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:

FROM LEFT: Vice-President, Islamic Development Bank Group (ISDB), Dr Mansur Muhtar; President OF ISDB, Dr Ahmed Ali-Almadani; and President Muhammadu Buhari, after a meeting of the ISDB Group with President Buhari at the Presidential Villa in Abuja on Monday (22/8/16). 5888/22/8/2016/ICE/BJO/NAN

Islamic Development Bank opens Nigeria office

The Islamic Development Bank Group (IDBG) on Monday formally opened its Nigeria Country Gateway Office in Abuja with a mission to focus its services on health, agriculture, infrastructure, small and medium-scale enterprise and regional integration. The group said it was also considering the education sector, particularly bilingual education, among its…

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Ignore European Union, don’t sign EPA, group tells Nigerian government

Social Action, an economic and social rights group, has asked the federal government to not to sign the Economic Partnership Agreement, EPA, with the European Union, EU. The EPA is purportedly to eliminate trade restrictions between it and member states of the Economic Community of West African States (ECOWAS). Promoters…

Minister of Finance, Kemi Adeosun

Govt. considers new tax policy; framework on duty waivers, exemptions

The federal government on Friday said it was considering a new tax policy to capture Nigerians evading tax. The Minister of Finance, Kemi Adeosun, who disclosed this in Abuja, said government plans to announce a comprehensive framework to regulate duty waivers and exemptions in the country. Mrs. Adeosun said government…

Minister of Finance, Kemi Adeosun

What Nigerian govt is doing to restart economy — Minister

The federal government on Friday said it was pursuing an aggressive spending stimulus plan to reflate the economy and set it on recovery path. Minister of Finance, Kemi Adeosun, told reporters that since the 2016 was signed into law in May, the government has disbursed over N400 billion on capital…

ESTATE

Overhaul land registration system to reduce housing deficit, experts advise Nigerian government

Operators in the real estate industry on Wednesday advised the Federal Government to overhaul and decentralize the land registration system if the housing deficit in the country is to be reduced. The experts said approval of land title deeds should not be the sole preserve of state governors, as this…

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Tax Debt: FIRS seals Peter Obi’s company, other companies in Lagos, Kano

The Federal Inland Revenue Services (FIRS) on Tuesday stepped up its tax enforcement duties, shutting companies in Kano, Lagos and Onitsha for outstanding tax liabilities. In Onitsha, the warehouse of Next International Company was sealed. The company is owned by former Anambra Governor, Peter Obi. The company has tax liabilities…

CBN

FOREX: Central Bank raises banks’ sales limit to BDCs to $50,000

Commercial banks can now sell a maximum of $50,000 foreign exchange (FOREX) to Bureaus De Change (BDCs), the Central Bank of Nigeria (CBN) said on Tuesday in Abuja. The CBN had previously fixed $30,000 as the limit that commercial banks could sell to BDCs.. But at the end of the…

FROM LEFT: Chief Investment Officer, Old Mutual Investment Group, Hywei George; Chief Executive Officer of the Group, Diane Radley; Minister of Finance, Kemi Adeosun; and Managing Director/Chief Executive Officer, Nigeria Sovereign Investment Authority (NSIA), Uche Orji, at the agreement-signing ceremony between the NSIA and Old Mutual Investment Group for $500m real estate and $200m agriculture vehicles in Abuja on Friday (12/8/16)

Nigeria partners South African firm on $700 million real estate, agriculture deal

The Nigeria Sovereign Investment Authority(NSIA) on Friday established a partnership with Old Mutual Investment Group (OMIG) of South Africa to co-invest $700 million in real estates and agriculture development projects. The NSIA, which is managing Nigeria’s sovereign wealth fund, said at the agreement signing ceremony in Abuja that $500 million…

Minister of Finance, Kemi Adeosun

Nigeria’s drive for ​more tax revenue must have human face​ ​​– Minister

Nigeria’s task of growing tax revenue and improving overall tax collection must be pursued with a human face and sustainability in focus, Minister of Finance, Kemi Adeosun, has said. The minister, who was speaking at the inauguration of the committee on the review of the national tax policy document in…

CBN

Nigeria earned N692 billion from oil, gas sales in last one year under Buhari

The Muhammadu Buhari administration has earned a total about $3.46 billion (about N692 billion) as oil and gas sales proceeds between July 2015 and June 2016, latest Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report has revealed. The report said a total of $2.3 billion was realised from…

Ahmed Kuru
Photo: Tadall

AMCON recovers N644 billion from debtors

The Asset Management Corporation of Nigeria (AMCON) said on Friday that it has successfully settled over 56 percent of the total N3.7 trillion (about N2.072 trillion) bad debts it had to manage from various individuals, groups and organisations in the country. Managing director (MD) of the corporation, Ahmed Kuru, said…

PIC. 6. FUEL QUEUE AT A FILLING STATION ON THE INDEPENDENCE AVENUE, CENTRAL BUSINESS DISTRICT IN ABUJA ON MONDAY (16/11/15).
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Despite recent hike, Nigeria’s petrol price 13th lowest in the world

Despite the recent 68 per cent hike in petrol price, Nigeria’s retail pump price of N145 per litre of petrol ranks among the lowest in the world. A review of retail prices of petrol in 175 countries shows that Nigeria has the 13th least petrol price at approximately $0.50, or…

