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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ADELABU SEEKS ENHANCED LOCAL CONTENT IN POWER SECTOR.(PHOTO).

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 Adelabu seeks enhanced local content in power sector


The Minister of Power, Adebayo Adelabu, has called for the enhancement local power production capabilities in light of the challenges faced by existing power generation facilities.

Adelabu made the call during his tour of Coleman Cables and Wires facility in Arepo, Ogun State on Friday.

He highlighted ongoing efforts to enact legislation aimed at promoting local content in the power sector, thereby fostering greater involvement of manufacturers in power projects across federal agencies under the Ministry of Power.

Expressing solidarity with manufacturers, Adelabu assured them of the Federal Government’s support for their endeavours.

Having visited nearly 80 per cent of power generation and distribution companies, he said he has gained firsthand insight into their operational challenges and affirmed their capacity.

“Providing leadership as a power minister does not stop at just sitting in your office in Abuja. You must be able to visit the locations across the power sector. I’ve been to almost 80 per cent of the power-generating plants. I’ve seen all the problems. I’ve confirmed the capacity,” he said.

The minister thanked Coleman Wires and Cables for being a “major private operator in the value chain of the power sector.”

Acknowledging the firm as a pivotal private player in the power sector’s value chain, Adelabu commended the company’s CEO, George Onafowokan, for his significant contributions to job creation and economic empowerment.

The minister inspected both the Arepo and Sagamu factories of the firm during his visit.

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