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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SOUTHERN GOVERNOR'S INSIST ON VAT COLLECTION,2023 PRESIDENCY.{PHOTO}.

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The Southern Governors’ Forum, yesterday, expressed its support for states to collect the Value Added Tax (VAT). This was part of resolutions the governors reached in their meeting held in Enugu State.


There has been controversy over the collection of VAT after a Federal High Court ruled that it was not the duty of the Federal Government to collect it. The tax has been collected by the FG since the military era, although the money is shared by the three tiers of government.


Following the court ruling, Lagos and Rivers states passed laws that allowed them to collect VAT in their states. The Federal Inland Revenue Services (FIRS), which used to collect the VAT on behalf of the Federal Government, has, however, challenged the court ruling at the appellate court.

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