INDIAN BILLIONAIRE GAUTAM ADANI CHARGED IN U. S. FOR ALLEGED BRIBERY, FRAUD. (PHOTO).
Indian billionaire Gautam Adani charged in US for alleged bribery, fraud Gautam Adani, the chair of Indian conglomerate Adani Group and one of the world’s richest people, whose business empire extends from ports and airports to renewable energy,has been indicted in New York over an alleged multibillion-dollar fraud scheme, United States prosecutors have said. The authorities on Wednesday charged Adani and two other executives at Adani Green Energy, his nephew Sagar Adani and Vneet Jaain, with agreeing between 2020 and 2024 to pay more than $250m in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2bn in profits. Prosecutors said the renewable energy company also raised more than $3bn in loans and bonds during this period based on false and misleading statements. Shares of Adani Enterprises, the group's flagship firm, closed down 22% on Thursday. Other group firms also closed in the red. Adani Green Energy, which is the firm at the c
The Lagos State Government generated a total revenue of N102.69bn in the first quarter of 2016 out of which a surplus of N4.85bn was realized as against an expected N29.92bn deficit,the State's Commissioner for Economic Planning and Budget,Mr Akinyemi Ashade said today monday.Speaking at the ongoing Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa,Ikeja to commemorate Governor Akinwunmi Ambode's first year in office,Ashade said the generated revenue was above that of 2015 which stood at N97.28bn in the first quarter,adding that in absolute terms,the revenue performance was N4.4bn more than comparative period of 2015.Ashade said the remarkable feat was achieved despite the diminishing statutory allocation from the federation account,adding that same was due to Governor Ambode's purposeful and visionary leadership.He expressed optimism that with the implementation of multiple revenue collection channels and broadening of the revenue base,the State Government would achieve tremendous progress in its revenue drive.Giving a detailed breakdown of the budget performance,the Commissioner said N76.06bn was the Internally Generated Revenue {IGR} of the State in the first quarter representing 72 percent of the estimate for the quarter and 75 percent of the total revenue,as against the N67.21 nb generated in the first quarter of 2015 representing 74 percent of the estimate and 69 percent of the total revenue in the corresponding period for last year.He said the Lagos Internal Revenue Service {LIRS} revenue for the first quarter of 2016 stood at N67.25bnn representing 90 percent estimate for the quarter and 88 percent of the total IGR and 66.12 percent of the total revenue,compared to N60.58bn {87 percent of the estimate for Q1 Y2015},representing 90 percent of total IGR and 62 percent of total revenue in 2015.More photos below. 
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