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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LAGOS-CALABAR COASTAL ROAD: COMPENSATION TO AFFECTES PROPERTY OWNERS HIT N18BN. (PHOTO).

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 Lagos-Calabar coastal road: Compensation to affected property owners hits N18bn By 


THE payment of compensation to the affected property owners on the Right-of-Way of section one of the ongoing Lagos- Calabar Coastal Road has increased to N18 billion.


According to the Minister of Works, Mr David Umahi, the cost increased from the initial N8 billion to N18 billion, representing N10 billion increase.


The minister disclosed this on Sunday in Lagos during the National Assembly Joint Committee on Works and the Federal Ministry of Works’ stakeholders’ engagement on the ongoing Lagos-Calabar Coastal Highway project to address grey areas in the construction process.


He told the audience that the 700-kilometer coastal road from Lagos to Calabar has come to stay,  appealing to affected property owners to cooperate with the Federal Government and consider the payments of compensation being made available to them.


Umahi also said within the next 10 days, the ministry will complete the payments of compensation of all enumerated affected properties, adding that the review of the environmental and social impact assessment of the highway would take care of all concerns.


Some of the affected people complained about the shifting of the road’s alignment from the original plan. They also complained about the meagre compensation made available to them, describing it as ridiculous.


Umahi said that President Bola Tinubu has directed all roads across the country be fixed while the Lagos-Calabar Coastal highway construction goes on.


He urged governors in various states to go on with construction of road infrastructure across their states emphasising there were no distinctions between roads in the federation.


Also, chairmen of Works Committees at the National Assembly, Senator Mpigi Barinada and Honourable Akin Alabi, who commended President Tinubu and the ministry for their transparency following the stakeholders’ meeting which addressed the alignment issues, stressed that whoever was affected would be duly compensated while cautioning against ethnic colouration over the project.


Earlier, Federal Controller of Works in Lagos, Olukorede Kesha, lauded the progress of work since the outset of the Tinubu’s-led government for releasing funds for execution of major projects.

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