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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
Navy officer, family abducted in Kachia
By: Zagazola Makama
Armed bandits have abducted a naval officer and members of his family in Kachia Local Government Area of Kaduna State.
Zagazola learnt that the incident occurred on Aug. 20, 2025, at about 0200hrs, when the gunmen stormed Unguwan Mission, Kachia, and whisked away Seaman Olatunji Enoch, 40, of the Nigerian Navy attached to NNSAT Kachia.
The assailants also took away his wife, Margaret Olatunji, 25, and their daughter, Hellen Bitrus, 13, during the attack.
Security agencies have since launched a manhunt for the perpetrators, with cordon-and-search operations ongoing in surrounding bushes. The operation aims to ensure the safe rescue of the victims without harm.
Navy officer, family abducted in Kachia
News
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
By: Bodunrin Kayode
The international Police Academy (UNIPOL) has Appointed Deputy Commander General (DCG) Joseph Icha,
Director Training and Manpower Development, National Drug Law Enforcement Agency (NDLEA) as Director International Counter Narcotics Training Nigeria Section.
A statement from the academy’s management stated that “the academy proudly announces the appointment of
DCG Joseph Icha, Director Training and Manpower Development, NDLEA as Director International Counter Narcotics Training Nigeria Section.
“This appointment recognizes
DCG Joseph Icha, Director Training and Manpower Development, NDLEA. exceptional contributions to national security, law enforcement leadership, and international cooperation.”
Icha has served the Agency in various Senior Management capacities as Principal Staff Officer, Assistant State Commander, Assistant Director, State Commander, and Deputy Director among others, with commendations.
The new international counter narcotics boss has attended several law enforcement courses on Drug Supply Suppression and Drug Demand Reduction within and outside the country.
“He is a Master Trainer with the United Nations Office of Drug and Crime (UNODC) in Drug Law Enforcement intelligence led investigation strategies and Criminal Intelligence. ” said the statement.
Joseph Icha has facilitated training programmes on behalf of UNODC to various law enforcement agencies in the country.
DCG Joseph Icha is a Law Enforcement Operative, mentor, curriculum designer, and advisor per excellence.
He is also a member of several international professional Organizations and currently is the Director Training and Manpower Development of NDLEA.
This important appointment was pronounced under the leadership of Dr. Alexander Jan M (Hany El Zahar), Executive Director, Founder, and CEO of the International Police Academy – UNIPOL, and IPA President (Rtd.) Senior Superintendent of Police Shuaib Adam HSC OLY VJ, International Director of Law Enforcement, Police, and Military, with the support of Prof. Yuval Binstoc (IPA) and Sir Junustia Brecen.
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
Plateau State Complied with the deadline for 2024 Audited financial Reports…. Manset
By: Bodunrin Kayode
Plateau State Accountant General Naanret Manset has said that it was not true that Plateau state has refused to comply with the deadline given to states for the submission of 2024 audited financial statements.
Reacting to a report published recently, the accountant general in a statement noted that “the attention of the Office of the Accountant-General of Plateau State has been drawn to a publication by the Foundation for Investigative Journalism (FIJ) titled ‘It’s Past Deadline, 5 States Fail to Publish 2024 Financial Statements’, which wrongly lists Plateau State as one of the defaulters.”
Naanret Manset maintained that “For the record, Plateau State fully complied with all statutory timelines for the preparation, audit, and publication of its 2024 audited financial statements
“Submitted same to the Auditor-General in May, 2025 which is within the stipulated period of 6 months.
“Audit completed in June, 2025 and forwarded to the House of Assembly which is also within the stipulated period of 3 months.
“Approved by the House of Assembly
Published online on 27 July 2025, below the legal timeline of 9 months.
The audited report is publicly available here:
“We urge FIJ to promptly correct their publication and remove Plateau State from the list of non-compliant states.
Plateau State remains committed to transparency, accountability, and timely financial reporting.” It noted.
The FIJ had recently published that six Nigerian states are yet to publish their audited financial statements for the 2024 fiscal year.
It revealed that five of such erring states have already past their statutorily implied deadlines which Plateau is saying is not true as it applies to them.
The publication had said that ” erring states are Akwa Ibom, Kaduna, Ogun, Oyo, Plateau and Rivers.
“In Akwa Ibom’s case, its amended 2021 audit law gives the auditor general up to nine months to publish the report online after submitting it to the House of Assembly.
“The Accountant General has six months to present the books, followed by a 90-day audit and submission period.
” In the other five states, audit laws differ in the year they were enacted or updated, but the process is similar.
“The Accountant General must submit the financial documents to the audit office within three months after the financial year ends.
” The Auditor General is then required to audit the report, send it to the House of Assembly and publish it immediately.
“The Ogun State Audit Law (2021), Rivers State Audit Law (2021, as amended), Akwa Ibom State Audit Law (2021), Oyo State Audit Commission Law (2021) and Plateau State Audit Law (2021) all set out these requirements.
” In Rivers, however, publishing the audit is left to the discretion of the Auditor General.
“In past years, these states have published their audits between June and August. Some have also been ranked among the lowest in transparency.
” The CJID Openness Index, released in July 2024, placed all six in the bottom tier along with 10 others.”
Recently, FIJ reported Akwa Ibom’s repeated disregard for budgetary transparency despite binding provisions in its Fiscal Responsibility Law.
The FIJ report maintained that two states Yobe and Ekiti, scored above average for transparency and accountability in 2024, with 73 per cent and 54 per cent, according to the Sub national Audit Efficacy Index, published by the Paradigm Leadership Initiative.
The report noted that the annual assessment, which measures financial transparency and policy adoption across Nigeria’s state governments, shows a familiar trend: “stagnation or decline.”
Plateau State Complied with the deadline for 2024 Audited financial Reports…. Manset
Navy officer, family abducted in Kachia
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
Plateau State Complied with the deadline for 2024 Audited financial Reports…. Manset
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