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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SERAP TO DUE GOVERNORS OVER LG ALLOCATIONS. (PHOTO).

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 SERAP to sue governors over LG allocations 


The Socio-Economic Rights And Accountability Project (SERAP) has threatened to sue the 36 state governors and the Minister of the Federal Capital Territory (FCT) if they fail to give an account of the local government funds they have collected.


The rights group stated this in an X post on Thursday shortly after the Supreme Court barred state governments from further retaining or utilising funds meant for the 774 Local Government Areas (LGAs) in the country.


Daily Sun reported that the Supreme Court in a lead judgement delivered by Justice Emmanuel Agim said it was illegal and unconstitutional for governors to continue to receive and seize funds allocated to LGAs in their states, describing the practice as “dubious”.


The apex court said the practice violated Section 162 of the 1999 Constitution, as amended.


Reacting, SERAP said, “BREAKING: Following the Supreme Court decision declaring unlawful the use [or misuse] by Nigeria’s 36 governors of the funds meant for local governments, we call on the governors and FCT minister to account for and return the funds they have collected, or face legal action.”

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