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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SPEAKER INAUGURATES SPECIAL COMMITTEE TO TACKLE OIL THEFT.(PHOTO).

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Speaker inaugurates special committee to tackle oil theft

Following reports of loss of millions of naira to oil theft and the attendant economic sabotage, the Speaker of the House of Representatives Dr Tajudeen Abbas has inaugurated a Special Committee to investigate the menace.

Dr Abbas stated that oil theft and other oil-related criminalities pose a great threat to the nation’s economy and remain the greatest economic sabotage that has left the country with dwindling revenue.

He decried that Nigeria loses over 300,000 barrels of crude oil per day due to theft, vandalism and other criminal activities.

“Some of the severe consequences of this include revenue loss, environmental disaster, threats to regional peace and security, proliferation of arms, and a poor investment climate."

The Speaker stated that the Committee’s primary objective is to determine the causes of oil theft and recommend remedial measures to the House.

He charged the committee members, to investigate all dimensions of oil theft, focusing on the actions of all actors, including criminal gangs, militia groups, the local populace, company employees and security agencies.

The Speaker also urged all stakeholders, including government agencies, industry players, security agencies, civil society organisations, and the general public to extend their full cooperation to the Committee. 

The Chairman of the Committee Alhassan Ado-Doguwa, expressed optimism that with the support of the House leadership, the committee will dust off all the recommendations, reevaluate them in line with current realities and ensure and monitor the Implementations of relevant ones in collaboration with relevant Ministries, Departments and Agencies of Government.

He assured Nigerians that the committeey will engage stakeholders in the entire hydrocarbon value chain to rollback the evil effects of the criminal enterprise of oil theft and pipeline vandalism. 

Doguwa also called for the cooperation and support of all stakeholder in the oil and gas sector, the security sector and every Nigerian and other nationals residing and doing business in Nigeria so that the committee would deliver on its mandate. 

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