Bassey

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

Posts by Bassey:

Minister of State for Petroleum Resources, Timipre Sylva.

Reduction of Nigeria’s oil JVs equity my priority — Sylva

The implementation of the proposed reduction of the federal government’s equity holding in the joint ventures in the oil industry is one of the priorities of the Minister of State for Petroleum Resources, Timipre Sylva. Mr Sylva, who disclosed this in Lagos on Friday, enumerated his Ministry deliverables he would…

Godwin-Emefiele

Why CBN approved new bank charges, proposed VAT increase – Emefiele

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Friday gave reasons why it approved the new bank charges on bank withdrawals and deposits by individual and corporate customers announced on Tuesday. Also, the committee gave justification for its endorsement of the recent proposal by the Federal…

Central bank of Nigeria (CBN)

Four Nigerian firms begin local production of milk

In line with the Central Bank of Nigeria (CBN) policy to discourage the importation of milk, four dairy products manufacturers have commenced the process for the local production of milk, an official has said. The CBN governor, Godwin Emefiele, who announced in Abuja on Thursday, gave the names of the…

Map of Nigeria used to illustrate the story

FG, States, LGs share N740.9 billion for August

The Federal Account Allocation Committee (FAAC) on Thursday shared N740.8 billion to the three tiers of government in the country for August this year. A communiqué at the end of the FAAC meeting in Abuja showed the federal government received about N301.8 billion, representing 52.68 per cent, the states N188.9…

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

CBN, Nigerian governors ‘agree to develop agric sector’ – Official

The Central Bank of Nigeria (CBN) and governors of the 36 states of the federation on Thursday agreed to pool resources to develop the agricultural potentials in their domains and create jobs. At a meeting in Abuja attended by the governors, the CBN governor, Godwin Emefiele, said the collaboration with…

EXPLAINER: How new CBN charges on bank withdrawals, deposits can affect you

On Tuesday, the Central Bank of Nigeria (CBN) announced new charges on cash deposits and withdrawals on individual and corporate bank accounts. The bank said daily individual cumulative or single cash withdrawals in excess of N500,000 would attract a 3 per cent charge, while 2 per cent would be paid…

Central Bank of Nigeria (CBN)

Nigeria approves three new ‘Payment Service Banks’

The Central Bank of Nigeria on Wednesday granted approvals-in-principle (AIP) to three new Payment Service Banks (PSBs) in the country. The CBN spokesperson, Isaac Okorafor, said the new institutions, issued approvals in principle to operate as Payment Service Banks, are Hope PSB, Money Master PSB and 9PSB. Mr Okorafor said,…

Godwin Emefiele, CBN Governor

CBN imposes additional charges on transactions on individual bank accounts

Effective Wednesday, September 18, cash deposits and withdrawals from individual bank accounts are to attract additional charges, the Central Bank of Nigeria said on Tuesday. In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said henceforth 3 per cent…

Zainab Ahmed

NES#25: Nigerian Economic Summit to focus on pillars of ‘industrial revolution — Minister

The 25th edition of the Nigerian Economic Summit (NES#25) will focus on the pillars of the country’s 4th Industrial Revolution, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Monday. Mrs Ahmed was addressing journalists in her office in Abuja on preparations towards the summit scheduled for…

Executive Secretary, Nigerian Content Development Monitoring Board, Simbi Wabote

Why it’s difficult to enforce local content laws — Board Secretary

If the Nigerian Content Development Monitoring Board (NCDMB) applies all the laws in the Nigerian Oil & Gas Industry Content Development (NOGICD) Act, oil production will stop and the petroleum industry will be killed, Executive Secretary of the Board, Simbi Wabote, told journalists in an interview in Abuja. Business &…

Finance minister, Zainab Ahmed. [PHOTO CREDIT: Daily Trust]

VAT increased to 7.5%, not 7.2% – Minister

The proposed increase of the Value-Added Tax (VAT) rate from 5 to 7.5 per cent by the federal government is subject to the review and approval of the National Assembly, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. Also, the minister clarified that the increment will…

Chukuka Okonjo

Okonjo-Iweala’s father, Chukuka Okonjo, is dead

Chukuka Okonjo, a professor and father of Nigeria's former finance minister, Ngozi Okonjo-Iweala, is dead. The mathematics professor was 91. His death was announced by Mrs Okonjo-Iweala's spokesperson, Paul Nwabuikwu. "He died in Lagos soon after he arrived from a trip to the United States of America and Ghana. We…

(L-R) MD, Saipem Contracting Nigeria Ltd, Walter Peviani; NLNG MD, Tony Attah; Chairman NLNG Board of Directors, Osobonye LongJohn; NLNG Deputy MD, Sadeeq Mai-Bornu; Perm. Secretary, Federal Ministry of Petroleum Resources, Folasade Yemi-Esan; NLNG General Counsel and Company Secretary, Aka Nwokedi (left standing), and NLNG Assistant Company Secretary, kechukwu Eke, at the signing of the Letter of Intent for NLNG Train 7 EPC Contract with SCD JV in Abuja on Wednesday.

