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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SUBSIDY REMOVAL: NEC DECIDES ON PALLIATIVE MEASURES FOR NIGERIANS. (PHOTO).

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Subsidy Removal: NEC Decides On Palliative Measures For Nigerians 

Following the removal of the petrol subsidy and the recent hike in petrol prices to up to N617/litre, the National Executive Council (NEC) has agreed on palliative measures for Nigerians.

The decision was reached on Thursday at a meeting held at the Council Chambers of the State House in Abuja.

The meeting, which was chaired by Vice President Kashim Shettima, has in attendance governors of the 36 states of the Federation, the Director General of the Nigerian Governors’ Forum, as well as stakeholders from the World Bank and other agencies of government.

NEC also considered integrity tests on state social registers, cash transfers would be done via state social registers subject to state peculiarities.

During the meeting, government officials were urged to reduce the cost of governance in their various spheres. This is even as the Federal Government initiated a six-month cash award policy for public servants.

Food items grains and fertilisers are to be distributed by state governments at the rate acquired from National Emergency Management Agency (NEMA) and states are urged to double down on energy transition plans in the transport sector.

This is the second meeting of the Council and it is expected to deliberate on the reviewed palliative package for Nigerians following the removal of petrol subsidy as well as the hike in fuel price.

President Bola Tinubu had unveiled his administration’s plan for a monthly N8,000 transfer to 12 million of the poorest households in the country for six months, in a bid to cushion the effects of the removal of fuel subsidy.


 

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