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

TENSION IN FESTAC TOWN AS GOVT REVEALS PLAN TO DEMOLISH 677 HOUSES.(PHOTO).


Tension in FESTAC town as govt reveals plan to demolish 677 Houses

The Federal Housing Authority (FHA) has revealed a plan to demolish 677 houses, while 744 others will be partially demolished over infringement by a developer in Phase 2, Festac Town, Amuwo-Odofin area of Lagos State.

FHA’s South-West Zonal Manager, Mr. Akintola Olagbemiro, disclosed this during a visit to the affected area to assess level of disregard to building codes and the environment.

According to Olagbemiro, despite letters and stakeholders’ meetings, the developers have continued to build on the swampy land without meeting the requirements.

He said: “After so many years of trying to get into the property belonging to FHA, which we labelled as Festac Phase 2. There has been encroachment and illegal development and it’s turning the place into a slum. We are trying to see how best we can resolve it and make people live in a more serene environment. Unfortunately, there have been cases of illegal developers and land grabbers.”

Deputy General Manager, FHA, Urban and Regional Planning, Southwest, Francisca Michael-James, said: “We have given the residents several notices but to our surprise, works are still going on, without regard to the law.

“Now we have the permission of our management and we will ask for security back up and start enforcement. We will start removing structures from the roads and those on pipelines set back.

“We will also remove the buildings constructed after the stakeholders’ meetings where we agreed that everyone should wait until we are done with our assessment but some of them continued to build and concluded that we will regularise, but regularisation is not automatic. Now, the ones that did not meet regularisation will have to go.”

Speaking on punishment for contravenors, she said: “In the law, if we demolish, we are supposed to penalise the owner of the building and charge for the fees for the cost of carrying out the operation. Assuming any of the buildings collapsed, the landlord will be charged for manslaughter but the first point of call will be pointing accusing fingers at the agency so, as to avoid that, that’s why we want to carry out the enforcement. The enforcement will be done soon.

“The first thing we are doing is to clear the road; some of the buildings will be partially demolished for right of way. 677 houses will be demolished and 744 will be demolished partially.”

 

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