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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REMOVAL OF VAT, IMPORT DUTIES ON MEDICAL SUPPLIES CHANGED NOTHING- SHEHU SANI. (PHOTO).

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 Removal of VAT, import duties on medical supplies changed nothing – Shehu Sani


Former lawmaker, Senator Shehu Sani has suggested that the removal of the customs duties on imported drugs has not reflected in the prices of medical supplies.


Sani said even with the policy, there has not been a drop in prices of drugs at the pharmaceutical shops despite President Bola Tinubu signing an executive order to suspend import duties.


“The removal of the customs duties on imported drugs has not resulted to a drop in prices of drugs at the pharmaceutical shops,” the ex-lawmaker posted on X on Sunday.


DAILY POST reported that Tinubu in June signed an executive order to suspend import duties and value-added tax on essential medical supplies imported into the country.


This was aimed at easing the high cost of locally producing pharmaceuticals, diagnostics, and medical devices such as needles and syringes, among others.


Minister of Health and Social Welfare, Muhammad Ali Pate, who announced the development said: “The order is pivotal to the success of the Initiative for Unlocking the Health Care Value Chain which was approved in October 2023 by the President.


“The order introduces zero tariffs, excise duties and VAT on specified machinery, equipment and raw materials, aiming to reduce production costs and enhance our local manufacturers’ competitiveness.”

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