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 Trade and Investment, Okechukwu Enelamah

Agency to raise $500 million for Nigeria’s economic zones — Minister

The Nigeria Special Economic Zone Investment Company Limited (NSEZCO) is to raise $500 million for investments in Nigeria’s Special Economic Zones, Minister of Industry, Trade & Investment, Okechukwu Enelamah, has said. The Minister said this is part of the government’s commitment to creating an enabling environment through the provision of…

Pupils during the feeding programme

School Feeding Programme: Each meal per child costs N70 — Govt

The Presidency says the Federal Government spends only N70 per meal daily to feed over 9.7 million pupils in 53,715 government primary schools in 31 States under the National Home-Grown School Feeding Programme. The Cluster Head, National School Feeding Programme, Abimbola Adesanmi, disclosed this on Thursday in Abuja at the…

Niger Delta militants

Presidential amnesty programme trains over 20, 000 ex-combatants in Niger Delta

The Presidential Amnesty Programme (PAP) says it had adopted a new strategy to sustain the stability and security in the Niger Delta region. The Special Adviser to the President and the Coordinator of the Presidential Amnesty Programme, Charles Dokubo, said in Abuja on Thursday the new strategy combines training of…

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

Excess Oil Revenue: CBN warns govt against ‘spending spree’

With crude oil price rising steadily above benchmark level approved in the 2019 budget, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday warned the federal government against embarking on a spending spree. It urged the government to begin to save for the rainy day.…

NNPC Headquarters, Abuja

NNPC remits N1.26 trillion to Federation Account in 2018

The Nigerian National Petroleum Corporation (NNPC) said its remittances to the Federation Account in 2018 exceeded its projections in the 2018 budget by about N41 billion. The NNPC said in a statement on Tuesday that it remitted N1.26 trillion as against the N1.22 trillion projected in the 2018 budget. The…

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

CBN retains monetary policy parameters

The Central Bank of Nigeria has resolved to leave all monetary policy parameters unchanged. It took the decision on Tuesday at its first Monetary Policy Meeting since it reduced the lending rate last March. At the end of the meeting in Abuja, the CBN governor, Godwin Emefiele, said nine of…

River used to illustrate a story

FG to hand over 9 irrigation systems to Sokoto Rima River basin

Abstract-Benefiting states have been urged to take ownership of the projects and ensure that security of water infrastructure was made a top priority. The Ministry of Water Resources says it is now ready for the handover of nine Centre Pivot Irrigation Systems to Sokoto Rima River Basin Authority for agriculture…

Rice Farmers Photo Credit: Agro Nigeria

Nigeria’s real GDP grows marginally in first quarter of 2019, says NBS

Nigeria’s real gross domestic product (GDP) grew marginally in the first quarter of 2019, compared to the rate in the last quarter of last year. The latest Nigerian Gross Domestic Product Report by the National Bureau of Statistics showed the country’s economy grew by 2.01 percent (year-on-year) in real terms.…

NNPC Headquarters, Abuja

NNPC redeploys 19 senior staff

The Nigerian National Petroleum Corporation (NNPC) has said the recent staff redeployments in the corporation was a normal exercise to fill vacancies ahead of the retirement of some management staff. NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, stated this in a release on Monday in Abuja. Mr…

Electricity Pole

DISCOs need N3.07 trillion in 5 years to boost electricity supply in Nigeria – Report

The 11 power distribution companies (DISCOs) in Nigeria will need a minimum of $10 billion (about N3.07trillion) investments to boost their services over the next five years. This was contained in an industry study report on how to boost electricity supply presented at a one-day conference in Abuja to appraise…

MTN Nigeria office

Real owners of MTN Nigeria revealed

Last Thursday’s listing of MTN Nigeria shares on the Premium Board of the Nigerian Stock Exchange (NSE) has made it possible to identify the shareholders of the telecoms firm. Many Nigerians believed the Nigerian government owned part of the South African firm through an unspecified equity holding by the Nigeria…

MTN Nigeria office

MTN to borrow N200 billion from seven Nigerian banks

MTN Nigeria on Friday announced a deal with a consortium of eight banks to secure a seven-year medium term loan facility to boost its Nigerian operations. The telecoms firm announced the N200 billion loan deal barely 48 hours after the formal confirmation of its listing by introduction as a publicly…

Zainab Ahmed

Excess Crude Savings: Why Nigerian govt. must ‘aggressively’ fund NSIA – Official

With the Nigeria Sovereign Investment Authority (NSIA) posting six consistent yields of profits in four of its five years of existence, the Supervising Minister of Finance, Zainab Ahmed, said the government needs to be more aggressive in its excess crude oil revenue savings to sustain the funding of the agency.…

