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:

The Niger Delta Development Commission [Photo Credit: Nsima ekere]

Publish names, prosecute suspended contractors now, ANEEJ tells NDDC

The Africa Network for Environment and Economic Justice, ANEEJ, has asked the Niger Delta Development Commission, NDDC to publish the names of the contractors reportedly suspended by it. In a statement sent to PREMIUM TIMES on Monday, Executive Director, ANEEJ, David Ugolor, commended the NDDC for its courage in suspending…

Boko Haram militants [Photo: Independent.ie]

Nigerian scientists exploring oil in Lake Chad kidnapped

Some Nigerian scientists ‎searching for crude in Lake Chad have been kidnapped. Although the exact number of victims has not been confirmed, a spokesper‎son of the state oil firm, NNPC, confirmed the kidnap to PREMIUM TIMES. Sources in Borno had earlier told PREMIUM TIMES that the victims were abducted on…

Etisalat Nigeria

Why CBN, NCC intervened in Etisalat Nigeria crisis – Emefiele

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, on Tuesday explained that the bank joined the Nigerian Communications Commission, NCC, to intervene in the crisis between a consortium of 13 banks and Etisalat Nigeria to avoid the “dismemberment” of the company, which would have thrown the workers…

CBN Governor, Godwin Emefiele

Why Nigeria Central Bank retained benchmark lending rate at 14 per cent – Emefiele

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, on Tuesday said the benchmark lending rate for banks in the country was retained for the seventh consecutive time at 14 per cent to maintain the modest stability in the foreign exchange market. The CBN governor told journalists at…

Power Lines [Photo: energymixreport.com]

GENCOs ‘inflating invoice’, DISCOs say, drawing rebuke

Electricity generating companies, GENCOs, have challenged distribution companies, DISCOs, to defend their allegation that GENCOs were inflating invoices and engaging in fraud. The Association of Power Generation Companies, APGC, which is the umbrella body of electricity producing companies, on Monday challenged the accusers to come up with evidence. The response followed an allegation,Thursday,…

Keystone bank

Unremitted $793.2 million TSA fund: No hidden govt. funds in our custody — Keystone Bank

The spate of denials by banks and government institutions linked with the alleged concealment of $793.3 million that should have been transferred to the Federal Government’s Treasury Single Account, TSA, at the Central Bank of Nigeria, CBN, continued on Saturday. The latest came from Keystone Bank Limited, which denied ever…

NNPC Headquarters, Abuja [Photo Credit: Thisday]

NNPC speaks on alleged hidden $793.2m in secret accounts in 7 banks

The Nigerian National Petroleum Corporation (NNPC) on Friday reacted to the controversy surrounding alleged unremitted $793.2 million held secretly in seven commercial banks. The corporation, in a statement by its spokesperson, Ndu Ughamadu, said, contrary to media reports, the state-owned oil company did not collude with the banks to keep…

Dollar and Naira bills [Photo credit: NairaFX]

CBN replies Senate, says not selling dollars to anyone at N200 rate

The Central Bank of Nigeria, CBN on Friday reacted to claims by the Senate that it is selling dollars to some businesses at an unofficial rate of N200. On Wednesday, the Senate in a resolution asked the Federal Government to direct the CBN to supply dollars at a subsidised exchange…

Skye Bank

$793.2 million TSA funds: Skye Bank confirms holding $41 million, denies hiding from CBN

The management of Skye Bank on Friday confirmed holding about $41 million (about N12. 9billion) belonging to the Nigerian Investments Management Services, NAPIMS, allegedly kept away from the Treasury Single Account, TSA account domiciled with the Central Bank of Nigeria, CBN. The money is part of about $793.2 million (about…

Hajj pilgrims

Nigerians criticise Senate for asking CBN to give dollars at N200 for pilgrimage

The Nigerian Senate was heavily criticised by Nigerians on Thursday for asking the federal government to direct the Central Bank of Nigeria, CBN, to supply dollars at N200 to those going on pilgrimage either to Saudi Arabia or Israel. If the government consents to the request, it means the allocation…

Minister of state for Petroleum Resources, Ibe Kachikwu [Photo credit: Pulse.ng]

Kachikwu advocates five-year timeline for Nigeria economic turnaround

The Minister of State for Petroleum Resources, Ibe Kachikwu, on Wednesday proposed a five-year timeline for Nigeria to prepare to transform its local resource and economic base to actively play in the globally arena. Also, the minister said Nigeria must begin "a conscious effort to identify key areas of the…

Osinbajo with governors

Nigerian govt releases details of Paris club payment to states (FULL DETAILS)

The Nigerian government has released details of payments to the 36 states as refund of “over-deductions on Paris Club, London Club Loans and Multilateral debts on the accounts of States and Local Governments (1995-2002).” The latest payment is the second tranche of the refunds to the states. A total of…

Presentation of an occasional policy paper titled “The case for a robust oil savings fund for Nigeria.”by the Executive Secretary of  NEITI.

