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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NIGERIANS TO PAY MORE FOR ALCOHOLIC BEVERAGES – FG.(PHOTO).

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NIGERIANS TO PAY MORE FOR ALCOHOLIC BEVERAGES – FG



May 4, 2023


Beer drinkers in Nigeria will be paying more for beer as federal government increases alcoholic drinks tax rate to N75 a litre according to the new fiscal policy, the new rates will take effect from June 1, 2023.


The new tax adjustments of the federal government on increase excise duties will affect alcoholic wines, spirits (whisky, brandy, vodka, and rums), beer and stout.


Reacting to the development the Manufacturers Association of Nigeria (MAN) said the new policy will likely encourage illicit trade, and layoffs in the industry.


Insisting that what the industry needs from the government at this time is enabling policies and not additional tax burden.

 

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