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:

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…

NNPC TOWERS

Unremitted oil revenue: NEITI wants Nigerian govt to revisit transfer of oil asset to NPDC

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

Former President Goodluck Jonathan

While Jonathan keeps mum, CBN speaks on N13 billion seized from Lagos apartment

Despite claims by the National Intelligence Agency (NIA) that he approved and released the massive stash of cash recovered by the Economic and Financial Crimes Commission (EFCC) from an apartment in Ikoyi, Lagos, former President Goodluck Jonathan has remained silent on the matter. The former president's spokesperson has for days…

FILE PHOTO: Recapture of Mubi Town

‎Chibok Girls: UK restates commitment to support fight against Boko Haram

On the third anniversary of the abduction of the Chibok school girls, the UK government on Friday restated its commitment to support Nigeria in the fight against Boko Haram and terrorism. The assurance was contained in a goodwill message to the Nigerian government by the UK Foreign Office Minister, Tobias…

NNPC TOWERS

‘Missing’ Petrol Scandal: NNPC confirms Premium Times report of retirement of top officials

The Nigerian National Petroleum Corporation, NNPC, management on Thursday confirmed PREMIUM TIMES’ exclusive reports on the retirement of some of its top officials as a fallout of the recent N14 billion missing petrol scandal that rocked the national oil company. On Sunday, this newspaper exclusively reported that top officials indicted…

Esther Nnamdi-Ogbue [Photo: sundiatapost.com]

Over N13 billion found in Ikoyi apartment not mine, says ‘sacked NNPC boss’

Esther Nnamdi-Ogbue, the embattled former Managing Director of the NNPC Retail, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, on Thursday denied that the stacks of dollars and other local and foreign currencies uncovered in a Lagos apartment on Tuesday belonged to her. Mrs. Nnamdi-Ogbue, who was sent on…

NBS

Nigeria’s inflation declines by 0.52 per cent in March – Statistics Bureau

The Consumer Price Index, CPI, which measures the rate of inflation in the country for a given period, recorded a marginal decrease in the month of March, 2017, the National Bureau of Statistics, NBS, said in its latest CPI and Inflation Report. The Bureau said the CPI for the month…

NNPC TOWERS

‘Missing’ Petrol Scandal: Four NNPC top officials get letters of compulsory retirement

Four top officials of the Nigerian National Petroleum Corporation, NNPC, on Tuesday received their letters directing them to proceed on compulsory retirement over the missing petrol scandal, multiple sources told PREMIUM TIMES. On Monday, PREMIUM TIMES published an exclusive report that the Managing Director of the NNPC Retail, Esther Nnamdi-Ogbue,…

Jaiz Bank Managing Director/Chief Executive, Hassan Usman

INTERVIEW: The successes, challenges of Jaiz Bank in Nigeria – MD Hassan Usman

Despite the controversies that trailed the take-off of Jaiz Bank PLC in Nigeria, its Managing Director/Chief Executive, Hassan Usman, said the bank has not only overcome most of its infancy challenges, but has also made tremendous strides within its short period of existence which gives its investors the confidence that…

FILE PHOTO: Fuel queue in Abuja

NNPC calls for calm as fuel queues resurface in Abuja

Long queues of anxious motorists outside filling stations resurfaced in the Federal Capital Territory, FCT, on Monday. The queues were noticed outside the NNPC mega station, Forte Oil and Oando filling stations in the Central Business District as well as the Conoil and Total filling stations opposite the NNPC Towers.…

NNPC TOWERS

Missing Petrol Scandal: NNPC ‘sacks’ four top officials

The management of the Nigerian National Petroleum Corporation, NNPC, has asked four top officials of the agency to leave, multiple sources have told PREMIUM TIMES. Those asked to step down are the Managing Director of the NNPC Retail, Esther Nnamdi-Ogbue; the General Manager (Operations) of NNPC Retail, Mamza Gwadabe; as…

Waziri Adio

NEITI calls for probe of $15.8 billion NLNG dividends from 2004 to 2014

The Nigeria Extractive Industries Transparency Initiative, NEITI, on Thursday asked the Federal Government and the National Assembly to launch an independent probe to determine the current status of all dividends and loan repayments by the Nigeria Liquefied Natural Gas, NLNG, to the Nigerian National Petroleum Corporation, NNPC between 2000 and…

dhq-1dhq-1 Army Headquarters

Nigerian govt sets September deadline to bring military payroll on IPPIS platform

