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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FG COMMENCE CRUDE OIL SALE TO DANGOTE REFINERY OCTOBER 1.(PHOTO).

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FG to commence crude oil sale to Dangote refinery October 1


The Federal Government has announced that the sale of crude oil to the Dangote refinery in naira will begin on October 1. This decision was reached during a meeting with the technical implementation committee led by Wale Edun, the minister of finance on Monday. 


At the meeting, the committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024. Stakeholders such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the African Export-Import Bank (Afreximbank) have been assigned key roles to ensure smooth implementation.


The executive chairman of the Federal Inland Revenue Service (FIRS) and chairman of the technical subcommittee, Zacch Adedeji, confirmed that the first premium motor spirit (PMS) delivery from Dangote is expected next month under existing agreements.


The minister stressed the need for transparency and directed the technical subcommittee to finalize the details of the arrangement. The committee has also been tasked with preparing a report for President Bola Tinubu, confirming that his directives are on track for implementation from September.

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