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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DON'T COMPEL COMMUNITIES TO PURCHASE TRANSFORMERS, CABLES- ADELABU TO IBEDC, OTHERS.(PHOTO).

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Don’t compel communities to purchase transformers, cables – Adelabu to IBEDC, others

The Minister of Power, Adebayo Adelabu has told Ibadan Electricity Distribution Company (IBEDC) and its counterparts across the country never to compel communities to purchase transformers, cables and poles.
Adelabu said it is the responsibility of the electricity distribution companies to provide transformers, poles and cables to communities within their areas of coverage.
The minister warned that President Bola Tinubu frowns at the situation where communities would be forced to purchase transformers, poles and cables by electricity distribution companies.
He gave the warning when he paid a working visit to the IBEDC office in Ibadan, the Oyo State capital on Monday.
While addressing staff and management of the electricity distribution company, the minister said that the current administration will not tolerate a situation where communities will be forced to purchase such items by themselves.
He also asked Nigerians to desist from paying for darkness, adding that a constant and stable power supply is one of the main focuses of the present administration.
“It is the responsibility of the distribution companies to provide transformers, cables and poles to communities so that power supply can improve.
“A situation where communities buy transformers, cables and poles must stop. I know that you have these centers but how effective are they to ensure that customer complaints are attended to?
“As a minister, I don’t want to hear news of communities being asked to purchase electric transformers, cables and poles. If the consumers are paying for the electricity, then it is the responsibility of the distribution companies to provide these items.
“There must be improvement in power supply. That is what the government planned to do. People should not pay for darkness. When people have a 24-hour power supply, they can pay double for electricity because you have saved them the money to power generators.
“We don’t want to hear the news of communities buying transformers, cables and poles for themselves again. The federal government frowns at it. You see what we have done in Kaduna. Service to our people is paramount. It is the responsibility that Mr. President has placed on us. You are not number one, two or three, you are struggling to be number four on the rating”.

 

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