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:

NNPC TOWERS

Marketers accuse NNPC of nepotism as fresh controversy trails crude swap deal

A new petrol import scheme put in place by the Nigerian National Petroleum Corporation, NNPC, is enmeshed in controversy as marketers accuse the management of the state oil firm of nepotism and of favouring indigenous oil firms that have godfathers in the Buhari administration. Some marketers involved in the recently…

CBN Governor, Godwin Emefiele (L) and Minister of Finance, Kemi Adeosun (M) at the IMF regional economic outlook on Sub-Saharan Africa

Nigerian officials speak as IMF forecasts 2.6 per cent growth in economy in 2017

The federal government on Tuesday said it was optimistic of a modest recovery from recession and growth in the economy, as the International Monetary Fund, IMF, predicted a 2.6 per cent growth in the economy in 2017. Nigeria has witnessed a mixed fortune in her earnings from oil in the…

ALSCON Plant

ALSCON: Obey Nigeria’s Supreme Court, firm writes Fayemi

The general counsel to BFIGroup Corporation, Jimmie Williams, has written to the Minister of Mines and Steel Development, Kayode Fayemi, describing as ‘puzzling’ his pledge a fortnight ago to work with Russian firm, UC RUSAL, to reactivate the Aluminium Smelting Company of Nigeria, ALSCON, Ikot-Abasi, in Akwa Ibom State. BFIGroup…

Ifeanyi Ubah

UPDATED: Judge orders SSS to produce Capital Oil’s Ifeanyi Ubah on Friday

Justice Muhammed Idris of the Federal High Court, Lagos, has ordered the State Security Service, SSS, to produce the detained Managing Director of Capital Oil and Gas Limited, Ifeanyi Ubah, on Friday, May 12 to show why he should not be released unconditionally. Mr. Idris gave the ruling in favour of an…

Central bank of Nigeria

41 items remain ineligible for forex allocation – CBN

The Central Bank of Nigeria, CBN, said Wednesday’s circular on revised documentation requirements for allocation of foreign exchange for small-scale importation did not mean a reversal of its policy barring allocation of forex to some 41 items in the country. “The attention of the Central Bank of Nigeria (CBN) has…

Rice Farmers
Photo Credit: Agro Nigeria

Anchor Borrowers’ Programme: Farmers repay N7 billion — CBN

Benefiting farmers under the Central Bank of Nigeria, CBN’s Anchor Borrowers’ Programme have paid back over N7 billion from the loans they got under the programme, the apex bank said on Wednesday. The bank said this was contrary to insinuations in some quarters that the farmers were unwilling to pay…

Bureau De Change

Naira gradually regaining strength, as demand for forex maintains decline

The continued decline in the volume of foreign exchange supplied to the retail market indicates that the naira is gradually strengthening against other international currencies, the Central Bank of Nigeria, CBN, said on Wednesday. For some time, authorized forex dealers have not been able to clear the amount of dollars…

Vice President, Yemi Osinbajo

SGF Lawal, #Ikoyimoney scandals: Osinbajo’s committee to submit report Monday

The expected submission of the report of the three-man presidential committee investigating two key officials suspended for alleged infractions has been postponed till Monday. The committee was scheduled to turn in the report to President Muhammadu Buhari on Wednesday. Mr. Buhari constituted the committee, chaired by Vice President Yemi Osinbajo, to inquire…

nigeria_map_m_104046032

Nigeria’s foreign debt $11.4 billion, domestic N14.02 trillion by end 2016 – NBS

The total foreign and domestic debt stocks of the federal and the 36 states governments as at December 31, 2016 stood at about $11.41 billion and N14.02 trillion respectively, the National Bureau of Statistics, NBS, reported on Tuesday. The statistics agency in its latest Nigerian Domestic and Foreign Debt report,…

Central bank of Nigeria

CBN sanctions First Bank, GTB, UBA, 12 others for forex infractions

About 15 commercial banks were on Tuesday barred from dealing in foreign exchange through the recently created small and medium enterprises, SMEs wholesale forex window. The decision by the Central Bank of Nigeria, CBN, to wield the big stick followed persistent complaints against the erring deposit money banks, DMBs, that…

Leonard Stanley Ekeh

N170 million contract fraud: Zinox Computers has case to answer, Court rules

A Lagos State High Court, Igbosere, on Tuesday dismissed an application by top officials of Zinox Technologies Limited, its subsidiary, Technology Distributions Limited, and their allies, including Access Bank PLC, in respect of a case of alleged N170.3 million fraud against them. An Ibadan-based computer retail firm, Citadel Oracle Concept Limited, and its managing…

MTN

Why we sacked 280 workers — MTN Nigeria

The management of mobile telecoms firm, MTN Nigeria, on Tuesday gave reasons why it sacked 280 of its employees on Friday. In a major shake-up, the South African telecoms giant served letters dispensing with the services of about 15.6 per cent of its entire 1,800 Nigerian workforce. Those affected included…

MTN Nigeria office

MTN Nigeria sacks 280 long-serving workers, others

In one fell swoop, South African telecoms firm, MTN, on Friday sacked 280 of its employees in Nigeria, in a major job cut that affected about 15% of the company’s entire Nigerian workforce. Those affected by the move include some 200 permanent employees and about 80 contract staff across various…

