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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PRESS BRIEFING ON THE OUTCOME OF FEC MEETING TODAY BY FASHOLA,SIRIKA & KAZAURE.{PHOTO}.

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   After the Federal Executive Council (FEC) meeting, Minister of Power,Works and Housing, Tunde Fashola; Minister of Aviation, Hadi Sirika; and Minister of the Federal Ministry of Water Resources, Suleiman Adamu Kazaure briefed the press on the outcome of the meeting. #FECBrief
FEC today approved a Ministry of Power,Works and Housing Memo providing a framework of investment in expanding the national distribution network,to deliver an extra 2000 megawatts of electricity to consumers
Nigeria today has 2000 megawatts of electricity that cannot reach consumers because of lack of distribution capacity.
Also presently, Nigeria can generate 7,000 megawatts of electricity. The Transmission Company of Nigeria (TCN), following extensive grid expansion in the last two years, also now has the capacity to wheel the 7,000 megawatts. But bottlenecks exist at the distribution (Disco) level, with only 5,000 megawatts of distribution capacity. Hence the need for expansion.
The framework for investment to improve distribution capacity will involve competitive International Tendering and Procurement. The Federal Government will contribute 40% of the needed investment (based on its 40% Disco ownership), while the Discos will contribute 60%.Meanwhile, expansion in generation and transmission capacity are continuing. According to the Minister of Power,Works and Housing, Tunde Fashola , there is 1,600 megawatts of new generation capacity scheduled for delivery in 2018.
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