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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NIGERIA NEEDS SOUND FINANCIAL SYSTEM FOR DEVELOPMENT- BAGUDU. (PHOTO).

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 Nigeria Needs Sound Financial System for development — Bagudu


Minister of Budget and Economic Planning Senator Abubakar Bagudu has said Nigeria needs to attract more resources than it has to fund its development agenda. For this to happen, the nation must develop a sound financial system with integrity


He spoke at the management retreat of the Nigerian Financial Intelligence Unit in Abuja noting that the 2050 Agenda of National Aspiration requires investment at least 100 billion dollars annually to achieve a GDP per capita of $33,000 or more by 2050.


The minister revealed that the current financing level is smaller than that but explained that President Bola Tinubu’s administration had undertaken bold and courageous economic reforms to boost its revenue. 

To buttress his point, he cited the $20 billion federal budget size, which he said was too small compared with other countries like Brazil and Indonesia, which have similar population sizes and have $750 billion and $210 billion budgets, respectively.


The minister explained that Nigeria needs a sound financial system to attract domestic and foreign investments to finance its development plan.


He stated that this was the role of the NFIU, which he said had performed creditably but needed to communicate its activities more effectively for the public to acknowledge.

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