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:

NNPC Chief Operating Officer, Ewubare

NNPC Chief Operating Officer, Ewubare, resigns

The Chief Operating Officer in charge of Joint Ventures and Business Development of the Nigerian National Petroleum Corporation (NNPC), Roland Ewubare, has resigned. The Edo State-born top NNPC official is believed to have resigned, on Friday, due to health reasons. No official statement has been issued by the NNPC as…

NSIA Managind Director, Mr. Uche Orji (Photo Credit: Ezekiel Oyero)

Nigeria’s sovereign investment agency posts N36 billion profit in 2019

The Nigeria Sovereign Investment Authority (NSIA) recorded a profit of about N36.15 billion from its investments in the 2019 financial year but fears worse returns this year due to the impact of the COVID-19 pandemic on its markets. The figure is also 18.47 per cent lower than the N44.34 billion…

A Total gas station used to illustrate the story [Photo: The News (Nigeria)]

Hike: Revert to old pump price now, labour tells Nigerian govt

The Nigeria Labour Congress (NLC) on Thursday rejected the new fuel price announced by the Petroleum Products Price Regulatory Agency (PPPRA) on Wednesday. The labour movement through its president, Ayuba Wabba, asked the federal government to immediately return to the old fuel price of N121.50 per litre. The NLC was…

NNPC petrol station used to tell the story.

Nigerian govt announces increase in petrol price

Consumers of petrol in the country would pay a 16.4 per cent increase in the price of petrol for the month of July, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced on Wednesday. The agency said the approved new retail price for petrol for the month will vary between N140.80…

Oil field [PHOTO CREDIT: Businessday]

Nigerian CSOs seek role in 2020 oil licensing process

Nigerian civil society groups have protested alleged exclusion from the forthcoming 2020 marginal oil fields bid round processes. Consequently, they have sent a protest letter to the government to demand their immediate inclusion in the process. Recently, the Department of Petroleum Resources (DPR) opened the bid process for the award…

Ecobank Nigeria extends zero charge for digital money transfers

Ecobank has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year. In addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD - Ecobank *326# can continue to enjoy zero fee charge for…

ECOWAS-Court

ECOWAS Court orders Nigerian govt to pay 244 dismissed soldiers benefits

The Economic Community of West Africa States (ECOWAS) Court in Abuja on Thursday ordered the Nigerian government to immediately pay the arrears of salaries and other entitlements to 244 soldiers dismissed from the Nigerian Army in 2016. The Army dismissed the soldiers after they were accused of abandoning the Boko…

The Director General, Bureau of Public Enterprises (BPE), Alex Okoh

Only two of six privatised power plants delivered on targets – BPE

The Bureau of Public Enterprises (BPE) on Tuesday delivered an unflattering assessment of the performance of the power sector since it was handed over to new private operators in 2013. The Director-General of the privatisation agency, Alex Okoh, told the Senate Committee on Power during its investigative hearing on the…

Ahmed Idris

Oil workers using blackmail to resist enrolment on IPPIS, says Accountant-General

The threat by oil workers of a nationwide strike over their enrolment on the Integrated Personnel Payroll Information System (IPPIS) is a subtle blackmail to frustrate the federal government’s scheme, the Accountant General of the Federation (OAGF), Ahmed Idris, said on Wednesday. Contrary to allegations by the oil workers that…

ECOWAS headquarters

How COVID-19 has hampered justice delivery at ECOWAS Court – Official

About 71 cases were affected by the three-months suspension of sittings by the Economic Community of West African States (ECOWAS) Court of Justice as a result of the coronavirus pandemic, the President of the Court, Edward Asante, has disclosed. Mr Asante, who spoke on Tuesday during the inaugural virtual press…

Nigerian oil workers on strike

Oil workers shelve planned strike

The three days strike by oil workers scheduled to commence on Wednesday has been suspended, the General Secretary, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Lumumba Okugbawa, has said. Mr Okugbawa said the decision to suspend the strike action followed the intervention of the Minister of State…

ECOWAS backs Okonjo-Iweala for WTO election

The Economic Community of West African Countries (ECOWAS) has endorsed the candidacy of the former Coordinating Minister of Finance and Foreign Affairs, Ngozi Okonjo-Iweala, for the World Trade Organization (WTO) Director-General elections. The endorsement by the 15-member-state regional group is a boost to Mrs Okonjo-Iweala candidature in the race following…

Nigerian oil workers on strike

IPPIS Controversy: Oil workers to embark on three days warning strike on Wednesday

