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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NIGERIA'S POWER SECTOR NOT PERFORMING OPTIMALLY,HOUSE OF REP IS READY FOR LEGISLATIVE INTERVENTION.{PHOTOS}.#PRESS RELEASE.

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The Nigerian electric power sector is not performing optimally, a situation that must change for the better. We all, for the most part, agree that it is the responsibility of the government to do something about this situation. Ordinary citizens, power industry operators, regulators and government all have different understandings of why the dysfunction in the power sector exists and persists and there are just as many ideas and recommendations for how to fix it.


 Electric Power Sector Reform Act, 2005 is a substantial piece of legislation and remains the most significant statutory reform of the power sector in Nigeria for a generation.


When it was written and passed into law, it was intended that the provisions of the Act would establish a new framework for optimal public-private sector collaboration to accelerate development in the power sector and promote efficiency across the power sector value chain.


The extent to which these expectations have been met is one of the many issues in contention. Answering the question of what needs to be done to improve the Act so that it serves the best purposes of our country is the reason we have gathered here in this public hearing.


The public hearing was an opportunity for stakeholders, both in government and the private sector, to participate in a structured conversation and contribute views that will help the House undertake a long-overdue reform of one of the critical legislation governing the operations of the power sector in Nigeria.


In considering the Bills, the stakeholders need to set aside all other considerations except those that are in the best interests of Nigeria, the House would do everything within its constitutional authority to consider and safeguard all interests within reason.


I commend the chairman and members of the House Committee on Power for their hard work on the bills and appreciated the efforts of all who worked to improve the legislative proposal to this advanced stage.

More photos below.

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