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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ALAKE SEEKS DEVELOPMENT OF MINING HOST COMMUNITIES. (PHOTO).

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Alake seeks development of Mining host communities

Minister of Solid Minerals Development, Dr. Dele Alake has expressed Federal Government’s commitment to creating enduring governance structure for sustainable development in the mining sector.

Speaking on the topic, “Strengthening Policies to promote Sustainable Environment for Mining Host Communities” at the 2023 West African Mining Host Communities INDABA, Dr Alake emphasised that the present administration was reviewing policies around the mining sector with a view to strengthening existing ones and discarding the out-dated to ensure enabling environment for local, private and foreign investors.

“The governance structure is particularly very significant to move the solid minerals sector forward, not only to achieve the objectives of development but also to translate all policies into reality and achievements. We have neglected the sector over the years but that has now changed as we are not oblivious of the transitioning to clean energy globally, therefore, for our economic survival, we have shifted focus to our God-given resource that we have in abundance – solid minerals”, the Minister stated.

On host communities, Dr. Alake expressed the determination of government to ensure host communities derive maximum benefits from mining operations, asserting that environmental degradation must be reduced to the barest minimum to safeguard lives of the people and ensure their livelihood is not impacted negatively.



 

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