Bassey

Bassey Udo is Head, Business & Economy desk, PREMIUM TIMES, Nigeria's foremost investigative online newspaper. A widely travelled reporter for over 15 years, with interests in finance, energy, oil, gas & extractive industries. He holds a degree in Communication Arts, University of Uyo and Masters, International Law & Diplomacy, University of Lagos.

Posts by Bassey:

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Attorney General takes over prosecution of man accusing Zinox Computer of contract fraud

The Office of the Attorney General of the Federation on Wednesday formally took over the prosecution of the case by the Nigeria police against a petitioner-turned accused in the alleged N170.3 million contract scandal involving Zinox Computers, along with four of its top officials and other allies. The Federal Inland…

new-calibar

‘Nigeria risks becoming dumping ground if free trade zones don’t function’

Nigeria risks becoming a dumping ground for countries in the West African sub-region if the country’s export free trade zones are not allowed to function to meet international standards. A free trade zone is a special economic or geographical area in a country where foreign companies can import materials, manufacture…

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Nigeria, others lost $16.3 trillion in 32 years to financial leakages, trade mis-invoicing – Report

A new report by Global Financial Integrity (GFI) has revealed how Nigeria and other developing countries lost about $16.3 trillion to leakages in the balance of payments, trade mis-invoicing, and recorded financial transfers between 1980 and 2012. The GFI, which is the Centre for Applied Research at the Norwegian School…

Yemi Kale

INTERVIEW: Nigeria yet to capture about 20% of its GDP — Statistician General

Since the 2014 rebasing of the Nigerian economy, the debate still rages on which, between Nigeria and South Africa, is Africa’s largest economy. But, the Statistician General of the Federation, Yemi Kale, told PREMIUM TIMES’ Business Editor, Bassey Udo, in the second and concluding part of the exclusive interview that Nigeria will emerge…

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How Nigeria can benefit from OPEC’s 1.2 million barrels oil cut

Following OPEC's decision on Wednesday, Nigeria can, in the next one year starting January 1, 2017, pursue programmes aimed at increasing its crude oil production capacity and growing national reserves and exports. Although pipeline vandalism reduced daily production, sometimes to as low as 1.4 million barrels, Nigeria's daily production averages…

Photo credit: Bloomberg

Nigeria, two others get special concessions as OPEC agrees to cut oil output

Nigeria, Iran and Libya got special concessions Wednesday, as the Organisation of Petroleum Exporting Countries, OPEC, reached the much-sought consensus to cut oil production by 1.2 million barrels per day, effective January 1, 2017. The cut, which is the first after eight previous attempts since 2008, is considered a massive…

Photo credit: Bloomberg

OPEC 1.2 million barrel oil cut to commence January

The Organisation of the Petroleum Exporting Countries, OPEC, has agreed to cut oil production for the first time since 2008. The decision, which will see 1.2 million barrels cut per day from January 1, 2017, is aimed at shoring up the price of crude, and ending a record glut that…

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Why we proposed, then reversed plans to hike data price – NCC

The Nigerian Communications Commission on Wednesday announced the immediate suspension of the new minimum pricing template for data services by mobile operators in the country. The director, Public Affairs at the NCC, Tony Ojobo, said the decision to rescind its earlier directive to telecom operators to commence charging the new…

OPEC

OPEC President optimistic of consensus on oil output cut

The President of the Organisation of Petroleum Exporting Countries, Mohammed Al-Sada, has said he is optimistic members would agree to cut oil production as the 171st meeting of the group begins on Wednesday in Vienna, Austria. In his opening address to the conference, Mr. Al-Sada, who is also Qatar's Minister…

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Nigeria’s NCC suspends data price increase

The Nigerian Communications Commission on Wednesday announced the immediate suspension of the new minimum pricing template for data services by mobile operators. The new rate, which would have led to price increase in data for some Nigerians, was scheduled to take effect from December 1. The NCC said the decision…

Mohammed Barkindo

No consensus on oil cuts ahead of OPEC’s crucial meeting

Ahead of Wednesday’s crucial meeting of the Organization of the Petroleum Exporting Countries, pessimism persists whether members would reach a consensus on last September’s output cut resolution to stabilize crude oil market and push up prices. The meeting scheduled for Vienna, Austria is expected to decide on the implementation of…

Yemi Kale

INTERVIEW: Why I’d rather resign than falsify Nigeria’s data for politicians – Statistician-General

In past years, government policies in Nigeria hardly benefited from inputs provided by the National Bureau of Statistics. But the Statistician-General of the Federation, Yemi Kale, told PREMIUM TIMES’ Business Editor, Bassey Udo, that the situation has improved significantly in the last five years. In the first of two parts…

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Statistics bureau plans census to fully capture Nigeria’s GDP

