conflict. However, Lantai and some of his foot soldiers were ambushed and killed on their way to the venue by members of the Turji network led by Dogo Rabe and Black,” a source said.
Preliminary findings indicate that before his assassination, Lantai played a critical role in sustaining a temporary peace deal with bandit leaders in Jibia in collaboration with the Katsina State Government.
“He was a territorial gatekeeper who denied Turji’s gang freedom of action and passage through Jibia forest routes.
“He also blocked transit routes used to move rustled cattle from Zamfara to Maradi in the Republic of Niger, effectively constraining Turji’s operations within the axis,” the source added.
Zagazola warn that the killing could trigger a major escalation in violence across the Jibia axis and its environs.
“This is a calculated power grab. The Turji network appears determined to eliminate a stabilising force and expand its influence, smuggling routes and criminal economy into Katsina State,” the source said.
The threat level in the Jibia axis has now been assessed as high, with strong indications of possible retaliatory attacks by Lantai’s faction and pre-emptive assaults by Turji’s forces to consolidate control.
Residents fear that the relative calm previously enjoyed in the area may give way to renewed instability marked by kidnappings, cattle rustling and attacks on communities as rival groups struggle for dominance.
Zagazola learnt that security agencies are said to be reviewing the situation with a view to deploying robust countermeasures to prevent a total breakdown of the fragile peace in the coming days.
Rival bandit leaders clash as key peace enforcer is killed in Jibia axis, Katsina
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