NNPC TOWERS

Unpaid N1.76 trillion: NEITI wants Nigerian govt to review oil assets transfer

The Nigeria Extractive Industries Transparency Initiative, NEITI, on Monday asked the federal government to immediately revisit and re-evaluate the transfer of some federation oil assets by the Nigerian National Petroleum Corporation, NNPC, to its upstream industry subsidiary, the Nigerian Petroleum Development Company, NPDC. The Executive Secretary of NEITI, Waziri Adio,…

Symbol of law and justice, law and justice concept, focus on the scales

Alleged Zinox contract fraud: Law firm removes probed Justice Ministry official’s profile from website

Hours after PREMIUM TIMES report revealed that the Federal Ministry of Justice had launched a probe of its senior staff accused of working to stop the prosecution of Zinox Computers’ top officials, the law firm at the centre of the scandal has moved to destroy evidence. An investigation by this…

President Muhammdu Buhari and Vice President, Yemi Osinbajo at the FEC meeting on the 22nd of March 2017
[Photo Credit: Novo Isioro]

FACT CHECK: How true is Buhari administration’s claim that N992.5 billion capital release for 2016 is Nigeria’s highest ever?

The recent claim by the Minister of Finance, Kemi Adeosun, that the N992.5 billion released to various federal ministries, departments and agencies, MDAs, for execution of capital projects under the 2016 budget was “the highest ever budgetary releases in Nigeria’s annual funding history” may not be entirely true, going by…

Kayode Fayemi, Minister of Mining and Steel Development

ALSCON: Nigerian Minister Fayemi ‘ignores’ Supreme Court rulings on multi-billion Naira firm

This week’s pledge by the Minister of Mines & Steel Development, Kayode Fayemi, to work with a Russian firm to reactivate the Aluminium Smelting Company of Nigeria, ALSCON, in Ikot-Abasi, is in clear violation of a Supreme Court judgement, PREMIUM TIIMES can report. The Supreme Court, Nigeria’s apex court, had on…

Waziri Adio

NEITI opens 2015, 2016 oil, gas sector audit process

The Nigeria Extractive Industries Transparency Initiative, NEITI, has opened the process for a comprehensive independent audit of the Nigerian oil and gas sector for 2015 and 2016. The Executive Secretary of NEITI, Waziri Adio, disclosed this in Lagos at a workshop for major oil companies and relevant government agencies expected…

Jide Omokore

Court asks EFCC to return Jide Omokore’s passport, clears him to travel abroad

The Chairman of Atlantic Energy Drilling Concept Limited, Jide Omokore, was on Wednesday granted permission to travel abroad for medical treatment. Justice Nnamdi Dimgba of the Federal High Court, Abuja, who granted the application, ordered the Economic and Financial Crimes Commission (EFCC) to deposit the passports of all defendants in the…

NNPC TOWERS

Crude Swap: Taleveras begins final payment of debt to NNPC

The Nigerian National Petroleum Corporation, NNPC, has confirmed Taleveras Oil & Gas Limited kept its pledge and obligation to settle its commitment to the crude oil swap programme. The company was one of three crude oil marketing firms that agreed to pay over $184 million for alleged under-delivery of crude…

Leonard Stanley Ekeh

N170 million contract ‘fraud’: Justice Ministry probes top official over Zinox Computers ‘ties’

The Federal Ministry of Justice says it has launched an investigation amid claims that one of its senior officials attempted to prevent the prosecution of Zinox Computers management over an alleged N170 million contract fraud. The ministry said it was investigating alleged ties between Stella Anukam, its director of International…

Nigerian Governors Forum

Nigerian govt, states, LGs share N467.8 billion in March

The gross statutory revenue rose by about 14.28 per cent as the three tiers of the Nigerian government shared a total of N467.81 billion for March. At the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja, the Accountant General of the Federation, AGF, Ahmed Idris, said gross…

Central bank of Nigeria

How CBN gave NIA the N13 billion uncovered in Ikoyi, Lagos, apartment

The controversial haul of cash in local and foreign currencies recovered by the Economic and Financial Crimes Commission (EFCC) from a residential apartment at Osborne Towers, Ikoyi, Lagos, is part of the N57.2 billion released to the National Intelligence Agency (NIA) by the Nigerian government in February 2015, PREMIUM TIMES can…

Executive Secretary, Nigerian Content Development Monitoring Board, Simbi Wabote

INTERVIEW: Why local content in Nigeria’s oil, gas industry is low – Executive Secretary, NCDMB

The decline in the global oil price has significant impact on the activities of most oil producing nations. In Nigeria, the Executive Secretary, Nigerian Content Development Monitoring Board, Simbi Wabote, blames the low level of Nigerian content on the dearth of new projects coming on stream as a result of…

Central bank of Nigeria

Central Bank disburses $280 million to SMEs, BDCs, others

The Central Bank of Nigeria, CBN, on Tuesday injected about $280 million into various sectors of the market in its determination to sustain liquidity in the foreign exchange market since the commencement of its weekly $20,000 sale to licensed Bureau de Change operators. The bank also announced the opening of…