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:

Photo: plus.Google.com

Unpaid Debt: AMCON takes over AfriJet Airlines, Vitalis Ibe’s assets

The Asset Management Corporation of Nigeria (AMCON) on Friday continued its debt recovery drive by taking over the assets of some big debtors. Pursuant to the order of Justice Chuka Obiozor of the Federal High Court, Lagos Division, AMCON took over the assets of Afrijet Airlines Limited owned by Vitalis…

Photo: uk.investing.com

EU wants speedy UK’s confirmation of BREXIT vote

European Union leaders on Friday said they expected the British government to speedily give effect to British people’s decision to exit the 28-member country group as soon as possible to avoid “prolonged uncertainty”. The president of the European Council, Donald Tusk, and his counterparts in European Parliament, Martin Schulz; European…

Fitch-ratings

Fitch Ratings downgrades Nigeria to ‘B+, with stable outlook

Global ratings agency, Fitch Ratings, on Thursday downgraded Nigeria’s long-term foreign exchange issue default rating (IDR) to B+, from BB-, with a stable outlook. Fitch, which also lowered the unsecured foreign-exchange bonds to B+, from BB-, said the latest rating release reflected the current performance of the Naira, which was…

Godwin Emefiele, CBN Governor

FOREX policy: CBN appoints 16 banks as primary dealers

With the new flexible foreign exchange policy barely a week old, the Central Bank of Nigeria (CBN) has approved 16 commercial banks to participate in the market as primary dealers. The number of dealers is six more than the initial 10 the CBN governor, Godwin Emefiele, said would be appointed…

FILE PHOTO: Finance Minister, Kemi Adeosun

Nigerian govt, states share more money despite militant attacks

Despite recent spate of attacks on oil production facilities in the Niger Delta region, which resulted in the disruption in crude oil exports, the federal and the 36 states governments, along with the 774 local government counterparts, shared increased allocations from the Federation Account for May 2016. At the end…

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Naira slumps further against dollar at the inter-bank market

Naira slumped further on Tuesday by about 1.43 per cent on the second day of the new foreign exchange policy by the Central Bank of Nigeria (CBN), exchanging at the rate of N284 to the dollar at the close of the day’s business. At the close of business on the…

Godwin Emefiele, CBN Governor

With new forex policy, Naira’s inter-bank rate crashes by 40.7%

The Naira exchange rate plummeted by 40.7 per cent at the inter-bank market on the first day of the formal take-off of the new flexible foreign exchange framework announced by the Central bank of Nigeria (CBN) last Wednesday. But, the drop in the exchange rate of the Naira from N199…

Minister of Finance, Kemi Adeosun

Nigeria to increase external borrowing to 40 per cent under new debt strategy

The federal government is to raise its domestic and foreign borrowing ratio under the new debt management strategy (DMS) unveiled by the Debt Management Office (DMO) for the next four years. The DMS is about how funds are borrowed, internally and externally. It is a medium term project from 2016…

FILE PHOTO: Finance Minister, Kemi Adeosun

Protesting staff, demanding “illegal allowances”, lock out finance minister from office

Protesting Federal Ministry of Finance workers on Monday blocked their minister, Kemi Adeosun, from accessing her office at the ministry's headquarters as they demanded "unpaid N1.2 billion special overtime allowances." The government however said the allowances the workers were demanding was unknown to law. Wielding placards with various inscriptions, the…

Godwin Emefiele, CBN Governor

Nigeria unveils new forex policy, removes controls on naira

The Central Bank of Nigeria, CBN, on Wednesday formally unveiled the much-awaited flexible foreign exchange policy, saying it would launch a forex interbank trading window that will be purely market-driven. The new policy effectively removes controls on the naira, and is expected to increase dollar supply and help the nation’s…

mtn-Nigeria

N1.04 trillion fine: NCC, MTN structure payment till 2019

MTN Nigeria on Friday resolved with the Nigeria Communications Commission (NCC) to settle their differences over the $3.4 billion (N1.04 trillion) fine imposed on the telecoms firm in October 2015. After nearly six months of negotiation, both sides have agreed that MTN should pay only N330 billion from the N780…

Nasarawa State Governor, Tanko Al-Makura

Court orders Nasarawa govt. to pay N100 million for ‘unlawful termination of contract’

A court has ordered the Nasarawa State government to pay N100 million as general and aggravated damages for unlawful termination of contract, trespass and demolition of property belonging to an investment firm, Kinric Construction & Fabrication Company, and its affiliate, HARPS Property & Investment Company Limited. The two companies had…

MTN Nigeria office

N1.04 trillion Fine: MTN announces final agreement with Nigeria

MTN Nigeria on Friday announced it has reached a final resolution on the N1.04 trillion fine imposed by the Nigeria Communications Commission (NCC) in October 2015. The telecom firm was sanctioned by the regulatory authority over its refusal to disconnect 5.1 million improperly registered lines within the prescribed deadline. MTN…

