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:

Ugo-Nnadi from the court [Photo: Information Nigeria]

Fraudulent Nigerian oil firm is “virtually broke”, owes millions of dollars – NNPC

Ontario Oil & Gas Limited, which was convicted for subsidy fraud, is yet to make a formal commitment to settle all its outstanding debts under a crude oil swap contract that existed between 2012 and 2014, the Nigerian National Petroleum Corporation, NNPC, said on Sunday. The spokesperson of the NNPC,…

Minister of Budget and National Planning Senator Udoma Udo Udoma [Photo Credit: Channels TV]

Merits, defects of Nigeria’s economic recovery, growth plan – Experts

Civil society groups and economic experts have expressed different opinions on the National Economic Recovery and Growth Plan, NERGP, unveiled a fortnight ago by the Federal Government. Some who spoke with PREMIUM TIMES commended government for finally giving the country a plan for the economy, but others pointed out inadequacies…

Godwin Emefiele, CBN Governor

Why Nigeria’s monetary policy rates, parameters were not changed – Emefiele

The Central Bank of Nigeria, CBN on Tuesday explained why its monetary policy committee, MPC, resolved to retain all monetary policy rates and parameters. The CBN governor, Godwin Emefiele, told reporters after the MPC meeting in Abuja that the committee opted to retain the monetary policy rate, MPR, at 14…

Central bank of Nigeria

Forex: Central Bank injects fresh $180 million for school fees, medical fees, others

As the monetary authorities were meeting in Abuja on Monday to review the impact of policies in an effort to stabilise the market and strengthen the value of the national currency, the Central Bank of Nigeria, CBN, for the umpteenth time injected a total of $180 million into the foreign…

Minister of Finance, Kemi Adeosun

Why Nigerian govt cannot disclose details of Paris Club refund yet – Adeosun

The Minister of Finance, Kemi Adeosun, on Monday said Nigerians would not get the full details of the disbursements to the 36 state governments in respect of the Paris Club Refunds until the final reconciliation of the records were completed. In what appears a reaction to aPREMIUM TIMES’ exclusive report,…

Godwin Emefiele, CBN Governor

Economic recovery: CBN, finance ministry, others meet to harmonise monetary, fiscal policies

For the first time since the present administration assumed office, both the monetary and fiscal authorities met over the weekend to find a common ground on a number issues to move the economy forward. The Central Bank of Nigeria, CBN represented the monetary authorities, while the fiscal authorities included the…

Central bank of Nigeria

Businesses, Experts react to CBN policy on deposit, withdrawal charges

The recent decision by the Central Bank of Nigeria, CBN, to reintroduce various charges on large cash transactions in deposit money banks has generated mixed reactions by Nigerians, PREMIUM TIMES investigations have revealed. The regulator in February unveiled a new banking policy requiring Nigerians who make cash deposits or withdrawals…

Minister of Finance, Kemi Adeosun

EXCLUSIVE: Despite pledging transparency, Buhari’s govt. conceals details of Paris Club refunds

Months after paying N522.74 billion Paris Club loan refund to 36 states, the federal government has concealed details of the disbursements, frustrating Nigerians keen about knowing how their governors spent the huge amount, PREMIUM TIMES can report today. For months, Finance Minister, Kemi Adeosun, and other senior officials blocked attempts…

Kayode Fayemi, Minister of Mining and Steel Development

Nigerian govt to criminalise export of unprocessed minerals, says Minister

The Federal Government said on Friday it would soon make it an offence for anyone to export unprocessed minerals out of the country. The Minister of Mines and Steel Development, Kayode Fayemi, said in Lagos on Thursday at a Town Hall meeting with interest groups in the mining sector that…

Capital oil

Missing Petrol: After PREMIUM TIMES report, NNPC moves to recover N11 billion from Capital Oil

The Nigerian National Petroleum Corporation, NNPC, said on Friday it was fully committed to implementing various measures it considered necessary to achieve full recovery of its missing petroleum products stored in the facilities of two indigenous downstream operators in Lagos. PREMIUM TIMES had exclusively reported on Thursday on the missing…

Jide Omokore

INTERVIEW: Atlantic Energy Chairman, Jide Omokore, not Diezani’s front, ally – Lawyer

Jide Omokore, the Chairman, Atlantic Energy Limited, who is currently facing a four-count charge of money laundering by the Economic and financial Crimes Commission, EFCC, has always been linked with former Petroleum Resources Minister, Diezani Alison-Madueke. But, his lawyer, Lawal Rabana, who spoke with PREMIUM TIMES’ Business Editor, Bassey Udo,…

Electricity Meter

Nigerian estate residents paying N150, 000 monthly electricity bill, accuse regulator of conspiracy

The Nigerian Electricity Regulatory Commission, NERC, is facing the allegation of conspiring with a property development firm against electricity consumers who pay as much as N150,000 monthly for power in Abuja. Residents of Emerald Court, a housing estate in Gudu District of Abuja, accuse UAC Property Development Company, UPDC, of…

