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:

Fuel station

How NNPC covers petrol cost amid forex crisis — Officials

The Nigerian National Petroleum Corporation has for months paid to maintain the retail pump price of petrol at N145 per litre, government sources say. The Federal Government had in May 2016 through the petroleum products pricing regulatory agency, PPPRA, announced a new petrol price regime, which reviewed retail pump price…

Umana Umana [Photo: Nairaland]

Nigeria to establish new oil, gas free zone in Delta

Nigeria is to license a new oil and gas free zone in Delta state, the Managing Director, Oil and Gas Free Zones Authority, Umana Umana, said on Friday. Mr. Umana, who disclosed this at the end of an inspection visit to the proposed free zone to be located in Okitigbo…

Umana-Okon

Head of Nigeria’s Oil, Gas Free Zones Authority wants agency’s establishment law amended

Amending the principal laws establishing the Nigerian Export Processing Zones Authority, NEPZA, and Oil and Gas Free Zones Authority, OGFZA, to remove the flaws will benefit all Nigerians, managing director of OGFZA, Okon Umana, has said. Speaking in Onne, Rivers State, during an interactive forum with editors on Friday, Mr.…

Arik Airline

UPDATE: Nigerian govt. takes over distressed Arik airlines, appoints new management

The Federal Government on Thursday took over Arik Airlines and announced the appointment of a new management in a bid to save the country’s aviation industry from total collapse. Under the new arrangement, Roy Ilegbodu, a veteran aviation expert, has been named to take over the management of the airline…

Ibe Kachikwu 
Minister of State for Petroleum
Photo: thisdaylive.com

Kachikwu wants Nigeria to domesticate bio-fuels initiative

Nigeria’s quest for bio-fuels as alternative to premium motor spirit, popularly called petrol, must ensure the domestication of supplies in the country, Minister of Petroleum Resources, Ibe Kachikwu, has said. The minister, who spoke in Abuja on Tuesday while declaring open the national capacity building and sensitization workshop on bio-fuels,…

Crude oil extraction

Nigeria’s excess crude revenue up $38 million amid rising global prices

Nigeria’s daily excess crude revenue earnings may have increased by about $38 million on Monday as prices reached a $57.01 per barrel at the international crude market. With approved crude oil price benchmark in the 2016 federal budget at $38 per barrel, about $19 is earned as excess revenue per…

U.S. congress

Criticisms trail U.S. Congress repeal of anti-corruption law on public disclosures

The U.S. Senate on Friday passed a resolution to repeal a popular regulation which made it mandatory for international oil and gas companies to disclose details of payments to the U.S. or foreign governments for commercial operations. The resolution was a confirmation of the House of Representatives approval of the…

NNPC-Towers (1)

NNPC opens bids for fresh crude oil sale, purchase contracts

The Nigerian National Petroleum Corporation, NNPC, on Thursday formally opened tenders from prospective bidders for its direct sale of crude oil/direct purchase of petroleum products contracts. The Group Managing Director of the NNPC, Maikanti Baru, who performed the official opening of the bids, said a total of 128 bids were…

Victor Attah

Former Akwa Ibom governor, Attah, restates call for resource control

A former governor of Akwa Ibom State, Victor Attah, on Wednesday restated his opposition to the continued use of population as one of the criteria for allocating revenue to states. Mr. Attah, a delegate from Akwa Ibom to the National Conference convened by former President Goodluck Jonathan in 2014, said…

Godwin Emefiele, CBN Governor

CBN denies allocating forex directly with customers

The Central Bank of Nigeria, CBN, said on Sunday that contrary to speculations, it was not dealing directly with deposit money bank customers who seek foreign exchange allocations for their businesses. The bank said it was not be involved in any activity capable of discrediting the FOREX market. There have…

NNPC-Towers (1)

After wasting billions, NNPC invites fresh bids for failed electronic management platform

After wasting billions in almost a decade, the Nigerian National Petroleum Corporation has, again, invited fresh bids to provide support services for its failed enterprise resource solution initiated to deepen accountability in its business processes. The Systems, Applications, Products, SAP enterprise resources planning system is an electronic management solution initiated by the Obasanjo administration…

FILE PHOTO: Fuel Queue

Presidency orders immediate payment of N150 billion subsidy claims to marketers

The presidency on Tuesday ordered the immediate payment of the N150 billion outstanding subsidy claims owed petroleum products marketers. The order is coming amid speculations that government was considering increasing fuel price in the country in the face of rising fuel importation and distribution costs. The speculations were fuelled by…

Godwin Emefiele, CBN Governor

Why CBN is retaining monetary policy rates despite economic crisis – Emefiele

The Central Bank of Nigeria, CBN, on Tuesday opted to leave all monetary policy rates unchanged, despite continued decline in the economy. At the end of the Monetary Policy Committee meeting in Abuja, the monetary policy rate, which sets the lending rate for banks and businesses, was retained at 14…

