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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BLACKOUT: NATIONAL GRID COLLAPSES AGAIN PLUNGING NIGERIA INTO TOTAL DARKNESS.(PHOTO).

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 Blackout: National grid collapses again plunging Nigeria into total darkness

Nigeria’s national electricity grid collapsed early on Monday at about 2:00 am, plunging the nation into total blackout.


According to data from the Transmission Company of Nigeria (TCN), the four generation companies recorded 0MW generation from around 2:00 am this morning.


Furthermore, load allocation to Discos as the time of filing this report was zero in seven out of the 11 electricity distribution companies (Discos), with Ikeja, Benin, Abuja and Ibadan Discos the exceptions. In total, the load allocation to Discos stood at a meagre 250MW this morning.


The TCN is yet to confirm the collapse of the grid. If confirmed, this would be the sixth grid collapse this year and would add to the nation’s recent electricity woes.


The Nigeria Electricity Regulatory Commission (NERC) earlier this month hiked the electricity tariff for ‘Band A’ customers by around 300% to N225/KWh in a bid to attract investment and reduce the electricity subsidy cost on the Federal Government. Diverse reactions have trailed the move, with some members of the public applauding and others expressing condemnation for the increase.


The recent collapse has negative implications for businesses and households if sustained over a long period without resuscitation.


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