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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ABA POWER TO START COMMERCIAL OPERATIONS THIS WEEKEND.(PHOTO).

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 Aba Power to start commercial operations this weekend


Aba Power Ltd, a subsidiary of Geometric Power, will start supplying power from one of its three turbines to consumers in the Aba Ring-fenced Area this weekend, two weeks ahead of the take-off date originally scheduled.


The company had scheduled supplies to commercial customers 13 days after commissioning, but, according to sources, its Chairman, Professor Bart Nnaji, who is a former Minister of Power, has directed the utility’s engineers to provide “power to the people without fail this weekend”.


The Geometric Power 188 Megawatt thermal plant and the Aba Power company which will distribute electricity to nine of the 17 local government areas in Abia State were commissioned last Monday by Vice President Kassim Shettima on behalf of President Bola Tinubu in the Osisioma Industrial Layout in Aba, Abia, State, 24 hours after the first turbine was turned on.


Officials of the National Control Centre (NCC) at Oshogbo in Osun State were billed to inspect the Geometric Power facility next week as one of the technical requirements, but they will now arrive this week, according to the sources who disclosed that “Nnaji, a globally recognized engineering professor, is pulling all the strings and using his network”.


When one of Geometric Power’s three turbines built by General Electric of the United States goes into commercial operations this weekend, it will supply 47MW, which is almost double the 25MW the Aba Metropolis and the environs currently receive from the Niger Delta Power Holding Company (NDPHC) through the national grid, explained Engineer Cliff Eneh, an energy consultant in Lagos who used to be a senior engineer with the defunct National Electric Power Authority (NEPA) after working for the Texas Power and Light Company in the United States.


The second turbine, said Eneh, “will increase power supply to the Aba Ring-fenced Area to 94MW, thereby meeting Aba energy requirements for now and stabilising power supply to the area.


“Nigeria needs a number of generation and distribution firms with state-of-the-art facilities like Geometric Power, which is an integrated electricity group because it has both generating and distributing subsidiaries”.


Neimeth Pharmaceuticals Plc based in Lagos is one of the big firms which has announced the intention to relocate their manufacturing plants to Aba when electricity improves substantially in the industrial city.


Power Minister, Adebayo Adelabu disclosed at the commissioning of Geometric Power facilities that the Federal Government would be studying the performance of the Geometric Power group closely with a view to making it a business model for the development of the beleaguered Nigerian power sector.

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