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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DON'T PAY FOR TRANSFORMERS, CABLES, OTHERS NERC TELLS NIGERIANS. (PHOTO).

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 Don’t pay for transformers, cables, others, NERC tells Nigerians


The Nigerian Electricity Regulatory Commission has warned Nigerians against paying for electricity distribution infrastructures such as transformers, cables or poles.


In a statement shared alongside a video on X on Tuesday, NERC emphasised that consumers should not be coerced into purchasing transformers, cables, or poles, as this responsibility lies squarely with the distribution companies.


The statement reads, “Is your distribution company expecting you to buy transformers, cables, or poles? Don’t! It is the DisCo’s obligation, not yours!” NERC stated emphatically.


The regulatory body urged consumers to report any coercion or delays in providing necessary materials by the distribution companies.


The statement added, “Report any coercion to purchase, or delays in providing these materials to NERC for prompt action.”


NERC assured the public of prompt action upon receiving such complaints.


To facilitate this, NERC said it has established a dedicated email and phone number for reporting issues related to network investments.


“A dedicated email and phone number have been set up to address issues relating to investments in the network as follows: idn@nerc.gov.ng 07074865354.”

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