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

Nigerian govt to disburse N649.4bn Paris Club refund balance to states

States yet to collect their balance of the Paris Club debts refunds would soon be paid, the Supervising Minister of Finance, Zainab Ahmed, said on Thursday. The Minister who disclosed this in Abuja during her quarterly briefing with journalists on the activities of the Finance Ministry, said about N649.434 billion…

Securities and Exchange Commission (SEC)

SEC warns Nigerians against Loom Ponzi scheme

The Securities and Exchange Commission (SEC) on Thursday raised alarm over the activities of a group it described as “online fraudsters, who are currently running an online investment scheme tagged ‘Loom Money Nigeria.” The Acting Director-General of the SEC, Mary Uduk, told journalists in Abuja that “Loom Money Nigeria” has…

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

Court insists BPE DG must appear in person in contempt case over ALSCON

The Federal High Court in Abuja on Monday adjourned proceedings till June 10 on a contempt charge against the Bureau of Public Enterprises (BPE) and its Director-General, Alex Okoh. On April 10, the Court in Abuja had issued BPE and Mr Okoh a formal notice to appear before it on…

Vice President Yemi-Osinbajo

Nigerian govt to stop patronizing individuals, firms owing AMCON – Osinbajo

The Nigerian government will stop 'patronising' all individuals and companies that owe the Asset Management Corporation of Nigeria (AMCON), Vice President Yemi Osinbajo has said in Abuja. Also, AMCON puts its total outstanding debts obligations from various corporate and individual obligors at over N5 trillion. Mr Osinbajo spoke during a…

President Buhari with Nigerian governors

Combined FAAC allocations for 2017, 2018 inadequate to fund 2019 budgets of 35 states – NEITI

The combined net disbursements from the Federation Allocation Account Committee (FAAC) to the 36 states and the Federal Capital Territory, Abuja, in 2017 and 2018, can hardly fund the 2019 budgets of 35 states, the latest report by the Nigerian Extractive Industries Transparency Initiative (NEITI) has shown. Also, NEITI said…

Godwin-Emefiele

CBN Scandal: Leaked audio authentic but selective, bank says; claims no money lost

The Central Bank of Nigeria (CBN) on Sunday scrambled a rebuttal to deny media reports that it lost over N500 billion after a private investment by some of its top officials went awry. Sahara Reporters had reported earlier a telephone conversation involving the CBN Governor, Godwin Emefiele; his deputy, Edward…

Corporate Affairs Commission (CAC) Head Office

CAC extends registration window for small businesses by 90 days

The Corporate Affairs Commission (CAC) has given micro, small and medium-scale enterprises (MSMEs), 90 extra days to register their business names at the reduced cost of N5,000. The CAC said the federal government has directed that the cost of registration for the categories of businesses be reduced by 50 per…

Fruits

Consumer protection agency warns against use of carbide, other chemicals to ripen fruits

The use of calcium carbide and other chemicals to force the artificial ripening of fruits is injurious to human health, the Federal Competition and Consumer Protection Commission (FCCPC) has said. The FCCPC, which is formerly the Consumer Protection Commission (CPC), said on Friday it received credible information of the use…

NCC Headquarters used to illustrate the story.

NCC begins new round of SIM registration compliance audit

The Nigerian Communications Commission (NCC) has kicked off the second phase of its subscriber identity module (SIM) registration verification and compliance audit. The commission said in a statement in Abuja on Thursday the exercise was part of its efforts to enhance national security, ensure consumer protection, and zero tolerance for…

Minister of Trade and Investment, Okechukwu Enelamah

African Trade Agreement: Nigeria losing nothing by not signing – Enelamah

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, has said Nigeria does not lose anything by not signing the Africa Continental Free Trade Area (AfCFTA) agreement. He said Nigeria’s priority is to conclude the series of consultations with various interest groups on the impact the agreement could have on…

NCC flags off Phase 2 of SIM registration verification, compliance audit

The Nigerian Communications Commission (NCC) has kicked off the second phase of its subscriber identity module (SIM) registration verification and compliance audit. The Commission said, in a statement in Abuja on Thursday. that the exercise is part of its effort to enhance national security, ensure consumer protection, and zero tolerance…

MTN

SEC approves MTN’s application to be registered in capital market

The long awaited registration of MTN Nigeria Communications Limited in the Nigerian Stock Market has been approved by the Securities and Exchange Commission (SEC). The spokesperson of the Commission, Efe Ebelo, confirmed the approval of the application in a statement in Abuja on Wednesday. Mrs Ebelo quoted the acting Director…