INDIAN BILLIONAIRE GAUTAM ADANI CHARGED IN U. S. FOR ALLEGED BRIBERY, FRAUD. (PHOTO).

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  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
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PATRONISING THE LOCAL METER MANUFACTURING COMPANIES,IS THE WAY TO DIVERSIFY & SAVE FOREIGN EXCHANGE-FASHOLA.

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                 The Minister of Power Raji Fashola ,gave the advice while inaugurating the Mass Meter Deployment programme in Kano yesterday monday.The minister said such patronage was necessary to encourage the production of meters by the local manufacturing companies in the country and save foreign exchange.''Patronising the local meter manufacturing companies is the way to diversify and save foreign exchange''.Fashola noted that the inauguration of the scheme in Kano was a clear indication that the Kano Electricity Distribution Company {KEDCO} was committed to ensuring effective service delivery.He commended KEDCO for the initiative and urged other DISCOs to develop their own strategies for mass deployment of meters for the benefit of their customers.In his remarks,the Managing Director of KEDCO,Alhaji Jamilu Gwamna,said the company had purchased more than 63,000 meters to be distributed to its customers.Gwamma said that the inauguration of the scheme would go a long way in checking the issue of crazy bills,in addition to ensuring effective service delivery.''Our intention is to ensure that by 2020,the company will be the most valuable company to compete favourably with other companies in the country''.

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