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:

ALSCON Plant

EXCLUSIVE: Inside the shady multi-million dollars ALSCON deal brokered by a Nigerian minister

The Nigerian government has, through the Minister of Mines and Steel Development, Kayode Fayemi, been mediating in a multi-million deal that apparently violates a Supreme Court ruling, PREMIUM TIMES has learnt. The deal is to get a Nigerian-American firm, BFI Group, to surrender to a Russian firm, UC RUSAL, its…

Ibe Kachikwu [Photo Credit: THISDAYLIVE]

Good news for Nigeria as OPEC extends exemption from oil output cut

The growing stability in the global oil market may work to Nigeria’s advantage, as the Joint Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC Ministerial Monitoring Committee, JMMC, on Friday extended the exemption granted the country over the output cut imposed on member countries in January 2017. At its meeting…

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After Boko Haram attack, Nigerian govt turns to Sokoto Basin for oil search

Few months after the terrorist group in the north eastern part of the country, Boko Haram, ambushed and killed some lecturers from the University of Maiduguri who were part of a Nigerian National Petroleum Corporation, NNPC, oil exploration team in the Lake Chad basin, the corporation said it has commissioned…

Nigeria's ministry of finance building

Nigerian govt. moves to sanitise capital market; reconstitutes Investment & Securities Tribunal

The Nigerian government said on Tuesday that the reconstitution of the Investment and Securities Tribunal, IST was a practical step to sanitise the capital market, restore investors’ confidence and reposition the country’s economy. The Minister of Finance, Kemi Adeosun, said the delay in reconstituting the tribunal was so that the…

Nigerian Stock Exchange (NSE)

Capital market abuses: SEC slams life ban on top businessman Victor Ogiemwonyi

The Securities and Exchange Commission, SEC, on Tuesday banned the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, Victor Ogiemwonyi, from operating in the capital market for life. Apart from being banned for life from holding directorship position in any public company in Nigeria for his alleged…

Buhari in NASS [Photo Credit: Linda Ikeji's Blog]

Nigeria’s foreign debt up by 40% under Buhari — NBS

Nigeria’s total domestic and foreign debt stocks as at June 30 stood at about $15.1 billion and N14.1 trillion respectively, the National Bureau of Statistics said on Tuesday. A review of the total foreign debt profile of the Federal and the 36 states governments and the FCT also shows a…

Central bank of Nigeria

CBN to punish banks over refusal to open teller points, rates display boards

Deposit Money Banks, DMBs risk stiff sanctions from the Central Bank of Nigeria, CBN, if they fail to comply with the directive to open teller points for retail foreign exchange transactions, and electronic display boards in all their branches. The apex bank reminded the banks of its earlier directive on…

First-Bank-Of-Nigeria

Controversy deepens after mass sack at First Bank; affected staff threaten court action

Controversy is trailing the recent mass sack of workers by First Bank of Nigeria, FBN, as the bank and its affiliate contracting firm in charge of recruitment, Whyte Cleon Limited, have given various reasons to justify the action. The affected workers, reported to be more than 1,000, cutting across branches…

Godwin Emefiele

Foreign exchange: No going back on policy banning access to 41 items, says CBN

The Central Bank of Nigeria, CBN, said on Wednesday it was not considering any review of 41 items affected by the policy on restriction of access to foreign exchange through the official window for imports. The CBN governor, Godwin Emefiele, stated this in his keynote address to the opening session…

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How Diezani ignored due process in handling of N59.44 billion ‎NNPC funds – Audit Report

The 2015 audit report of the Federation Account has uncovered how the embattled former Minister of Petroleum Resources, Diezani Alison-Madueke, usurped National Assembly powers to draw billions in cash from the joint venture cash calls account without appropriation. The report published last month by the Office of the Accountant General…

L-R: Manager Chairmode Holding Limited , Mr. Salisu Yusuf; Founder, Global Initiative for Peace love care,, Mr.  Nuhu kwajafa an airport officer, Mr. Akogwu James; Programme  Officer GIPLC, Mr. Peter Kenti; Administration officer, GIPLC Mr. Victor Thomas, A Boko haram victim child, Master Ali Ahmadu; and The Victim Family, Mrs. Hannatu Madu, during the departure of a child with boko haram victim for corrective surgery to dubai at the international Airport in Abuja... on Sunday 

Chibok boy run over by Boko Haram leaves for surgery in Dubai

The Dickens Sanomi Foundation kept its promise last month to a six years old boy, Ali Ahmadu, from Chibok village, Borno State, who was run over by Boko Haram terrorists when they invaded his village three years ago. The incident had left the young Ali devastated and almost hopeless, as…

Yemi Kale

Mixed reactions trail Nigeria’s exit from recession

Amid government celebration of Tuesday’s announcement by the National Bureau of Statistics, NBS, that Nigeria’s economy had officially exited recession, a civil society group has called for restraint and efforts geared towards a more sustainable growth. The Minister of Budget and National Planning, Udo Udoma, said on Wednesday that the…

Nigeria's ministry of finance building

Audit Report indicts Nigeria’s Accountant General of allegedly failing to provide evidence for crucial transactions

The 2015 annual audit report on the Federation Account has indicted the office of Accountant General of the Federation, OAGF, over alleged delays that kept the submission behind schedule for several months. But, the OAGF on Tuesday exonerated itself of any blame, saying all documents required for the audit were…

