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:

Managing Director, Nigeria Sovereign Investment Authority (NSIA), Uche Orji

Nigeria wealth agency debuts with $200 million Infrastructure funding facility

The Nigeria Sovereign Investment Authority, NSIA, has established a special credit facility to boost infrastructure development in the country. Initiated in 2014 in conjunction with GuarantCo, InfraCredit will provide guarantees to enhance the credit quality of local currency debt instruments in Nigeria. The NSIA said the facility will be mainly…

Photo credit: imugonline

INTERVIEW: Africa has no future without unity – AU Chairmanship aspirant

At a time Africa is battling with tribal conflicts and communal strife, the African Union requires a strong leadership capable of mobilising the people at home and abroad to build a new continent, an aspirant has said. A two-time minister and former member of the Senegalese Parliament, Abdoulaye Bathily, says…

President Muhammadu Buhari presenting the 2017 Budget

Buhari’s 2017 budget can’t end recession – Economist

An economist has questioned President Muhammadu Buhari's optimism that his 2017 federal 'Budget of Recovery & Growth' would bring an end to the current economic recession in the country. The president said at the opening of the induction course for Nigerian career ambassadors-designate in Abuja that he was optimistic the…

NNPC-Towers (1)

Nigeria’s state-oil firm, NNPC, lost N418.97 billion in 21 months – Report

The group operations of the Nigerian National Petroleum Corporation, NNPC, recorded a cumulative loss of N411.1 billion in 21 months between January 2015 and September 2016, the Nigerian Extractive Industries Transparency Initiative, NEITI, has stated. In report, the agency said its review of the NNPC's monthly financial and operational reports…

PHOTO CREDIT: The News Nigeria

Nigeria oil workers suspend plan to embark on strike

The two major workers’ unions in the oil and gas industry on Tuesday resolved to immediately shelve their ongoing strike and the one planned for January 9, 2017. The decision to shelve the actions was taken by the leaderships of the Petroleum and Natural Gas Senior Staff Association of Nigeria,…

Minister of Finance, Kemi Adeosun

Nigeria’s govts shared 13.7% less oil money in Q3 of 2016 — Report

Disbursements from the Federation Accounts to the three tiers of government in the third quarter of 2016 declined by about 13.73 per cent than the figure recorded in the corresponding period in 2015, the latest analysis of payments showed. The analysis by the extractive industry’s transparency and accountability agency watchdog,…

President Muhammadu Buhari presenting the 2017 Budget

How Nigerian govt. plans to fund 2017 budget – Minister

About a third of Nigeria's 2017 budget will be funded by borrowing from internal and external sources, an official has said. The Minister of Budget and National Planning, Udoma Udoma, said the government seeks to borrow about N2.32 trillion to finance the N7.29 trillion budget. "Of this amount, N1.067 trillion…

Photo: techislet.com

Again, NCC defends plan to increase data tariff in Nigeria

A few weeks after public pressure forced it to rescind its decision, the Nigerian Communication Commission, NCC, has again defended its stance to increase the price of data. PREMIUM TIMES reported how the NCC rescinded its decision asking the mobile telephone operators to adopt a policy that would have led…

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Nigeria inflation hits 18.48%

Nigeria’s inflation continued an upward swing in November, reaching 18.48 per cent, from 18.33 percent recorded in October, the National Bureau of Statistics said in its latest consumer price index report released Thursday. When compared month-to-month, the November-October phase shows a fall of 0.78 per cent, compared to October-September phase…

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Nigeria to begin new funding arrangement for oil, gas joint ventures

The Federal Government on Wednesday formally ended the era of cash call payment by the joint venture operators in the oil and gas industry. President Muhammadu Buhari said while presenting the 2017 Budget to the joint session of the National Assembly that effective January 1, 2017, the government would no longer provide money…

President Muhammadu Buhari

Over 59 per cent of Nigeria’s 2016 budget implemented – Buhari

As at the end of September, 59 per cent of Nigeria's 2016 budget had been implemented, President Muhammadu Buhari said on Wednesday. The President said that the Federal Government implemented about N3.58 trillion out of the N6.08 trillion budgeted for 2016 as at September 30. Mr. Buhari said this on…

FILE PHOTO: President Muhammadu Buhari presenting the 2016 Budget to the National Assembly

Buhari presents N7.28 trillion “Budget of Recovery and Growth” to National Assembly for 2017

President Muhammadu Buhari on Wednesday formally presented a N7.28 trillion federal government budget for 2017 to the joint session of the National Assembly for approval. Christened the “Budget of Recovery & Growth”, Mr. Buhari said the budget was higher than the N6.07 trillion 2016 Appropriation by about 19.95 per cent.…

dogara

Nigerian govt’s plan to secure N309 billion bond for electricity flawed – Dogara

Lawmakers on Tuesday faulted the federal government’s plan to secure a N309 billion bond to finance the shortfall in the Nigerian electricity market. The bond, issued by the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Company Plc., has encountered serious opposition by Nigerians, with the House of…

