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:

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

Why Nigeria’s unable to assert self as Africa’s largest economy – Finance Minister

Nigeria’s low revenue generation capacity is the reason the country has not been able to take advantage of her reputation as Africa’s largest economy and make wealth, Minister of Finance, Zainab Ahmed, has said. The minister was speaking on Wednesday at the unveiling of the Federal Government’s Strategic Revenue Growth…

Godwin Emefiele

Illegal $8.12bn profit repatriation from Nigeria: Questions, as Emefiele announces how CBN, MTN settled

Nigeria’s central bank on Tuesday reversed itself and settled for an N19.5billion ‘notional settlement’ with MTN Communications Nigeria Limited over the controversial repatriation of huge profits from Nigeria totaling over $8.12billion without mandatory regulatory approval. The apex bank's action has left many questions unanswered, with many civil society groups saying…

Godwin-Emefiele

2019: Don’t drag Nigeria back to SAP era, CBN governor tells Atiku

The Central Bank of Nigeria (CBN) on Tuesday rejected suggestions by the Peoples Democratic Party (PDP) flagbearer in the 2019 presidential elections, Atiku Abubakar, he would jettison the current monetary policy to stabilise the market and strengthen the economy, once elected into office. Since July 2016, the CBN adopted the…

Central Bank of Nigeria (CBN)

CBN retains interest rate at 14%

Nigeria’s Central Bank on Tuesday again left lending rate for banks unchanged in its efforts to rein in inflation and stabilise the financial system. The CBN governor, Godwin Emefiele, told journalists that the Monetary Policy Committee (MPC) resolved during its meeting in Abuja to retain the monetary policy rate (MPR)…

Why public procurement law should be revised – DG Budget Office

The public procurement law in its current design can hinder economic growth and kill local businesses if its provisions are not urgently revised and amended, the Director-General of the Budget Office of the Federation, Ben Akabueze, has said. According to Mr Akabueze, although the intention of the World Bank and…

Oil rig

2019 Budget: How Nigeria will realise 2.3 million daily oil target — Officials

Nigeria's proposed 2.3 million barrels daily crude oil production capacity is achievable, key government officials have said. Since President Muhammadu Buhari presented the draft Appropriation Bill for the “2019 Budget of Continuity” to the joint session of the National Assembly late last year, critics have continued to express doubt about…

Supreme Court’s intervention needed to resolve Nigeria’s budget controversy – Official

Long delays in approving federal budgets have been blamed on the constant tussle between the executive and National Assembly on which of the two arms of government has the power of appropriation. The director general, Budget Office of the Federation, Ben Akabueze, said the huge losses as a result of…

Central Bank of Nigeria (CBN)

Nigeria to establish national micro-finance bank

A national micro-finance bank is to be established to promote access to credit finance for small, medium enterprises (SMEs) and other unbanked groups in the country, the Central Bank of Nigeria (CBN) said on Thursday. The CBN governor, Godwin Emefiele, who announced this in Abuja, said the bank will be…

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

$1. billion ‘Green lmperative’ loan will create jobs, guarantee food security- Finance Minister

The $1billion loan facility under the Federal Government ‘Green Imperative’ scheme will facilitate jobs creation, food security and self-sufficiency, Minister of Finance, Zainab Ahmed, has said. The minister was speaking at the official launching of the project by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja. She said the…

Border Communities Development Agency (BDCA)

Contract fraud: Group petitions Presidency; threatens lawsuit against border agency

An anti-corruption group, the Council on African Security and Development (CASADE) has petitioned the Presidency demanding a halt to the procurement process towards the award of several contracts by the Border Communities Development Agency (BCDA). The shortlisting of potential contractors was found to have ignored key procurement regulations and procedures…

Atiku Abubakar [Photo: THISDAYLIVE]

Contract Fraud: Atiku asks anti-graft agencies to probe border agency

The presidential candidate of the People’s Democratic Party (PDP), Atiku Abubakar, on Tuesday asked the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices & Other Related Offenses Commission (ICPC), to investigate the abuse of procurement laws by the Border Communities Development Agency (BDCA). Mr Abubakar, in a…

Corporate Affairs Commission (CAC) Head Office

CAC registers 39,074 business names in two months – Registrar

The Corporate Affairs Commission (CAC) registered about 39,074 business names between October and November 2018 under its new Business Incentive Strategy, the agency has said. A statement sent by the commission to PREMIUM TIMES on Tuesday said its acting Registrar-General, Azuka Azinge, disclosed this at a customers/stakeholders' forum in Lagos.…

