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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FG OKAYS ZERO VAT ON PHARMACEUTICAL PRODUCTS. (PHOTO).

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 FG okays zero VAT on pharmaceutical products


The Federal Ministry of Health and Social Welfare is set to implement zero Value Added Tax and excise duties on pharmaceutical products and medical devices.


A statement signed on Thursday by the ministry’s Head of Information & Public Relations, Alaba Balogun, said it had finalised the Executive Order Harmonised Implementation Framework, which has now been cleared for gazetting.


It said the critical step would ensure that the Federal Inland Revenue Service and the Nigeria Customs Service could proceed with the implementation of zero VAT and excise duties on pharmaceutical products and medical devices.


“This is a significant milestone, as it opens the door for our local pharmaceutical and medical device manufacturers to begin fully benefiting from the relief measures outlined by His Excellency, President Bola Ahmed Tinubu, in the Executive Order.


“With the implementation of this Executive Order, we anticipate a notable reduction in the prices of essential pharmaceutical products and medical consumables

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