The Nigerian Bureau of Statistics will do a census of businesses, industries and agricultural farmlands next year to help capture the country’s comprehensive gross domestic product. The Statistician General of the Federation, Yemi Kale, disclosed this in an exclusive interview with PREMIUM TIMES in Abuja. The exercise would be a…

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INTERVIEW: Why Nigeria, Africa should embrace U.S. under Trump – Enwegbara

Odilim Enwegbara, an economist and chief executive of Pan Africa Development Corporation, is a strong advocate for the dismantling of the World Trade Organization, WTO, which he described as a grand conspiracy against Africa and the developing economies. With the U.S. president-elect, Donald Trump, appearing not to be favourably disposed…

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Halt freefall of Naira, NLC tells Nigerian govt

The Nigeria Labour Congress has asked the federal government to find a way to halt the freefall of naira against other international currencies to save millions of Nigerians devastated by high inflation. Despite efforts by the Central Bank of Nigeria, naira keeps depreciating in value, exchanging at the inter-bank market…

[Photo Credit: Independent.co.uk]

Over 200 firms bid to lift Nigeria’s 26 crude oil blends in 2017

A total 224 firms submitted bids seeking to be awarded contract to purchase and lift Nigerian crude oil grades for the 2016/2017 season. At the formal public bids opening on Thursday in Abuja, Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru, said the exercise was a…

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Nigeria’s federal, state, local govts. share N420 billion in October

Nigeria suffered a revenue loss of about $51 million in export sales as result of the activities of militants in August, which impacted the revenue available for sharing on Wednesday, an official said. The Minister of Finance, Kemi Adeosun, stated this on Wednesday at the end of the Federation Account…

Minister of Finance, Kemi Adeosun

Nigeria’s proposed medium-term borrowing plans violate fiscal law, says group

The Centre for Social Justice (CENSOJ) has described the proposed 2016-2018 and 2017-2019 medium term borrowing plans of the federal government as violations of the Fiscal Responsibility Act. The Lead director of the group, Eze Onyekpere, who spoke in Abuja on Monday faulted the government’s plans, saying medium term expenditure…

Godwin Emefiele, CBN Governor

CBN will oppose move to jail Nigerians for keeping foreign currencies at home – Emefiele

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said on Tuesday that the bank would oppose any review of the country’s laws seeking to impose a jail sentence on Nigerians keeping foreign currencies in their homes. The governor, who said the bank would not also support the confiscation of such currencies,…

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Despite worsening recession, Nigeria’s Central Bank keeps monetary policy rates unchanged

The Central Bank of Nigeria (CBN), on Tuesday opted to retain all monetary policy instruments, despite the report by the National Bureau of Statistics, NBS, on Monday that the country's economy sunk deeper into recession. The Monetary Policy Rate (MPR), which sets the lending rate for banks and businesses for…

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Nigeria’s economic recession deepens as GDP contracts 2.24 per cent in third quarter

The Nigerian economy plunged deeper into recession as gross domestic product (GDP) contracted 2.24 per cent (year-on-year) in real terms in the third quarter of 2016, from 2.06 per cent from the previous quarter. Real GDP for the third quarter stood at about N1.78 trillion, the National Bureau of Statistics…

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INTERVIEW: What TEDxCalabar seeks to achieve – Bryce

Nigerians are familiar with New York-based TED Talk, the prestigious platform devoted to spreading short, incisive life-changing ideas. The licensee of TEDxCalabar, Bryce Edem, told PREMIUM TIMES’ Bassey Udo, the new platform will soon birth in Nigeria as an annual event to provide ideas to shape attitudes, lives and solve…

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EXCLUSIVE: How Standard Chartered Bank ignored Nigeria’s rules on Forex

Standard Chartered Bank Nigeria PLC is to refund about N1.7 billion to the Central Bank of Nigeria (CBN) for alleged “irresponsible market behaviour” involving a $48.6 million foreign exchange deal. The bank is to make the refund, being excess profit made from the sale of $48.6 million to a foreign…

Asset Management Company of Nigeria

AMCON takes over Dangote’s factory

The Asset Management Corporation of Nigeria, AMCON, on Friday successfully took over possession and management of Dansa Foods Processing Company Limited belonging to Sani Dangote. Mr. Dangote is the younger brother to Aliko Dangote, Africa's richest man. The takeover of the company followed the orders of the Federal High Court…

Photo credit: NairaFX

To stabilise exchange rate, SSS extends clampdown on currency traders to Kano, Anambra, others

The clampdown on currency traders by State Security Service operatives extended beyond Lagos and Abuja as several Bureau de Change offices were raided in other major cities across the country on Friday. But, the raids are continuing amid criticisms by some analysts that the exercise, rather than a civilized way…