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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REPS COMMITTEE VOWS TO RECOVER $20B REVENUE FROM OIL SECTOR.(PHOTO).

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Reps Committee Vows To Recover $20B Revenue From Oil Sector 


House of Representatives committee on Petroleum Resources downstream has pledged to assist the Federal Government to recover over twenty Billion US dollars revenue from the sector. 


The committee also said it will review the implementation of Petroleum Industry Act (PIA) to remove bottlenecks and allay fears of stakeholders in the petroleum sector.


The chairman of the committee Mr Ikeagwuonu Ugochinyere, who made the remark during the Innaugural meeting of the committee, said they 

will legislate for energy security, professionalism in the petroleum sector, economic transformation, accountability, institutional reforms and revenue recovery and generation. 


According to him, the House has received in plenary the NEITI report that have far reaching recommendations both in the downstream, upstream and midstream sector, especially the issue of over $8.5 billion unremitted royalties and other oil revenues and the discrepancies that have to do with the quantity of PMS imported by the NNPCL. 


"The implementation of the PIA which has become a major concern to key stakeholders would be reviewed by this committee. What was done before the PIA. What they are doing after the PIA. 


"The assets that used to be national assets before the coming into effect of the PIA. Where are they? Who is with them? All these the committee would look into to ensure that the intention of the PIA is achieved.


Mr Ugochinyere said the committee is aware of the pains Nigerians are going through as the result of removal of oil subsidy, hence the committee will also undertake a comprehensive audit of the Subsidy regime which he said was done away with because it was corrupted.

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