NNPC TOWERS

NNPC ‘pocketed’ N3.88 trillion belonging to Nigerian govt. by 2015- Audit Report

Cumulative unremitted revenue from domestic crude oil sales by the Nigerian National Petroleum Corporation, NNPC, stood at about N3.878 trillion as at December 31, 2015, a report by the technical sub-committee of the Federation Accounts Allocation Committee, FAAC, revealed. The report, which formed part of the submissions in the 2015…

Minister of State for Petroleum Resources, Ibe Kachikwu

Kachikwu gives oil and gas mid-term report; highlights goals

In two years, the federal government has halted the crisis in the oil and gas sector and set it on the path of sustained growth and development, Minister of State for Petroleum Resources, Ibe Kachikwu has said. The minister said this in the mid-term review of the activities of the…

Akinwumi Adesina [Photo Credit: CNN]

AfDB to invest $24 billion in Africa’s food sufficiency agenda

The African Development Bank, AfDB, plans to invest about $24 billion over the next 10 years to accelerate the realisation of the food sufficiency agenda, its president, Akinwumi Adesina, said on Tuesday. Mr. Adesina, who said the investment would be through the Bank’s ‘Feed Africa Strategy’ would require paying attention…

NNPC Headquarters, Abuja [Photo Credit: Thisday]

UPDATED: Major shake-up in NNPC; 55 top officials affected

As part of the ongoing restructuring of the Nigerian National Petroleum Corporation, NNPC, 55 top management staff were either appointed or redeployed across the company’s operations in a major management shake-up announced on Tuesday. The Group Managing Director, GMD of the Corporation, Maikanti Baru, said the new appointments would not…

L-R: Minister of Mines and Steel Development, Dr Kayode Fayemi; MD/CEO Bank of Industry, Mr Olukayode Pitan; and Minister State for Mines and Steel Development, Hon Abubakar Bawa Bwari; during the launch of the N5billion funding support for Artisanal and Small Scale Miners in Abuja on Tuesday.

Nigerian govt launches N5 billion loan for small-scale miners

To boost the capacity of artisanal and small-scale miners to participate in the development of the solid minerals sector, the Federal Government on Tuesday launched N5 billion Nigerian Artisanal and Small-Scale Miners, Financing Support Fund to grant loans at single digit interest rates. The Fund, which is operated by the…

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NNPC denies hawking Nigeria’s crude oil from ‘hotel rooms’

Days after raising alarm about the fraudulent activities of a syndicate of crude oil sale scammers, the Nigerian National Petroleum Corporation, NNPC, again on Tuesday denied insinuations that some of its top officials were selling Nigeria’s crude oil from "the confines of hotel rooms". The Corporation’s Group General Manager, Crude…

Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu

Local content: Nigerian govt. makes $200 million available for local operators at single digit interest

The Nigerian government on Thursday launched a $200 million Nigerian Content Intervention Fund, NCIF, to guarantee financing at single digit interest rates for local operators handling projects in the oil and gas industry. The Minister of State for Petroleum Resources, Ibe Kachikwu, said funding challenges had hampered the growth and…

Minister of Finance, Kemi Adeosun speaking at FAAC Meeting in Abuja in Abuja. Photo: NAN

How Nigeria’s economic reforms will tackle recession – Adeosun

Nigeria’s finance minister, Kemi Adeosun, said on Thursday that the ongoing economic reforms by the federal government is to enhance fiscal discipline, improve revenue generation, and promote allocation and efficient use of resources by the three tiers of government. Also, the minister said, the reforms have been geared towards wealth…

Baton 3 (1)

INTERVIEW: CBN must ban 41 items to build sustainable industrial base – Sekoni

The Central Bank of Nigeria, CBN, policy restricting access to foreign exchange, FOREX, by importers of 41 items is positively impacting operations of local substitute products producers. But, Executive Chairman, Baton Nigeria, a wood-based products processing firm, Rotimi Sekoni, said the presence of imported varieties of the 41 items in…

Minister of Finance, Kemi Adeosun

Adeosun emerges ECOWAS Bank Board Chair; proffers ways to promote regional integration

The Minister of Finance, Kemi Adeosun, on Tuesday emerged the Chairperson, Board of Governors of the Economic Community of West African States, ECOWAS Bank for Investment and Development, EBID. Mrs. Adeosun’s emergence came at the end of the 15th Ordinary Meeting of the board of governors of the bank in…

Central Bank of Nigeria (CBN)

SPECIAL REPORT: How Nigerian companies raked billions after CBN switched off dollar tap on 41 items

When the Central Bank Nigeria, CBN, blocked official dollar access to importers of 41 low-skilled items, Baton Nigeria, an Ogun state-based company, was preparing to start a factory producing tooth picks – one of the items on CBN’s list. By August 2016 when the company’s production lines had kicked off,…

Sanomi

Help comes for Ali Ahmadu, 6-year-old Chibok boy run over by Boko Haram

The Dickens Sanomi Foundation, DSF has offered to pay the $48,000 (about N14.6million) medical bill for Ali Ahmadu, a six-year-old boy from Borno State, who was run over by Boko Haram terrorists during their invasion of Chibok village three years ago. The offer would enable young Ahmadu travel to Dubai,…