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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

GOV. OTTI PERFORMS GROUND-BREAKING CEREMONY OF ABIA INDUSTRIAL, INNOVATION PARK.(PHOTO).#PRESS RELEASE


Otti performs ground-breaking ceremony of Abia Industrial, Innovation Park

Abia State Governor, Dr Alex Otti, has performed the ground-breaking ceremony of Abia Industrial and Innovation Park, AIIP, in Owaza community, Ukwa West council area of the state.

Vanguard gathered that the Industrial, Residential and Free Trade Zone, FTZ, which sits on over 1,000 hectares of land, would host multiple layers of businesses including modular refineries, petrochemical and fertiliser plants and several other chains of enterprises.

Otti said that AIIP is conceived to serve as a launch pad for Abia’s economic rejuvenation, leveraging the many advantages of this location, including the oil and gas deposits, nearness to Aba and Port Harcourt cities, abundance of skilled labour and a secure environment for uninterrupted production and other industrial activities

He commended the communities for offering their land to give his vision of an economic city a foothold and assured that the community would benefit from the project when completed.

He said; “My honest assurance to everyone is that the Abia State government shall keep to its part of the bargain and you shall get what you truly deserve. We shall also work with experts and industry regulators to set up clear guidelines that will drastically minimise the damage to your natural environment.

“Above all, we will see to it that every corporate entity that shall have a presence here takes its corporate social responsibility very seriously,” he said.

Otti further commended the various businesses and government agencies that have indicated serious interest in being involved in the AIIP, stressing that he is excited to see the heads and representatives of several multinational corporations and government agencies present at the groundbreaking ceremony.

“Our vision is clear and our goal direct: we want to responsibly harness the abundant oil and gas reserves within Ukwa for the economic development of the communities within, the state and the regions connected to this project location.

“At every stage of this project, even before this groundbreaking ceremony, jobs will be created, local businesses will be empowered and multiple channels of economic expansion established for entrepreneurs within and outside this immediate community.

“The AIIP promises to be a win-win for every stakeholder, especially the host communities that have graciously welcomed us, the investors who can be certain of a conducive business environment, steady power supply, nearness to raw materials, a large population of skilled and unskilled labour, the government through improved revenue and even the research and academic community who can use this project to drive their search for knowledge on relevant thematic areas.

“The agenda is to build a connected system that offers the advantage of economies of scale to businesses that would be sited here, taking advantage of a systematic network that offers endless enterprise opportunities, residential comfort, robust infrastructure, outlets for leisure and recreation and chains of other benefits that cannot be obtained in any other location in all of West Africa.”

The Governor explained that AIIP is different from similar ideas in the past that did not see the light of the day because his administration comes with a new assurance in the spirit of the New Abia.

He assured that things would be done differently as all that is promised would be delivered and no party shall be short-changed

Also speaking, Deputy Speaker of the House of Representatives, Benjamin Kalu who graced the event with 30 of his colleagues,noted that the AIIP is the very essence of progress, innovation and economic development, stressing that it will position Abia State as a hub for innovation and Industrialization.

He stated that the groundbreaking ceremony marks the journey towards remarkable development, adding that he will support Otti from the Federal level to ensure that they build a state that everybody will be proud of under President Bola Tinubu.

Kalu said that the Federal Government will never allow the AIIP to be an abandoned project as it carries the symbol of the renewed hope movement that is all about ensuring that serious projects that can change the economic landscape of the country and are capable of creating employment are successful.

He said that the 10th National Assembly is working hard to draft a legislative framework that will support projects like AIIP that encourage innovation, and entrepreneurship, enhancing ease of doing business and improving lives.

Earlier in his address,Commissioner for Petroleum and Mineral Resources, Prof. Joel Ogbonna, described it as a dream come true that will launch the people of the state into the land of their dreams stressing that the vision of Otti’s government is to restore Abia to number one state in business and technology.

He said that Otti’s government is poised to rewrite history, change the narrative and change the industrial landscape of the state. He said that Owaza, Ozuaku and Okohia, the three communities that donated the land will automatically become Industrial hubs without wasting time.

Ogbonna said that for the project to succeed, it must have the collaboration of all the stakeholders who must take it as their own project. He said that with AIIP, the future is bright and must be embraced without fear and delay.

The CEO of AIIP, Engr Chinedu Oneyeizu, said AIIP will usher in accelerated development into Abia and thanked Otti for keeping the project on the priority list of his administration.

He said that the event cannot come at a better time than now as it will create generational wealth and create more opportunities for the ingenuity of Aba man to become clearer.

Oneyeizu said that the AIIP is a strategic business environment to build significant capacity in many business angles. He stressed that AIIP is a bold step undertaken by Otti’s government to lay a good foundation for a new and emerging Abia.

He said it will create an opportunity for Aba-made products to become a global competitor in the world business sector.

In his goodwill message, Executive Secretary, the Nigerian Content Development and Monitoring Board ,NCDMB, Simbi Wabote, said that he wants to see the AIIP happen because of the immense impact it will have on the Economy, stressing that the primary goal of Local Content Management is to ensure better manufacturing locally.

He said that if we continue to depend on imported products, the naira will continue to fail, stressing that projects like AIIP will boost the manufacturing sector of Nigeria.

Wabote said that AIIP will enable Abia to occupy its rightful position as a key manufacturer of leather products, adding that with dedication and consistency, AIIP will reposition Abia and Nigeria.

He said that the issue of the high cost of production will be a thing of the past in AIIP with the provision of 24-hour electricity and commended the location of the park which is close to gas and a seaport and advised the Governor to provide every necessary infrastructure needed and vowed to cooperate with Abia Government to make it a success.

The representative of the Development Partners which includes, Shell Petroleum Development Company (SPDC), Total Energy and the Oil and Gas Free Trade Zone said they are fully committed to the project.


 

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