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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FUEL SUBSIDY IS BACK- OBASANJO. (PHOTO).

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 Fuel Subsidy Is Back – Obasanjo


Former President, Olusegun Obasanjo, revealed that fuel subsidy which was removed by the Federal Government in 2023 has been reintroduced due to inflation.


President Bola Tinubu during his inaugural address on May 29, 2023, had declared that fuel subsidy “is gone.”


The development has led to the increase of petrol price from about N200 to over N600 per litre.


In an interview with the Financial Times, Obasanjo faulted the manner in which the subsidy was removed by the government.


According to him, the government should have implemented some measures before the subsidy removal.


He, however, explained that the subsidy has “come back” due to the inflation rate.


“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” Obasanjo said.


He also highlighted the need for investor confidence in Nigeria, stating, “You have to go from a transactional economy to a transformational economy.”


Daily Trust reports that some of the demands of the ongoing nationwide protest is reinstatement of the fuel subsidy regime.


But Tinubu, in his Sunday broadcast, ruled out possibility of returning fuel subsidy.


He described the decision to remove the fuel subsidy as painful but necessary, while arguing that it had been a “noose around the economic jugular of our Nation” and had hindered economic development and progress.

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