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:

OPEC

Nigeria, two others exempt as OPEC agrees output cut to boost prices

Nigeria, Iran and Libya were granted exemption from a resolution by Organization of Petroleum Exporting Countries, OPEC, to cut members oil output by about 740,000 barrels per day by November 2016 to stabilize prices. The daily production capacity of all members of the group at the moment stands at about…

President Muhammadu Buhari and Vice President Yemi Osinbajo in a meeting with House of Reps members

“I want to see a great Nigeria”, Buhari tells Osinbajo

President Muhammadu Buhari's greatest dream is to see the emergence of a greater and more prosperous Nigeria from the current crisis situation, his deputy, Yemi Osinbajo, has stated. Vice President Osinbajo said the President told him during a meeting on Thursday that despite the present situation in the country, his…

dollar naira

Naira in fastest, biggest fall yet

The Naira crashed to a fresh all-time low level of N478 to the dollar in the parallel market on Thursday, from about N472 exchange rate attained on Wednesday. The crash was as low as N480 in some sections of the market, the largest since the introduction of the floating foreign exchange policy by…

Minister of Solid Minerals, Kayode Fayemi

States to receive 13% derivation revenue from mining

States with active mining of solid minerals in their domains are to receive 13 per cent derivation revenue, just as their counterparts in oil and gas producing areas, the federal government has said. The Minister of Mines and Steel Development, Kayode Fayemi, who said this in Abeokuta, Ogun State, said…

MTN Nigeria office

We did no wrong, Nigeria Senate’s claim is baseless, MTN says

MTN Group on Wednesday said the accusation by the Senate that its Nigerian subsidiary, MTN Nigeria, illegally repatriated about $13.92 billion from the country was “completely unfounded and without any merit”. “MTN’s attention has been drawn to various media reports containing allegations of improper repatriation of money out of Nigeria…

Minister of Finance, Kemi Adeosun

How Nigerian government plans to sell national asset – Official

The Nigerian government plans to sell only some percentage of its shareholding in selected asset, and will not sell entire national property, a top presidency source has told PREMIUM TIMES. The government also intends to retains the right to buy back the shares in future, the source said. The source…

customs officers

Tax review committee wants Customs, FIRS merged

The National Tax Policy Review Committee has advised the federal government, the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) to improve revenue generation and accountability. The recommendation was contained in the draft tax policy presented at the committee’s second stakeholders engagement on Tuesday in Abuja. The chairman…

pic-11-2016-world-pension-summit-opens-in-abuja

Innovation should not keep Nigerians from their money, Obasanjo tells pension managers

Former President Olusegun Obasanjo on Tuesday urged pension fund managers to ensure they balanced their drive for innovation and sustainability with security and trust in their operations at all times. Mr. Obasanjo, who was declaring open the third World Pension Summit in Abuja, said in as much as innovative services…

Minister of Budget and National Planning Sen. Udoma Udo-Udoma

Recession: Nigeria insists on asset sales despite backlash

The primary objective of the Nigerian government's fiscal stimulus plan is not about selling off all major national assets, the Minister of Budget and National Planning, Udoma Udoma, has said. He said the government was considering selling off some asset in a way that would be profitable to the country.…

U.S. Mandela Fellowship

U.S. invites young Nigerians for 2017 Mandela Washington Fellowship

The U.S. Diplomatic Mission to Nigeria on Friday announced the opening of applications from qualified young Nigerians for the 2017 Mandela Washington Fellowship programme. The Embassy in Abuja said the Mandela Washington Fellowship is the flagship programme of President Obama’s Young African Leaders Initiative, and a key part of the…

Muhammad Sanusi II

Emir Sanusi, others express divergent views on CBN’s monetary policies

Prominent experts and economic analysts on Thursday expressed divergent views on the Central Bank's decision to retain benchmark monetary and fiscal policy rates at prevailing levels would impact the economy. The Monetary Policy Committee of the Central Bank in a unanimous resolution opted to leave the Monetary Policy Rate (MPR),…

FIRS-revenue-house

Recession: FIRS captures over 700,000 fresh businesses to increase revenue

The Federal Inland Revenue Service (FIRS) says it has captured over 700,000 fresh companies doing various businesses in various sectors of the Nigerian economy. This is to help the federal government realise tax revenues to fund the economy out of the current recession. The FIRS Chairman, Tunde Fowler, told Reuters…

Minister of Finance, Kemi Adeosun

Recession: Adeosun, Emefiele, contradict selves, raising questions on Buhari’s strategy

Discordant views from the Finance Minister, Kemi Adeosun, and Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on key fiscal and monetary policy decisions this week, highlight cracks in President Muhammadu Buhari’s economic direction, financial experts and economists said on Wednesday. Between Monday and Tuesday, the two top members of…

