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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ANAMBRA'S NEW LG LAWS: GOV SOLUDO CLARIFIES ALIGNMENT WITH SUPREME COURT RULING. (PHOTO). #PRESS RELEASE.

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 Anambra's New Local Government Laws: Soludo Clarifies Alignment with Supreme Court Ruling


By Ifeyinwa Ogwo


Anambra State Governor, Prof Charles Soludo, has stated that the new laws enacted by the Anambra House of Assembly on local government matters are in line with the Supreme Court judgement which did not nullify section 7 of the 1999 constitution of the Federal Republic of Nigeria that empowers each state through its House of Assembly to make laws for the establishment, structure, composition, finance, and functions of the local government.


The laws are the Anambra State Economic Planning and Development Law, 2024 and the Anambra State Local Government Administration Law, 2024.


The governor said this in his speech on "Nigeria's Evolving Federalism and Search for Sustainable Local Government Administration."


He mentioned that the two legislations passed by the progressive Anambra House of Assembly seek to achieve three objectives: consistency with the constitution and judgement of the Supreme Court; enhanced transparency and productive collaboration and promotion of sustainable finance, democracy and development at the local government.


"I see the recent Supreme Court judgement regarding the direct transfer of funds belonging to local governments as an important contribution to our search for effective and transparent administration of resources at the local level.


"The judgement is an opportunity for public good and greater transparency and predictability regarding the sources and uses of funds, as well as a greater coordination and collaboration between the state and local government.


"There is more work to be done and we all need to think through how funds transferred to the local governments should be appropriated, spent or accounted for. 


"The National Assembly and State Assemblies make appropriate laws on how and by whom the monies should be spent and they also carry out oversight functions. What happens to the monies directly sent to the local governments? Who spends the monies, on what? and how will they be accounted for,"? he queried.


Governor Soludo further explained that the laws ensure that the state can function in a cohesively planned, transparent and sustainable manner to maximize the security and welfare of the citizens, stressing that they constitute a very smart solution to a possible systemic threat.


* Ogwo is of the Ministry of Information, Anambra State *

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