GEOFFREY-ONYEAMA [Photo credit: guardian.ng]

Foreign Affairs Ministry ‘flouts’ Buhari govt’s whistle blowing policy, then keeps mum

The Foreign Affairs Ministry is offering no explanation for its decision to flout a new government’s anti-corruption policy, by sacking a whistle blower who exposed an alleged $229,000 fraud. Ntia Thompson was fired after sending a petition to the Economic and Financial Crimes Commission, EFCC, asking it to probe an…

etisalat

N541.8 billion loan: CBN, NCC get reprieve for Etisalat, avert takeover

Mobile telecoms operator, Etisalat Nigeria, got reprieve on Friday following a breakthrough in its negotiations with three Nigerian banks that threatened to take over the business over a $1.72 billion (about N541.8 billion) loan. At the end of the talks on Friday held at the Central Bank of Nigeria, CBN…

Charles Soludo

Nigeria’s economic trouble not just recession — Soludo

Former Central Bank of Nigeria governor, Chukwuma Soludo, on Friday took an unflattering assessment of the current state of the Nigerian economy, saying the Gross Domestic Product, GDP, size had dropped by half in dollar terms in less than two years of the present administration. From about $575 billion in…

Dollar and Naira bills [Photo credit: NairaFX]

CBN injects another $100 million into forex market

The Central Bank of Nigeria, CBN, on Thursday intervened in the inter-bank foreign exchange market for the fifth time in three weeks by offering $100 million for wholesale requests. Out of the total offering, CBN spokesperson, Isaac Okorafor, said about $70 million was sold to meet requests for business/personal travel…

etisalat

N541.8 billion debt: CBN, NCC move to stop Nigerian banks from taking over Etisalat

The Central Bank of Nigeria, CBN, and the Nigerian Communications Commission, NCC, on Thursday moved to stop a consortium of Nigerian banks from taking over mobile telecoms firm, Etisalat Nigeria, over a $1.72 billion (about N541.8 billion) loan crisis. Following a meeting in Abuja on Thursday between the Executive Vice…

President Donald Trump, signing new executive order [Photo: voanews.com]

Travel Ban: U.S. allays Nigerians’ fears; says no reason to postpone, cancel trips

The United States Embassy in Abuja on Wednesday allayed the fears of Nigerians about a possible travel ban, assuring that those with valid visas have no reason to either postpone or cancel their trips to their country. “The U.S. Embassy in Abuja wishes to clarify that there is no reason…

etisalat

N541.8 billion debt: Three Nigerian banks set to take over Etisalat

Despite the intervention of the Nigerian Communication Commission, NCC, to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears the effort may not have yielded a truce, as the banks are set to take over the telecoms firm today (Wednesday), PREMIUM TIMES learnt The consortium…

Mr Umana Okon Umana, MD, OGFZA

Nigeria plans reduced tariff for oil and gas free zone to woo investors

To attract fresh investments to Nigeria's oil and gas free zones, the Oil & Gas Free Zones Authority, OGFZA, has announced plans to grant tariff cuts to prospective investors. The managing director of OGFZA, Okon Umana, who disclosed this on Saturday, said the process to bring a downward review of…

Central bank of Nigeria

Forex market swells by $1.14 billion in two weeks as CBN inserts fresh $100 million

The Nigerian interbank foreign exchange market received another boost on Tuesday, with the further injection of $100 million by the Central Bank of Nigeria, CBN.   The fund is the fourth intervention by the CBN in continuation of its effort to ease access to FOREX by Nigerians to meet their…

Central Bank of Nigeria (CBN)

Forex: CBN injects another $367million to maintain market stability

The Central Bank of Nigeria, CBN on Monday, intervened for the third time in the inter-bank retail foreign exchange market, supplying a total of $367,134,329.93 (over $367 million) to meet the requests of customers. A breakdown of the figures shows that about $144,073,753.07 was for 45 days, while $223,060,576.86 was…

FILE PHOTO: Fuel Queue

Fuel queues resurface in Abuja

Residents of the Federal Capital Territory, FCT, Abuja, on Monday witnessed long queues of motorists outside filling stations as members of the Independent Petroleum Marketers Association of Nigeria, IPMAN, threatened a nationwide strike. The marketers were said to have been angered by the refusal of the Nigerian National Petroleum Corporation,…

Central bank of Nigeria

Forex: CBN directs banks to meet school fees, other requests within 48 hours

The Central Bank of Nigeria, CBN, on Sunday directed banks to ensure that all requests for foreign exchange by customers for certain purposes were met within an average of 24 and 48 hours. The Director, Financial Markets Department of the CBN, Alvan Ikoku, said in a statement that banks are…

aero-airline

Passengers stranded as Aero Contractors cancels flight from Sokoto

Almost 100 Aero Contractors passengers booked to travel from Sokoto to Lagos and Abuja on Friday were left stranded at the airport after their flights were cancelled at the last minute. No reason was given for the cancellation of the flight, which was scheduled to depart Sa'ad Abubakar 111 International…