NEITI wants excess oil revenue, stabilisation funds transferred to sovereign wealth agency

The Nigerian Extractive Industries Transparency Initiative, NEITI, on Tuesday asked the federal government to transfer the management of the Excess Crude Revenue Account, ECA, and the Stabilization Funds to the Nigerian Sovereign Wealth Fund for effective coordination. NEITI said such an arrangement would enable the country develop a coordinated policy…

Waziri Adio

Why Nigerian govt, states must establish functional sovereign wealth fund – NEITI

The federal and 36 state governments must remove bottlenecks to a functional sovereign wealth fund, SWF to provide cover against shocks during periods of instability in global oil prices, the Nigerian Extractive Industries Transparency Initiative, NEITI, said on Tuesday. To achieve this, the transparency and accountability agency urged the two…

Nigerian economy improved slightly in 2016, but remains in recession -- NBS [Photo Credit: naija247news.com]

UPDATED: Nigerian inflation ‘falls for fifth straight month’

The Nigerian economy is gradually coming out of recession, with the annual inflation falling in June for the fifth straight month, the National Bureau of Statistics said Monday. The bureau said inflation, measured by the Consumer Price Index, fell to 16.10 per cent, lower than 16.25 per cent rate recorded…

ICPC Chairman, Ekpo Nta

ICPC raids Fiscal Responsibility Commission over corruption allegations against Chairman

Operatives of the Independent Corrupt Practices (and other related offences) Commission last Wednesday visited the Fiscal Responsibility Commission, FRC, headquarters in Abuja and carted away several volumes of files and official documents. PREMIUM TIMES learnt that the raid followed a petition received from a group of “Concerned Staff of FRC”…

Etisalat Nigeria

UPDATE: Etisalat Nigeria changes name, now 9Mobile

The embattled Etisalat Nigeria on Thursday rallied to move away from the shadows of its troubles by taking a new brand name. At end of a crucial management meeting of the telecom firm in Lagos, 9Mobile was unanimously adopted by the company as its new brand name. Last Monday, the…

An Etisalat Office

Etisalat Nigeria rebrands; now 9Mobile telecom

Etisalat Nigeria on Thursday rallied to move away from the shadows of its troubles by taking a new brand name. At end of a management meeting of the telecom firm in Lagos, 9Mobile was adopted by the company as the new brand name. Details Later

Oil-Rig-thumb-610x335-70289

Nigeria local content agency to double intervention fund

The Nigerian Content Development and Monitoring Board, NCDMB, says it is considering increasing the Nigerian Content Intervention Fund by 100 per cent. The fund, domiciled in the Bank of Industry, is currently valued at about $100 million, dedicated to lending qualified oil and gas operators for the execution of projects…

OPEC [PHOTO CREDIT: Zero Hedge]

Global oil price: Nigeria’ll support OPEC resolve to stabilise market, says Kachikwu

As members of the Organisation of Petroleum Exporting Countries, OPEC, prepare for the joint ministerial monitoring committee meeting in Russia, Nigeria on Wednesday expressed commitment to support all resolutions to stabilize the international oil market. The meeting is scheduled for July 24 in St. St. Petersburg. Although Nigeria, a prominent member…

Maikanti Baru. GMD of NNPC

Despite poor performance, NNPC GMD gives downstream arm pass mark

Despite being listed as one of the nine unprofitable subsidiaries in 2016, the Group Managing Director of the state-owned Nigerian National Petroleum Corporation, NNPC, Maiaknti Baru, said on Tuesday the two downstream subsidiaries of the corporation fared well. The two subsidiaries consist of the Nigerian Products Marketing Company, NPMC, and…

Jaiz Bank [Photo Credit: BusinessDay]

Why we featured only Jaiz Bank in e-auction — Nigeria Customs

The Nigeria Customs Service on Monday gave reasons why only Jaiz Bank participated in the maiden e-auction exercise launched on the July 3. The e-auction platform launched by the Comptroller General of Customs, Hameed Ali, was to enable the agency auction some seized items to members of the public. The…

House of Reps Speaker, Yakubu Dogara

Nigerians agitating for restructuring because of lack of transparency – Dogara

The Speaker of the House of Representatives, Yakubu Dogara, has said that current agitation by some Nigerians for the restructuring of the country was because of lack of transparency and accountability in the management of issues affecting the interest and relationships of the people. Mr. Dogara said this in a…

Tony(MD) visit to LPG plant Lagos 2017

Cooking Gas: Nigeria LNG revamps three jetties to boost supply to consumers

The Nigeria LNG recently facilitated the revamp of three liquefied petroleum gas jetties to boost supply of the commodity to consumers. The general manager, commercial, of the company, Godwill Dike, identified the three jetties as the New Oil Jetty, NOJ, the Bulk Oil Platform, BOP and the Petroleum Wharf Apapa,…

Maize farm [Photo: HapaKenya]

Study shows impact of Nigeria recession on agriculture

The Federal Government and international development organisations must refocus their policies on agriculture to reshape their interventions to mitigate the negative impact of the recent devaluation of the Naira on the sector growth, a study by two development groups said. The Foundation for Partnership Initiatives in the Niger Delta, PIND,…