Rumundaka Wonodi
Photo: ThisDay Newspaper

Nigeria removes bulk electricity trading boss

The Federal Government on Monday removed the pioneer Managing Director/Chief Executive of the Nigerian Bulk Electricity Trading Plc (NBET), Rumundaka Wonodi. PREMIUM TIMES learnt that Mr. Wonodi, who was alleged to have over-stayed his tenure, broke the news of his removal to staff of the company at the end of…

Photo: Buzz Nigeria

MEND accuses Niger Delta leaders of Avengers ‘conspiracy’

The Movement for the Emancipation of the Niger Delta (MEND) has come out hard on former President Goodluck Jonathan and other Niger Delta leaders, accusing them of “ungodly conspiracy of silence” over recent wave of attacks on oil facilities in the region by the group called Niger Delta Avengers. Before…

FILE PHOTO: Former President Goodluck Jonathan speaking at the Bloomberg Studio in London

How we were pressured to squander $18bn excess crude saving — Jonathan

Former President Goodluck Jonathan has spoken out about how the excess crude oil revenue account, which stood at over $20 billion at the inception of his administration, was depleted to about $2 billion when he left office on May 29, 2015. Answering questions on an interview programme with Bloomberg TV,…

NLC President, Comrade Ayuba Wabba

NLC challenges Buhari to spend recovered loot on key infrastructure

The Nigeria Labour Congress (NLC) has asked the federal government to utilize the funds recovered from looters of public assets on rehabilitation of critical infrastructure to stimulate the country’s economy. The federal government on Saturday partially fulfilled its promise to publish specific details of funds traced to and recovered from…

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Nigerian oil firm battles IOC over alleged breach of local content law

An indigenous Nigerian energy firm, Ofserv Nigeria Limited, has sued Weatherford International and its Nigerian affiliate, Weatherford Nigeria Limited, for alleged breach of trust and abuse of the provisions of the Nigerian Content law. In its statement of claims filed before the Federal High Court, Lagos, and made available to…

Mohammed Barkindo

Nigeria’s Mohammed Barkindo becomes OPEC secretary general as cartel looks forward to balanced oil market

A one-time group managing director of the Nigerian National Petroleum Corporation (NNPC), Mohammed Barkindo, was on Thursday appointed the secretary-general of the Organisation of Petroleum Exporting Countries (OPEC). Mr. Barkindo’s appointment was announced in Vienna, Austria after the 169th meeting of the group. He is succeeding the Libyan Minister of…

Professor Yemi Osinbajo, Vice President of Nigeria

Buhari approves committee on ‘ease of doing business’ in Nigeria

President Muhammadu Buhari has approved the formation of a presidential commission that would help improve the ease of doing business in Nigeria, Vice President Yemi Osinbajo has said. The latest World Bank Doing Business Report 2016 said it was more difficult to do business in Nigeria in 2016 than it…

Godwin Emefiele, CBN Governor

Mixed reactions trail CBN’s disclosure of Nigerian economy’s imminent recession

Mixed reactions have trailed last Tuesday’s open declaration by the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, that the Nigerian economy was on the brink of a recession. Mr. Emefiele said at the end of the monetary policy committee meeting in Abuja that despite the warning in…

Albert-Okumagba

Securities Commission bans BGL Securities boss, Okumagba, for 20 years

The Managing Director of BGL Securities Limited, Albert Okumagba, has been banned ​by the Securities and Exchange Commission (SEC) for 20 years​,​ from further participation in capital market activities for market rules infraction. ​The order was announced Thursday​. ​ Mr, Okumagba was banned along with Peter Adebola, both of whom…

mend-militants-niger-delta

Again, militants blow up Chevron gas pipeline

The new militant group, Niger Delta Avengers, on Thursday claimed responsibility for another attack on a gas pipeline belonging to Chevron in Delta state. The group announced the attack on the Escravos tank farm near the main electricity feed pipeline through which power is supplied to the oil facility. The…

DANA Air to resume flights

Dana Airlines’ pilots embark on strike, disrupt flights

A disagreement with management over promised largess has snowballed into a strike action by pilots of Dana Airlines resulting in the suspension of normal flight operations on Thursday. Scheduled flights have been disrupted with passengers booked to travel with the airline stranded at airports across the country. At the Nnamdi…

FILE PHOTO: Finance Minister, Kemi Adeosun

Revenue drops again as federal, states, others share N281.5 billion for April

Revenue allocation to federal, states and local governments dropped by 6.09 per cent as the three tiers of government shared a total of N281.5 billion for the April. Minister of Finance, Kemi Adeosun, said at the end of the federation accounts allocation committee meeting on Wednesday in Abuja that net…