Tonye Cole

INTERVIEW: Food Africa project targets 500,000 people in 5 years — Sahara Group boss

The Food Africa project by Kaduna State Government in conjunction with the United Nations Sustainable Development Goals Fund (UN SDG-F), Sahara Group and Roca Brothers is to promote food security. The Executive Director/Co-Founder, Sahara Group, Tonye Cole,  tells PREMIUM TIMES’ Bassey Udo that the initiative will not only enhance inclusive…

Godwin Emefiele, CBN Governor

Why decision to stop forex payment to BDCs was reviewed — CBN

The Central Bank of Nigeria (CBN) said on Tuesday it decided to review its decision to stop the payment of foreign exchange to Bureau De Change operators to provide a window for Nigerians in the Diaspora to remit money back home to help boost the country’s economy. The CBN had…

Godwin Emefiele, CBN Governor

CBN raises interest rate to stem rising inflation

The Central Bank of Nigeria (CBN) on Tuesday raised monetary policy rate (MPR) from 12 per cent to 14 per cent in a bid to stem the tide of spiraling inflation. With the country's economy already declared to be technically in recession, the National Bureau of Statistics (NBS) said in…

EITI

Nigeria’s extractive industry transparency standards to undergo global evaluation

Officials of the Extractive Industries Transparency Initiative (EITI) International Secretariat are expected in Nigeria on Sunday, July 24, 2016, to commence the process to re-validate Nigeria’s implementation of EITI principles in the country’s extractive industry. EITI validation is a process to review the progress by EITI implementing countries measured against…

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Nigeria’s economy to contract by 4.1% in 2016 — IMF

The International Monetary Fund (IMF) on Tuesday reduced its global economic growth projection for 2016 and 2017, with the Nigerian economy projected to contract by about 4.1 per cent this year. The group cited growing economic, political and institutional uncertainty in this year’s economic performance as a result of the…

Tonye Cole, CEO, Sahara Energy

Nigeria’s Sahara Group among global sustainable development goals advisory body

Nigeria’s indigenous energy conglomerate, Sahara Group, has been named one of two African firms selected among 13 global companies, including Microsoft, to lead the private sector effort to support the sustainable development goals (SDGs). In a workshop to create awareness on collaborations between private and public sectors in support of…

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Why we’re insisting on 45% electricity tariff hike — NERC

The Nigerian Electricity Regulatory Commission (NERC) has given reasons why it rejects last Wednesday’s order by the Federal High Court, Lagos declaring as illegal the February 1, 2016 electricity tariff. Justice Mohammed Idris had ordered the electricity sector regulatory agency to immediately rescind the multi-year tariff order (MYTO), as the…

FROM LEFT: General Manager, Legal, Licencing and Enforcement, National Elecricity Regulatory Commission (NERC), Mrs Olufunke Dinneh; Acting Chairman/Chief Executive Officer of NERC, Dr Anthony Akah and Deputy General Manager, NERC, Mr Bassey Ayambem, during a news conference on the judgement of a Federal Court in Lagos reversing the existing Electricity Tariff Regime, in Abuja on Thursday (15/7/16). 5096/15/7/2016/TA/BJO/NAN

Nigeria electricity commission rejects court ruling, insist on 45% tariff hike

The Nigerian Electricity Regulatory Commission (NERC) has rejected the order of the Federal High Court, Lagos, declaring the February 1 electricity tariff raise illegal. Justice Mohammed Idris had on Wednesday ordered the Commission to immediately reverse the decision as the process that led to the new tariff regime did not…

Photo credit: Bloomberg

Nigerian govt., oil workers agree on new funding model for joint venture projects

The Federal Government and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Wednesday agreed a new funding model to help end the perennial Joint Venture cash-call problem in the country’s oil and gas industry. The workers and representatives of the Federal Government also approved the repayment…

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PENGASSAN suspends nationwide strike

The Petroleum and Natural Gas Workers of Nigeria (PENGASSAN) has suspended its one-week nationwide strike with immediate effect, the News Agency of Nigeria is reporting. PENGASSAN had embarked on an indefinite strike on July 7. The oil workers union suspended the strike at the end of its National Executive Council…

James Entwistle, U.S Ambassador to Nigeria

INTERVIEW: What I will never forget about Nigeria — U.S. Ambassador, James Entwistle

Buhari’s kept his promise to Nigerians -- out-going U.S. Ambassador James Entwistle assumed duties in Abuja as United States' ambassador in the country on October 28, 2013. After almost three years working in the world's most populous black nation, Mr. Entwistle is counting down to the end of his tour of…

Maikanti-Baru

How I will run NNPC – Maikanti Baru

The newly appointed Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru, on Friday pledged to work closely with staff to find lasting solutions to the challenges facing the industry. The pledge was part of a 16-point agenda he unfolded shortly after taking over from his predecessor…

James Entwistle, U.S Ambassador to Nigeria

U.S. Ambassador to Nigeria hails Buhari on economy, corruption war

The outgoing United States Ambassador to Nigeria, James Entwistle, has praised President Muhammadu Buhari's record in the last one year, saying the administration has done well on the economy, fight against corruption and insecurity, given the circumstances it inherited. Mr. Entwistle will be leaving Nigeria at the end of July,…