Ibe Kachikwu 
Minister of State for Petroleum
Photo: thisdaylive.com

Nigeria wants single regulator for petroleum industry — Kachikwu

The federal government wants the proposed Petroleum Industry Governance Bill (PIGB) to approve a single regulator for the petroleum industry operations to remove the powers form different regulatory agencies. Minister of State for Petroleum Resources, Ibe Kachikwu, said in his presentation at the public hearing by the Senate on the draft Bill…

Former Inspector-General of Police, Solomon Arase

Man tried for accusing Zinox Computers of fraud wants ex-Police IG, Arase, probed

An Ibadan-based businessman, Joseph Benjamin, has petitioned the Inspector General of Police, Ibrahim Idris, demanding the probe of the immediate past IG, Solomon Arase. Mr. Benjamin, who is accused of lying to the police, after he accused Zinox Computers of contract fraud, accuses Mr. Arase of criminal conspiracy in his…

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Attorney General takes over prosecution of man accusing Zinox Computer of contract fraud

The Office of the Attorney General of the Federation on Wednesday formally took over the prosecution of the case by the Nigeria police against a petitioner-turned accused in the alleged N170.3 million contract scandal involving Zinox Computers, along with four of its top officials and other allies. The Federal Inland…

new-calibar

‘Nigeria risks becoming dumping ground if free trade zones don’t function’

Nigeria risks becoming a dumping ground for countries in the West African sub-region if the country’s export free trade zones are not allowed to function to meet international standards. A free trade zone is a special economic or geographical area in a country where foreign companies can import materials, manufacture…

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Nigeria, others lost $16.3 trillion in 32 years to financial leakages, trade mis-invoicing – Report

A new report by Global Financial Integrity (GFI) has revealed how Nigeria and other developing countries lost about $16.3 trillion to leakages in the balance of payments, trade mis-invoicing, and recorded financial transfers between 1980 and 2012. The GFI, which is the Centre for Applied Research at the Norwegian School…

Yemi Kale

INTERVIEW: Nigeria yet to capture about 20% of its GDP — Statistician General

Since the 2014 rebasing of the Nigerian economy, the debate still rages on which, between Nigeria and South Africa, is Africa’s largest economy. But, the Statistician General of the Federation, Yemi Kale, told PREMIUM TIMES’ Business Editor, Bassey Udo, in the second and concluding part of the exclusive interview that Nigeria will emerge…

OPEC

How Nigeria can benefit from OPEC’s 1.2 million barrels oil cut

Following OPEC's decision on Wednesday, Nigeria can, in the next one year starting January 1, 2017, pursue programmes aimed at increasing its crude oil production capacity and growing national reserves and exports. Although pipeline vandalism reduced daily production, sometimes to as low as 1.4 million barrels, Nigeria's daily production averages…

Photo credit: Bloomberg

Nigeria, two others get special concessions as OPEC agrees to cut oil output

Nigeria, Iran and Libya got special concessions Wednesday, as the Organisation of Petroleum Exporting Countries, OPEC, reached the much-sought consensus to cut oil production by 1.2 million barrels per day, effective January 1, 2017. The cut, which is the first after eight previous attempts since 2008, is considered a massive…

Photo credit: Bloomberg

OPEC 1.2 million barrel oil cut to commence January

The Organisation of the Petroleum Exporting Countries, OPEC, has agreed to cut oil production for the first time since 2008. The decision, which will see 1.2 million barrels cut per day from January 1, 2017, is aimed at shoring up the price of crude, and ending a record glut that…

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Why we proposed, then reversed plans to hike data price – NCC

The Nigerian Communications Commission on Wednesday announced the immediate suspension of the new minimum pricing template for data services by mobile operators in the country. The director, Public Affairs at the NCC, Tony Ojobo, said the decision to rescind its earlier directive to telecom operators to commence charging the new…

OPEC

OPEC President optimistic of consensus on oil output cut

The President of the Organisation of Petroleum Exporting Countries, Mohammed Al-Sada, has said he is optimistic members would agree to cut oil production as the 171st meeting of the group begins on Wednesday in Vienna, Austria. In his opening address to the conference, Mr. Al-Sada, who is also Qatar's Minister…

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Nigeria’s NCC suspends data price increase

The Nigerian Communications Commission on Wednesday announced the immediate suspension of the new minimum pricing template for data services by mobile operators. The new rate, which would have led to price increase in data for some Nigerians, was scheduled to take effect from December 1. The NCC said the decision…