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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MOTORISTS, PASSENGERS GROAN AS FUEL HITS N1, 300 IN UMUAHIA , ABA. (PHOTO).

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 Motorists, passengers groan as fuel hits N1,300 in Umuahia, Aba


Petrol stations in Umuahia and Aba, Abia State, have further adjusted the pump price of Premium Motor Spirit, PMS, commonly known as petrol, to N1,250 and N1,300, respectively.


The latest development took effect between Friday evening and Saturday morning, to the frustration of motorists, business owners and passengers.


The commodity was sold at N900 on Monday in the city but was moved up to N1,100 on Tuesday following the N857 official price fixed by the Nigerian National Petroleum Company Limited, NNPCL.


The situation worsened on Friday evening when petrol stations owned by members of the Independent Petroleum Marketers Association of Nigeria, IPMAN, adjusted the pump prices to between N1,200 and N1,250, respectively.


A staff in one of the stations, simply identified as Okechukwu, said that the directive to sell at the new price was “in response to several challenges, like the scarcity of the products from source.”


However, three NNPC outlets visited by MAGIC FM sold between N855 and N897 with long queues of customers.


To remain in business, commercial vehicle operators in the cities have increased transport fares due to the outcry of passengers.


Intra-city tricycle operators who charged 150 naira for short-distance now charge between N200 and N300 in Umuahia and Aba.


Also, business centre owners who rely on petrol for their businesses have jerked up their charges to survive in business.

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