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:

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…

prepaid-meter

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,…

FILE PHOTO: Fuel Queue

Nigeria oil workers begin strike, deny talks with govt

Nigerian oil workers are going ahead with their planned strike today( Thursday), despite reports that the government had commenced talks with their leaders, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said. The acting general secretary of PENGASSAN, Lumumba Okugbawa, told PREMIUM TIMES on Thursday morning that they were…

CBN

No Nigerian bank is in ‘distress’ — CBN

The Central Bank of Nigeria (CBN) on Wednesday moved to reassure bank customers unsettled by last Monday's decision to take over the management of Skye Bank. The CBN had forced the resignation of members of the bank's board and management team, in what it called "proactive and unavoidable regulatory step to forestall…

Fuel queue

Nigeria oil workers insist on strike, vow to shut down all operations

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said on Wednesday it would go ahead with its planned nationwide strike from Thursday. The group’s spokesperson, Emmanuel Ojugbana, said chairmen and secretaries in its four zones and branches have concluded plans to ensure a complete shutdown of the…

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What Buhari’s govt is doing for Nigeria to achieve SDGs –Aide

[caption id="attachment_206541" align="alignright" width="196"] Oorelope Adefulire[/caption]With global attention now focused attaining Sustainable Development Goals (SDGs), Nigeria’s vision is to do so through multi-stakeholder collaboration. President Muhammadu Buhari’s Senior Special Assistant on SDGs, Victoria Orelope-Adefulire, who spoke with PREMIUM TIMES’ Bassey Udo, said this calls for the public and private sectors…

Photo: thisdaylive.com

UPDATED: Profiles of new NNPC board members appointed by Buhari

President Muhammadu Buhari on Monday named a new board of the Nigerian National Petroleum Corporation, NNPC. Here are the profiles of some of members of the board. Board Chairman - Emmanuel Ibe Kachikwu Until his appointment as Minister of State for Petroleum Resources, Mr. Kachikwu was the Executive Vice Chairman…

NNPC Towers

Fuel crisis looms, as oil workers mobilise nationwide strike over unresolved issues

One of Nigeria's oil workers unions, the Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), has directed its members to prepare for strike from Thursday over some unresolved industry issues with the federal government. In a statement, Monday, PENGASSAN directed its four zones to sensitize members for the…

FILE PHOTO: United States Permanent Representative to UN, Amb Samantha Power (R) interacting with Victims of Boko Haram insurgency during her visit to Malkohi IDPs Camp in Yola, Adamawa State

America Laments: Nigerians dying of starvation in their own country

The American government has urged its Nigerian counterpart and other partners to redouble efforts at ending the humanitarian crisis in the insurgency-ravaged North-East geopolitical zone. The outgoing U.S. Ambassador to Nigeria, James Entwistle, said more needed to be done on the humanitarian front particularly as Nigerians were dying of starvation…

James Entwistle, U.S Ambassador to Nigeria

US pledges to block stolen Nigerian funds from American banks

The United States has pledged to ensure no stolen public funds from Nigeria are laundered through American banks. The outgoing U.S. Ambassador to Nigeria, James Entwistle, said on Saturday that the Obama administration was committed to stand with Nigeria in its fight against corruption, particularly by ensuring no stolen funds…

Minister of Budget and National Planning Senator Udoma Udo Udoma addressing the Management Staff  during assumption of Office at Budget And National Planning

No more automatic releases of capital votes –Minister

The minister of budget and national planning, Udoma Udo-Udoma, said on Tuesday that the era of automatic release of capital allocations in the annual budget was gone, saying such releases would henceforth depend on Ministries, Departments and Agencies (MDAs) meeting set performance indicators. The minister, who disclosed this in Abuja,…

Photo: plus.Google.com

Unpaid Debt: AMCON takes over AfriJet Airlines, Vitalis Ibe’s assets

The Asset Management Corporation of Nigeria (AMCON) on Friday continued its debt recovery drive by taking over the assets of some big debtors. Pursuant to the order of Justice Chuka Obiozor of the Federal High Court, Lagos Division, AMCON took over the assets of Afrijet Airlines Limited owned by Vitalis…

Photo: uk.investing.com

EU wants speedy UK’s confirmation of BREXIT vote

European Union leaders on Friday said they expected the British government to speedily give effect to British people’s decision to exit the 28-member country group as soon as possible to avoid “prolonged uncertainty”. The president of the European Council, Donald Tusk, and his counterparts in European Parliament, Martin Schulz; European…

Fitch-ratings

Fitch Ratings downgrades Nigeria to ‘B+, with stable outlook

Global ratings agency, Fitch Ratings, on Thursday downgraded Nigeria’s long-term foreign exchange issue default rating (IDR) to B+, from BB-, with a stable outlook. Fitch, which also lowered the unsecured foreign-exchange bonds to B+, from BB-, said the latest rating release reflected the current performance of the Naira, which was…