CBN

Despite recession, Nigeria Central Bank retains fiscal policy rates

With Nigerians grappling with the painful reality of the country’s economy in recession, the Central Bank of Nigeria (CBN) has opted to retain all fiscal policy instruments unchanged from the previous month. The Monetary Policy Committee (MPC) of the bank said at the end of its meeting in Abuja, that…

nlng

Ignore Dangote, Saraki; don’t sell NLNG, Buhari advised

The Revenue Mobilization Allocation and Fiscal Commission, RMAFC, on Tuesday frowned on proposals by some prominent Nigerians for the federal government to sell the multi-billion dollar Nigeria Liquefied Natural Gas Limited, NLNG, to raise funds to reflate the economy. With the country’s economy officially in recession, government has been considering…

Minister of Finance, Kemi Adeosun

Nigeria plans N4.72 trillion stimulus for troubled economy

The Federal Government is considering an ambitious $15 billion (N4.72 trillion) fiscal stimulus plan to reflate and pull the economy from the current recession. Following the National Bureau of Statistics (NBS) recent official confirmation that Nigeria’s economy had slipped into one of the worst recessions in its history, the government…

FILE PHOTO: Women who had turned up for the food aid in Shuwa thanking the Bishop as he left.

Nigeria, UNICEF launch survey on women, children

Nigeria’s National Bureau of Statistics (NBS) on Monday unveiled a national survey to collate statistics to help monitor and appraise social indicators progress by women and children under the sustainable development goals (SDGs). The 2030 SDG agenda comprise 17 new global goals, bordering on environmental, social, and economic issues. The goals replaced…

Minister of Finance, Kemi Adeosun

Recession: Nigerian Government releases N700 billion for capital projects to reflate economy – Minister

The federal government on Friday said it has so far released and fully cash-backed about N420 billion in capital expenditure and investments in various projects. This is part of a plan to reflate and reposition the economy out of recession. The Minister of Finance, Kemi Adeosun, said at a media…

Minister of Finance, Kemi Adeosun

Why Buhari wants emergency economic powers — Minister

The Minister of Finance, Kemi Adeosun, on Friday explained why President Muhammadu Buhari is seeking the National Assembly's approval for some emergency economic powers. The minister, who was briefing the media on efforts by the federal government to navigate the country’s economy out of recession, said “unusual times need unusual…

Photo credit: Bloomberg

Politicians, govt. officials blocking efforts to reveal owners of Nigeria’s extractive firms — NEITI

The Nigerian Extractive Industries Transparency Initiative (NEITI) on Wednesday accused politicians and top government officials of frustrating efforts to expose the real owners of companies in Nigeria’s extractive industry. Beneficial ownership is the Extractive Industries Transparency Initiative (EITI) principle requiring persons who, directly or indirectly, ultimately owns or controls the…

Photo credit: en.wikipedia.org

IMF names new Director for Africa

A new director in charge of the International Monetary Fund (IMF)’s African Department was named on Thursday by the Managing Director, Christine Lagarde. He is Abebe Aemro Selassie, who succeeds Antoinette Sayeh whose departure was announced recently. Mr. Selassie is expected to assume work in his new capacity on September…

leonard-stanley-ekeh

EFCC quizzes Zinox Computers boss, 4 others over alleged N170 million contract fraud

The Economic and Financial Crimes Commission (EFCC) has questioned the chairman and owner of Zinox Technologies Limited, Leonard Stanley Ekeh, and two other officials of the company over a shocking N170 million contract fraud allegation. The Zinox boss is accused of conspiring with the other officials to hijack and illegally…

President Muhammadu Buhari (Photo credit: www.ibtimes.co.uk)

Economic recession: Buhari, ministers, others converge to search for solutions

President Muhammadu Buhari and his deputy, Yemi Osinbajo, are billed to converge in Abuja on Thursday for a one-day retreat to search for ways to pull the country’s economy out of recession. The retreat occurs barely 48 hours after the immediate past Finance Minister, Ngozi Okonjo-Iweala, challenged the present administration…

BRIGHT-OKOGU-MINISTER-OF-FINANCE-DR-NGOZI-OKONJO-IWEALA-AND-MINISTER-OF-STATE-FOR-FINANCE-DR-LAWAN-NGAMA.jpg

How Buhari govt. can fix Nigeria’s economic crisis – Okonjo-Iweala

The immediate past Finance Minister, Ngozi Okonjo-Iweala, said on Monday that having a handle on Nigeria’s spiralling inflation, foreign exchange problem, fiscal deficit and debts control were key to resolving the country’s current economic crisis. Mrs. Okonjo-Iweala, who spoke on Aljazeera TV programme, The Stream, said focusing on the basic…

FILE PHOTO

19,000 Nigerians suffer public sector job losses in 6 months    

At least 18,919 Nigerians lost their public sector jobs between October 2015 and March 2016, the National Bureau of Statistics, NBS, said. Although about 5,867 new public sector jobs were generated between October and December 2015, the Bureau said about 10,155 jobs were lost during the period in the public…