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
A total of N415.730 billion has been distributed as Federal Allocation for the month of April 2017 by the Federal Governmebt,State Governments and Local Government Councils.The communique issued by the sub-Committee of Federation Accounts Allocation Committee {FAAC} of the Office of the Accountant-General of the Federation,at the end of the meeting held in Abuja on May 23,2017,indicated that the gross statutory revenue received for the Month is N248.110 billion,which is lower than the N331.583 billion received in the previous months by N54.473 billion.The shared amount comprised the Month's Statutory distributable revenue of N272.115 billion,Value Added Tax of N81.286 billion,Exchange gain of N38.517 billion and Excess PPT Account of N20.425 billion.There was also a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation {NNPC}.Accordingly,from Net Statutory Allocation,the Federal Government received N124.444 billion representing {52.68%}; States received N63.119 billion {26.72%}; Local Government Councils received N48.662 billion representing {20.60%}; while the oil producing States received N22.640 billion as 13% derivation revenue.Furthermore,from the Revenue available from the Value Added Tax {VAT},Federal Government received N12.193 {15%}; States received N40.643 billion {50%} while the Local Goverment Councils received N28.450 {35%}.The Communique further explained that there was a significant increase in Export Sales revenue by about $63.69 million due to increase in average unit price of crude oil export volume by 1.07 million There was however,a decrease in the average price of Cruude oil production during the period under review.This was largely due to a shut in and shut-down of pipelines due to the activities of vandals,as well as for maintenance which impacted negatively on production.Furthermore,the Force Majeure declared at the Forcadose terminal since February,2016 was still in place.The balance on the Excess Crude Account is $2.299billion USD,while the balance in the Excess PPT Account is $67M US Dollar.
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