The Federal Government on Wednesday gave September 2017 as the deadline to fully bring the payroll of the military into the Integrated Personnel Payroll Information System, IPPIS. The Minister of Finance, Kemi Adeosun, who disclosed this while briefing State House correspondents at the end of the meeting of the Executive…

President Muhammadu Buhari at his office

21 things to know as Buhari unveils Nigeria’s economic recovery, growth plan

President Muhammadu Buhari will formally launch his administration’s economic recovery and growth plan, ERGP, on Wednesday in Abuja. Presidential spokesperson, Femi Adesina, said the plan is part of efforts by the government to sustain and build on the successes so far recorded in tackling corruption, improving security and revamping the…

arik-air2

House committee wants Arik Air liquidated to prevent waste of public resources

The House Committee on Banking and Currency on Tuesday proposed the outright liquidation and sale of the assets of Arik Airline to prevent the continued waste of public resources. The airline was recently taken over by the Asset Management Corporation of Nigeria, AMCON. The committee's chairman, Jones Onyereri, was speaking…

NNPC TOWERS

NEITI wants Nigerian govt. to recover unremitted $21.8 billion oil funds from NNPC

The Nigerian Extractive Industries Transparency Initiative, NEITI, has urged the Nigerian government to recover over $21.8 billion (about N7.2 trillion) unremitted oil revenue from the Nigerian National Petroleum Corporation, NNPC. It said the recovery of the revenue would make it unnecessary for Nigeria to seek loans and other international funding…

img_20170403_194657-resized-800

Tanker drivers call off strike

Striking petroleum tanker drivers have called off their strike less than 24 hours after it commenced. The Petroleum Tankers Drivers, PTD section of the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, commenced the strike on Monday. NUPENG President, Igwe Achese, announced on Monday evening the decision to immediately…

Tanker_Drivers_in_Abia_811182537

Tanker Drivers Strike: Nigerian govt approves 16 per cent increase in payment to marketers

The Federal Government has announced the immediate increment of the bridging cost allowance payable to petroleum product marketers. Bridging cost is the allowance paid to marketers for the transportation of petroleum products from the storage depots to retail outlets across Nigeria. The Group Managing Director of the Nigerian National Petroleum…

Naira-Dollar

CBN injects $240 million to forex market, directs cash payments

The Central Bank of Nigeria, CBN, on Monday injected $90 million to meet requests by bank customers, in its bid to sustain the supply of foreign exchange and ensure liquidity in the market. The spokesperson of the bank, Isaac Okorafor, who confirmed the figure, said the fresh release is to meet invisibles…

petrol tankers[Photo Credit:News Nigeria]

Tanker drivers’ strike: NNPC to meet with union leaders Monday

The leadership of the state oil firm, NNPC, has scheduled a meeting with striking tanker drivers whose strike is already affecting the distribution of petroleum products across Nigeria. The Petroleum Tankers Drivers, PTD, section of the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, commenced the strike on Monday.…

Nigeria's ministry of finance building

CBN licences Development Bank of Nigeria

The Central Bank of Nigerian has licensed the Development Bank of Nigeria, owned by the Ministry of Finance, a ministry spokesperson said on Wednesday The DBN was conceived in 2014, but its take-off had been fraught with delays. The DBN is a wholesale financial institution which aims to increase access…

Executive Secretary, Pension Transitional Arrangement Directorate, PTAD, Barr. Sharon Ikeazor [Photo: icpc.gov.ng]

Nigeria pension office sacks five deputy directors for alleged employment fraud

Five deputy directors of the Pensions Transitional Arrangement Directorate, PTAD, have been fired for alleged employment fraud, the agency said Tuesday. The officials were sacked after a staff verification exercise revealed they breached established regulations prior to their employment, the chairperson of the directorate told journalists. PTAD is a Federal…

NNPC TOWERS

Oil firm returns N62 billion to NNPC aftermath controversial crude swap deal under Jonathan

The Nigerian National Petroleum Corporation, NNPC, said on Monday it had reached a final settlement with AITEO Group over an outstanding $202.4 million (about N62 billion) debt in respect of under-delivery of petroleum products under the crude swap contract between 2012 and 2014. Under the crude swap deal by the…