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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HOUSE OF REP ASSURES PUBLIC ON HERITAGE BANK LICENSE REVOCATION+ SAYS EXTANT LEGISLATION ENSURES SAFETY OF DEPOSITOR'S FUNDS.(PHOTO). #PRESS RELEASE.

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 House of Representatives, National Assembly


Press Release

For Immediate Release


Abuja, Nigeria | June 3, 2024


House of Representatives Assures Public on Heritage Bank License Revocation


- Says extant legislation ensures safety of depositors' funds

- Urges CBN/NDIC to set up channels for public engagement


The House of Representatives is aware of the recent revocation of the license of Heritage Bank (under liquidation) by the Central Bank of Nigeria (CBN) and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidators, in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA).


We assure the public, particularly depositors and stakeholders of Heritage Bank, that the House is committed to carrying out its constitutional oversight functions to ensure that this development does not negatively impact Nigerians. The relevant House Committees on Banking Regulations; and Insurance will be up to their duty, thoroughly examining the circumstances surrounding this decision and the subsequent steps taken by the NDIC.


Our priority is to safeguard the interests of all depositors and maintain the stability of the financial system. We will engage with the CBN, NDIC, and other relevant stakeholders to ensure a transparent and orderly resolution process, providing necessary support to mitigate any potential negative impact on the public.


Furthermore, we urge the CBN and NDIC to establish clear channels of communication to allay the fears of the public and prevent any loss of trust in our financial system. Effective public engagement is crucial to maintaining confidence during this period.


Chairman of the House Committee on Banking Regulations, Rep. Mohammed Bello El-Rufai, stated, "The Committee on Banking Regulations will closely monitor the liquidation process to ensure that the rights of depositors are protected and that the process adheres to the highest standards of transparency and accountability."


Similarly, the Chairman of the House Committee on Insurance and Actuarial Matters, Rep. Ahmed Usman Jaha, emphasised, "We will work diligently to oversee that the NDIC executes its mandate effectively, ensuring the protection of depositors' funds and maintaining confidence in the financial sector. The NDIC Act and the Banks and Other Financial Institutions Act (BOFIA) are clear in their provisions that depositors' funds are insured and protected."


We urge all depositors and stakeholders to remain calm and be assured of our dedication to protecting their interests.


Signed:


Rep. Akin Rotimi Jr.

House Spokesman / Chairman, House Committee on Media & Public Affairs

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