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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SOLID MINERALS SECTOR REFORMS TO DIVERSIFY ECONOMY- ALAKE.(PHOTO).

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Solid mineral sector reforms to diversify economy - Alake

The Minister of Solid Minerals Development, Dr. Dele Alake says the mining sector will experience a major leap in 2024 to contribute substantially to the nation’s Gross Domestic Product (GDP).

Dr Alake who stated this in his New Year message reiterated President Bola Tinubu’s vision of diversifying the economy through solid minerals, as reforms in the sector will yield tremendous results in the new year.

” In the solid minerals development ministry, we will be consolidating on reforms that commenced with our ambitious 7-point agenda, on assumption of office, four months ago. Nigerians can rest assured that an efficient governance structure that will transform the opaque nature of the mining sector will crystallise in the new year.

” It will be recalled that we had revoked 1,633 mining licenses of those that defaulted in the payment of annual service fees last year. More revocation is in the offing for other categories of defaulters in 2024″ He said.

He explained that plans to tackle the menace of insecurity in mining areas alongside the activities of illegal miners through a rejigged security architecture were on course as results of engagement with heads of security agencies would soon be made manifest.

On exploration, he said, “Efforts on the exploration of critical minerals which started last year with the signing of an MOU with a German firm, GeoScan GmbH for the deployment of proprietary technology to explore minerals up to 10,000m under the earth will be ramped up with renewed vigour by the Federal Government.”

The Minister said the move was crucial for the development of the sector as it will lead to the generation of big geo-data required for global players to make informed decisions about investing in the industry,

Alake further urged Nigerians to keep faith with the Tinubu administration, emphasising that reforms in the mining sector and other areas will jumpstart the real sector and lead to immense jobs and prosperity for all Nigerians.



 

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