Oil workers will embark on a three-day nationwide warning strike from Wednesday, the joint National Executive Committee of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas Workers (NUPENG) announced on Sunday. The General Secretary of PENGASSAN, Lumumba Okugbawa,…

Market women used to illustrate the story. [Photo credit: Around the World in 80 Clicks]

Nigeria’s inflation for May highest in 25 months

Nigeria’s inflation rate rose further to 12.4 per cent in May, no thanks to the spike in the prices of basic food items in recent times. This was apparently a reflection of the impact of the deadly coronavirus on the global economy. The latest report on the consumer price index…

CBN approves N432 billion to fund cultivation of nine commodities

The Central Bank of Nigeria (CBN) says it has set aside about N432 billion to fund the value chains of nine commodities in the 2020 wet season. The commodities, which are among most of the staple food items on the dining tables of most Nigerians, include rice, cassava, maize, cotton,…

Port Harcourt Refinery

Three refineries lost N1.6trillion in 5 years, says NNPC audit report

Three of Nigeria’s four refineries gulped N1.64 trillion in cumulative losses recorded in their operations since 2014, details from the first-ever audited accounts and financial statements of the companies published by the Nigerian National Petroleum Corporation (NNPC) on Friday has shown. Two of these refineries are the 210,000 barrels per…

Why Nigerian govt removed subsidy on petrol

The federal government has said the decision to introduce 'deregulation' of fuel supply in the downstream sector was part of fiscal measures to conserve declining oil revenues. It was also to help achieve the country’s economic recovery post-COVID-19, an official said. Following the pandemic, the international oil market faced the…

NNPC Towers: P&ID and the Petroleum ministry signed the contract here

After 43 years, NNPC publishes audited financial accounts

The Nigerian National Petroleum Corporation (NNPC) made history on Friday with the publication of its first audited financial statements after 43 years of its operation. The annual reports and financial statements for the year ended December 31, 2018, were for 20 of the state-owned national oil company's subsidiary companies operating…

Minister of State for Petroleum Resources, Timi Sylva

INTERVIEW: Why Nigerian govt cannot allow marketers fix petrol prices – Sylva

The deregulation of the downstream of the petroleum industry presupposes the end of fuel subsidy and return to the era where retail prices of petroleum products are determined through the interplay of market forces. But, the Minister of State for Petroleum Resources, Timipreye Sylva, told Business/Economy Editor, Bassey Udo, that…

Director-General, Debt Management Office, DMO, Patience Oniha

Nigeria’s third SUKUK bonds oversubscribed- DMO

The third Sovereign SUKUK issue by the Debt Management Office (DMO) was over-subscribed by over 446 per cent, the debt management agency has announced. The sale of the third tranche of the seven-year Islamic Sukuk, also known as as Ijarah, at a rate of 11.2 per cent opened in May.…

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN)

IPPIS: PENGASSAN writes finance minister over withheld salaries

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to withdraw its members' services nationwide if the federal government refuses to address their grievances especially the non-payment of salaries. It is not clear when the workers would commence the action. But, a senior official of the…

World Bank

COVID-19: World Bank forecasts global ‘economic shrinkage’

The global economy is projected to shrink by about 5.2 per cent this year under the massive ravaging impact of the coronavirus pandemic, the World Bank said on Thursday. The bank said the severe contraction in the economy, which compelled various stimulus interventions by most countries to contain the impact…

Muhammad Nami, FIRS boss

FIRS recruits in violation of rules: Nine questions for tax agency

On May 18, 2020, PREMIUM TIMES published the story under the caption, “In rejigging FIRS, new chairman Nami recruits in violation of rules”. The story reviewed the decision by the Board of the Federal Inland Revenue Service (FIRS) to appoint four new directors in March 2020 in violation of relevant…

Melee Kolo Kyari, NNPC GMD

NNPC optimistic of full oil market recovery by 3rd quarter, 2021

The Nigerian National Petroleum Corporation (NNPC) says it is optimistic the global oil market would achieve full recovery by third quarter of 2021. This is in the aftermath of crude oil price decline at the international market which is making a slow but steady climb towards pre-COVID 19 levels. Following…

Former finance minister, Ngozi Okonjo-Iweala [Photo credit: Instagram]

WTO names Okonjo-Iweala among candidates for DG election

The World Trade Organisation (WTO), on Tuesday, named Nigeria’s candidate, Ngozi Okonjo-Iweala, among the three candidates whose nominations have so far been accepted to vie for the organidation’s Director-General position. The WTO’s General Council Chair, David Walker of New Zealand, who announced the shortlist of three candidates, said Mrs Okonjo-Iweala…