UPDATED: NLNG shareholders agree to construct multi-billion-dollars Train 7

The shareholders and Board of Directors of the Nigeria Liquefied Natural Gas (NLNG) on Wednesday moved a step closer to the final investment decision (FID) for the construction of the Train 7 of the multi-billion dollar gas project The shareholders - the Nigerian National Petroleum Corporation (49 per cent), Shell…

President Muhammadu Buhari says the Economic Advisory Council will meet him periodically.

Why corruption thrives in Nigeria — Buhari

Corruption will continue to thrive in the country when accountability is ignored, President Muhammadu Buhari has said. The president was speaking on Tuesday in Abuja at the 49th annual conference of the Institute of Chartered Accountants of Nigeria (ICAN). Before declaring the conference open, the president said because of the…

Zainab Ahmed

Nigerian govt proposes N9.79 trillion budget for 2020

The Federal Government will propose to the National Assembly about N9.79 trillion as total expenditure in the 2020 budget, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. Mrs Ahmed announced this on Tuesday in Abuja at a public consultation forum with civil society groups and agencies…

President Muhammadu Buhari and Governors of the 36 States (Photo Credit: thenigerianlawyer.com)

Nigerian govt to deduct N614bn bailout loans from states’ September allocations

The federal government will in the next two weeks begin the deduction of the N614 billion Budget Support Facility it gave to 35 sates, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. The minister disclosed this at the Public Consultation Forum on the draft 2020-2022 Medium…

UNDP Newly Appointed Resident Representative Mohamed Yahya and Geoffrey Onyeama (Photo: Twitter)

UNDP names first resident representative in Nigeria

The United Nations Development Programme (UNDP) on Tuesday announced the appointment of Mohamed Yahya as Nigeria's new resident representative. The UNDP said Mr Yahya will be the first Resident Representative in Nigeria following UN reforms that resulted in the separation of UNDP’s activities from the Resident Coordination system. Prior to…

Securities and Exchange Commission (SEC)

SEC, Consumer protection agency to conduct joint review of capital market transactions

The Federal Competition and Consumer Protection Commission (FCCPC) and the Securities and Exchange Commission (SEC) have agreed to conduct joint reviews of emerging transactions in the capital market. This is in line with a new a Memorandum of Understanding (MoU) signed by the two agencies on Monday in Abuja to…

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

INTERVIEW: Payment of 33% arrears to over 180 agencies uncompleted — Ex-PTAD Boss

Prior to her appointment as the Minister of State for Environment, Sharon Ikeazor, was the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD). On her last day in office, she spoke with Business & Economy Editor, Bassey Udo, on the challenges and achievements of the office. Excerpts: PT: As you leave…

President Muhammadu Buhari and Governors of the 36 States (Photo Credit: thenigerianlawyer.com)

Federal, state, local govts get N3.84 trillion allocations in six months – NEITI

The three tiers of government drew about N3.84 trillion as statutory allocations from the Federation Account between January and June this year, the Nigerian Extractive Industries Transparency Initiative (NEITI) said in its latest Quarterly Review. The report released on Sunday in Abuja showed about N1.599 trillion went to the federal…

Managing Director and Chief Executive, Abubakar Suleiman

Sterling Bank lent over N55 billion to farmers in five years — CEO

Last week, Sterling Bank PLC hosted its Agricultural Summit in Abuja. On the sidelines of the event, the Managing Director and Chief Executive, Abubakar Suleiman, spoke with Business Editor, Bassey Udo, on a number of activities by the bank to promote agricultural development, particularly among small and medium-scale enterprises. EXCERPTS:…

Dollar and Naira bills [Photo credit: NairaFX]

FOREX: CBN intervenes with $321.11m, CNY33.3m

The Central Bank of Nigeria (CBN) on Friday said it made another intervention in the Retail Secondary Market Intervention Sales (SMIS) with the injection of about $321 million. The CBN spokesperson, Isaac Okorafor, said the figures obtained at the end of business on Friday showed another CNY33.3 million was offered…

A farmland used to tell the story

Agric sector neglect costs Nigeria $10bn annually – World Bank Expert

Nigeria’s continued neglect of its agriculture sector is costing a loss of about $10 billion to its economy every year, the World Bank has said. A Senior Agricultural Economist with the World Bank, Adetunji Oredipe, described the country’s neglect of agriculture as a calamity and disaster. Mr Oredipe was speaking…

African Export-Import Bank, AFREXIMBANK. [Photo credit: Guardian Newspaper]

AFREXIMBANK unfolds $500million facility for Nigerian manufacturers

The African Export-Import Bank (AFREXIMBANK) has pledged to allocate $500 million from its Nigeria-Africa Trade and Investment Promotion Programme to support Nigerian manufacturers. The bank’s President, Benedict Oramah, announced in Lagos that the facility is expected to help manufacturers take advantage of the opportunities offered by the African Continental Free…

Zainab Ahmed

2020 budget to be submitted to NASS this month – Finance Minister

The federal government is working towards submitting the 2020 appropriation bill to the National Assembly by the end of this month, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. The minister who spoke at a roundtable on National Donor Coordination in Abuja on Wednesday also highlighted…