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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NERC FINES DISCOS N9.11BN FOR OVERBILLING.(PHOTO).

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 NERC fines DisCos N9.11bn for overbilling


The Nigerian Electricity Regulatory Commission (NERC) has fined the 11 electricity Distribution Companies (DisCos) 9.11bn for overbilling their customers under estimated billing.


The fine was contained under the September 2024 Supplementary Order of the Multi Year Tariff Order of 2024.


A review of the documents showed that Abuja Disco had the most fines with N1.69bn, followed by Eko Disco with N1.41bn while Ikeja Disco was fined N1.41bn.


Others include Jos Disco with N1.33bn; Port Harcourt Disco, N1.16bn; Benin Disco, N804m; Enugu Disco, N310m; Ibadan Disco, N15m; Kaduna Disco, N115m; Yola Disco, N54m; Kano Disco N20m and Ibadan Disco, N15m.


Issued on August 30, the order, signed by NERC Vice Chairman, Musiliu Oseni, and Commissioner for Legal, Licensing and Compliance, Dafe Akpeneye, follows a comprehensive investigation into the Discos’ billing practices.


This penalty, NERC noted, is a response to the Discos’ non-compliance with previous directives aimed at capping estimated billing for electricity consumers.


With the measures, Discos are required to enhance their service delivery and adhere to service-based tariffs.


Also, the companies must publish explanations on their website within 24 hours if they fail to provide a committed level of service on Band A feeders for two consecutive days.


This initiative, NERC noted, would bolster the reliability of electricity supply within their service areas.

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