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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FRC BEGINS VERIFICATION OF N2. 9TRN CAPITAL PROJECTS. (PHOTO).

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 FRC begins verification ofN2.9trn capital projects


The Fiscal Responsibility Commission (FRC) is set to begin physical verification of selected Federal Government capital projects valued at N2.9 trillion across the six geo-political zones of the country.

According to a NAN report, the Executive Chairman of the commission, Victor Muruako, made this known in a statement by Bede Anyanwu, Head, Strategic Communication Directorate in Abuja on Saturday.

Muruako enjoined the officials who would be going for the exercise to carry out the assignments with great diligence and a sense of purpose as the exercise is one of the core mandates of the commission.

“Ensure that you verify the actual existence of the projects as well as monitor the progress of the work done so far.

“The verification exercise is further designed to give a fillip to President Bola Tinubu’s renewed hope agenda in the area of prudence, value-for-money and transparency.

“The effort is to meet the yearnings of the people,” he said.

The chairman said that the verification must also be done within the ambit of the Medium Term Expenditure Framework (MTEF).

According to him, the reason for this verification exercise is to ensure that the government embarks on projects that it can fund.

He said that the verification exercise is also to determine projects that need funding in line with the completion targets. “With the MTEF cases of abandoned projects will cease to exist.

“The aim is to reduce approvals for new capital projects for Ministries, Departments and Agencies (MDAs), where the existing indebtedness to contractors is in billions of Naira, to the barest minimum,” he said.

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