CBN

CBN retains monetary policy rates, calls for government intervention in moribund industries

The Central Bank of Nigeria, CBN, on Tuesday resolved to retain all monetary policy rates, amid fears the new U.S. government's decision to review trade agreements with most countries could negatively impact global economy. At the end of the Monetary Policy Committee meeting, the monetary policy rate for banks and…

Managing Director, Nigeria Sovereign Investment Authority (NSIA), Uche Orji

Nigeria wealth agency debuts with $200 million Infrastructure funding facility

The Nigeria Sovereign Investment Authority, NSIA, has established a special credit facility to boost infrastructure development in the country. Initiated in 2014 in conjunction with GuarantCo, InfraCredit will provide guarantees to enhance the credit quality of local currency debt instruments in Nigeria. The NSIA said the facility will be mainly…

Photo credit: imugonline

INTERVIEW: Africa has no future without unity – AU Chairmanship aspirant

At a time Africa is battling with tribal conflicts and communal strife, the African Union requires a strong leadership capable of mobilising the people at home and abroad to build a new continent, an aspirant has said. A two-time minister and former member of the Senegalese Parliament, Abdoulaye Bathily, says…

President Muhammadu Buhari presenting the 2017 Budget

Buhari’s 2017 budget can’t end recession – Economist

An economist has questioned President Muhammadu Buhari's optimism that his 2017 federal 'Budget of Recovery & Growth' would bring an end to the current economic recession in the country. The president said at the opening of the induction course for Nigerian career ambassadors-designate in Abuja that he was optimistic the…

NNPC-Towers (1)

Nigeria’s state-oil firm, NNPC, lost N418.97 billion in 21 months – Report

The group operations of the Nigerian National Petroleum Corporation, NNPC, recorded a cumulative loss of N411.1 billion in 21 months between January 2015 and September 2016, the Nigerian Extractive Industries Transparency Initiative, NEITI, has stated. In report, the agency said its review of the NNPC's monthly financial and operational reports…

PHOTO CREDIT: The News Nigeria

Nigeria oil workers suspend plan to embark on strike

The two major workers’ unions in the oil and gas industry on Tuesday resolved to immediately shelve their ongoing strike and the one planned for January 9, 2017. The decision to shelve the actions was taken by the leaderships of the Petroleum and Natural Gas Senior Staff Association of Nigeria,…

Minister of Finance, Kemi Adeosun

Nigeria’s govts shared 13.7% less oil money in Q3 of 2016 — Report

Disbursements from the Federation Accounts to the three tiers of government in the third quarter of 2016 declined by about 13.73 per cent than the figure recorded in the corresponding period in 2015, the latest analysis of payments showed. The analysis by the extractive industry’s transparency and accountability agency watchdog,…

President Muhammadu Buhari presenting the 2017 Budget

How Nigerian govt. plans to fund 2017 budget – Minister

About a third of Nigeria's 2017 budget will be funded by borrowing from internal and external sources, an official has said. The Minister of Budget and National Planning, Udoma Udoma, said the government seeks to borrow about N2.32 trillion to finance the N7.29 trillion budget. "Of this amount, N1.067 trillion…

Photo: techislet.com

Again, NCC defends plan to increase data tariff in Nigeria

A few weeks after public pressure forced it to rescind its decision, the Nigerian Communication Commission, NCC, has again defended its stance to increase the price of data. PREMIUM TIMES reported how the NCC rescinded its decision asking the mobile telephone operators to adopt a policy that would have led…

naira_notes-638x431

Nigeria inflation hits 18.48%

Nigeria’s inflation continued an upward swing in November, reaching 18.48 per cent, from 18.33 percent recorded in October, the National Bureau of Statistics said in its latest consumer price index report released Thursday. When compared month-to-month, the November-October phase shows a fall of 0.78 per cent, compared to October-September phase…

Photo credit: www.newsflashngr.com

Nigeria to begin new funding arrangement for oil, gas joint ventures

The Federal Government on Wednesday formally ended the era of cash call payment by the joint venture operators in the oil and gas industry. President Muhammadu Buhari said while presenting the 2017 Budget to the joint session of the National Assembly that effective January 1, 2017, the government would no longer provide money…

President Muhammadu Buhari

Over 59 per cent of Nigeria’s 2016 budget implemented – Buhari

As at the end of September, 59 per cent of Nigeria's 2016 budget had been implemented, President Muhammadu Buhari said on Wednesday. The President said that the Federal Government implemented about N3.58 trillion out of the N6.08 trillion budgeted for 2016 as at September 30. Mr. Buhari said this on…