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

SECURITY NEEDS 350M ROUNDS OF AMMUNITION YEARLY, SATA MINISTER. (PHOTO).


 Security needs 350m rounds of ammunition yearly, says minister


The Nigerian Armed Forces, para-military and the police need 350  million rounds of ammunition yearly for effective operations, Minister of State for Defence Bello Matawalle said yesterday.

The minister spoke on the imperative of self-sufficiency in defence production during the signing of a Memoranda of Understanding (MoU) on the establishment of weapon production plant in Abuja.

The MoU was between the Ministry of Defence and two agencies  – the Defence Industries Corporations of Nigeria (DICON) and the National Agency for Science and Engineering (NASENI).

The ceremony was attended by the Chief of Defence Staff, General Christopher Musa, service chiefs and heads of security agencies.

Also yesterday,  President Bola Ahmed Tinubu explained why he signed the DICON Bill within six months, saying that he was driven by his vision of self-reliance in defence production.

The president shed light on his security priorities at the 60th anniversary of DICON and maiden African Defence Industries Conference in Abuja.

He emphasised that the country has to achieve self-sufficiency in military hardwears.

The theme of the conference was: DICON at 60: Future Frontiers in Africa’s Defence Technology.”

President Tinubu,  who was represented by the Secretary to the Government of the Federation,  Senator George Akume, said DICON has become “a cornerstone of Nigeria’s military-industrial complex, producing ammunition and equipment that support Nigeria’s military and security agencies.”

Nigeria will export military capabilities, says minister

Matawalle said if past administrations had made self-sufficiency their goal, Nigeria should by now would be exporting its military capabilities.

He said: “We have been travelling all over the world, and we see how local manufacturers are developing their countries. Unfortunately, Nigeria, for 60 years, has failed to build the institutions. But that has changed and it will continue changing.

“I make a promise to Mr. President that, before the expiration of his four years,  DICON will be exporting its military capabilities.

“If today we are producing 60 or 70 percent of our military hardware and ammunition, it will reduce the amount of money the ministry or the military is spending every year on procurement of hardwares and ammunition.

“The ammunition requirement of our military is about 200 million rounds per annum. Just military. Put together, other paramilitaries, the police, we are looking at about 350 million rounds of ammunition per annum”.

The Vice Chairman/CEO of NASENI, Khalil Suleiman Halilu, said the partnership between NASENI and the Ministry of Defence underscored the nation’s commitment to harnessing scientific and engineering expertise in the service of national defence.

He said: “NASENI has always been at the forefront of promoting innovation and technological advancement across various sectors in Nigeria, and with our track record of success in research and development, manufacturing, we are well positioned to contribute meaningfully to the establishment of the Military Industrial Complex.

“Our goal is to create a robust ecosystem that does not only support the needs of the armed forces, but also foster growth of the local industries, thereby reducing our dependence on foreign imports”.

Halilu said the Military Industrial Complex would serve as a hub for the development, production and maintenance of military equipment, ranging from small arms and advanced defence systems.

He said: “By leveraging NASENI’s expertise in areas such as material science, robotics and advanced manufacturing, we ensure that our military is well equipped with the best tools to defend our nation.”

‘Ajaokuta steel critical to military hardware development ‘

The Minister of Steel Development, Shuaibu Audu, said the Ajaokuta Steel Plant could provide a perfect platform for the Military Industrial Complex.

He said: “It has the capacity to be able to withhold military barracks. There’s an engineering workshop in some of the production units there that can help to produce helmets, vests, rifles, bullets, and body parts for military tanks and the likes.”

‘Why I quickly signed DICON Bill

President Tinubu said the new DICON law was enacted to equip the corporation with modern automated production lines and production systems.

He said: “Today, DICON has the most significant market potential in Africa and it is repositioned to leverage the vast potential of the private sector to pursue innovations and technologies that will ramp up our indigenous defence productions.

“I am happy to see the progress towards establishing our first unmanned aerial and land vehicle automated production lines. These lofty steps would indeed, bring us closer to the rest of the world, and no doubt, significantly impact our current efforts to defeat terrorism, banditry, kidnapping, and other violent crimes.”

Presideng Tinubu said the DICON Act 2023 is “providing a robust framework to drive our strategic objectives in defence manufacturing and technology and supporting the modernisation of our Armed Forces to address national and sub-regional security challenges.”

He said the launch of the DICON Evolution Strategy and Road Map 2033, based on the DICON Act 2023, “would bridge performance gaps in our military industrial complex and reposition DICON as a global player, as envisaged by our founding fathers.”

The president said the strategy aligned with two key priorities of the Renewed Hope Agenda of his administration, which are “strengthening national security and accelerating economic diversification through industrialisation, digitalisation, manufacturing, and innovation.”

Gen. Musa: Africa should collaborate on security

The CDS said for African countries to effectively tackle insecurity,  they must work together and foster regional cooperation.

Gen. Musa said: “As African nations continue to confront threats to peace and stability, it is essential that we work together to enhance our defence capabilities and foster regional cooperation.

“As we reflect on the security challenges grappling our respective nations today, there is a growing imperative to fully develop our indigenous production capacities, and strengthen our military industrial complex.”

The Director-General of DICON, Maj.-Gen. Aniedi Edet, said the rebranding of the corporation through the new DICON Act enable it to embrace new opportunities and enhance military capabilities, human capital development and cooperations.

He said: “In the 21st century, our projects have become more diverse, encompassing not only military products but also ventures into civilian applications that leverage our technological capabilities.”

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