Bank queue

Nigeria targets 80% adult financial inclusion by 2020

The Federal Government targets achievement of 80 per cent financial inclusion of its adult population by 2020, a revised National Financial Inclusion Strategy released on Wednesday by the Central Bank of Nigeria (CBN) has shown. The strategy first adopted in 2012 aims at reducing financially excluded adult Nigerians from 46.3…

Senator Udoma Udo Udoma

Minimum Wage: Why Buhari constituted technical committee – Udoma

The Minister of Budget and National Planning, Udoma Udoma, has said the technical committee constituted by the federal government is not to review the work of the previously constituted tripartite committee. Rather, he said, the committee was to identify additional sources of revenue to help the government meet the increased…

The European Union headquarters in the Belgian capital, Brussels [Photo: Press TV]

2019: EU deploys election observer mission to Nigeria

The European Commission on Friday announced the deployment of high-powered elections observer mission to Nigeria to monitor the 2019 general elections. The High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, Federica Mogherini, named Maria Arena as the Chief Observer European…

Border Communities Development Agency (BDCA)

EXCLUSIVE: Agency headed by Buhari’s in-law caught in another massive procurement fraud

No fewer than 815 contractors were recently shortlisted by the Border Communities Development Agency (BDCA) for hundreds of constituency projects despite failing to meet federal contracting requirements, an ongoing investigation by PREMIUM TIMES has revealed. It is the second time in less than a month that the agency has been…

World Bank

World Bank begins selection process for new President

World Bank on Thursday said it has commenced a process that will lead to the selection of a new president. The commencement of the process follows the sudden exit last Monday of the incumbent president, Jim Yong Kim, who announced he would be stepping down from his position effective February…

Minister of Trade and Investment, Okechukwu Enelamah

AfDB approves $14.12 million to support Nigeria’s membership in trade agency

The African Development Bank Group (AfDB)on Tuesday gave approval for a $14.12 million financing to support Nigeria’s membership in the African Trade Insurance Agency (ATI). The bank said in a statement sent to PREMIUM TIMES that Nigeria could be a potential beneficiary of a gross political and commercial risk insurance…

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

FAAC considers new guidelines for excess crude account savings, withdrawals

The Federation Accounts Allocation Committee (FAAC) is considering fresh guidelines for revenue inflows and withdrawals from the excess crude oil revenue account (ECA). Under the guidelines recommended by an ad-hoc committee constituted in July 2018 by the former Minister of Finance and then chairman of FAAC, Kemi Adeosun, minimum monthly…

World Bank Group President Jim Yong Kim at a Berlin press conference. Tobia Schwarz / Getty Images

World Bank president steps down

The World Bank Group president, Jim Yong Kim, on Monday announced he would be stepping down from his position effective February 1. Mr Kim’s announcement is coming more than three years ahead of the end of his tenure in 2022. "It has been a great honour to serve as President…

A former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu

INTERVIEW: My fear about INEC, 2019 presidential election — Moghalu

This is the continuation of an interview with the presidential candidate of the Young Progressives Party, Kingsley Moghalu. The first part of the interview was published here. Mr Moghalu, a former deputy central bank governor, spoke about his vision, economy, and security. PT: What is the unique thing you are…

Addax Petroleum [Photo: Africa Oil & Gas reports]

All six GMs in Addax Petroleum Nigeria resign

The year 2018 may have ended on a bleak note for all six General Managers of Addax Petroleum Development Nigeria Limited, as they “voluntarily” disengaged their services from the firm. Although their disengagement is yet to be announced officially by management, a source close to the company in Abuja told…

Section of the Notore fertiliser plant

Notore Chemical announces exit of three directors, amid 123% loss for 2018

Notore Chemical Industries Plc on Monday announced the exit of three members of its Board of Directors, just as the company reported a 123 percent loss in its financial position for 2018. In its notification to the Nigerian Stock Exchange (NSE), the company’s Group Secretary, Otivbo Saleh, said Odoliyi Lolomani,…

Kemi Adeosun and Zainab Ahmed

ANALYSIS: How Nigeria’s finance ministry has fared in three years under Adeosun, Ahmed

The present administration’s three-point agenda, since 2015, includes to improve security, fight corruption, and grow the economy. The finance ministry is pivotal to the realisation of the agenda on the economy. The ministry is in charge of the fiscal policy and providing direction for the economy. The ministry’s main responsibility…

Oil rig

Key Nigeria deepwater field ‘achieves first oil’, adds 200,000 barrels to country’s daily output

Nigeria’s deepwater oil field, Egina, achieved first oil production late on Saturday, raising the country’s daily oil production above 2.09 million barrels in December 2018, the Nigerian National Petroleum Corporation has announced. With the Organization of Petroleum Exporting Countries (OPEC) latest output cut resolution taking effect Tuesday, January 1, Nigeria’s daily oil…