Bassey

Bassey Udo, Business & Economy Editor, PREMIUM TIMES, is a 2005 graduate of Communication Arts, University of Uyo & holder of the 1999 Masters of International Law & Diplomacy degree, University of Lagos. Udo, a serial award winning investigative finance, energy, oil, gas & extractive industries reporter, was the Co-winners of the 2013 Wole Soyinka Award for Investigative Journalism; a runner –up certificate for the 2014 edition & special recognition for impact reporting in the 2015 edition of the award. He is Thomson Reuters Foundation ‘Wealth of Nations’ Award recipient for Business Reporting & Distinguished Alumnus, U.S. International Visitors Leadership Programme (IVLP) 2017.

Posts by Bassey:

MTN

Untold story of MTN’s ‘illicit’ repatriation of billions of dollars from Nigeria

Nigeria, Africa’s largest economy by gross domestic product (over $380bn), recently grabbed global attention following reports that South Africa’s telecoms subsidiary, MTN Nigeria, illegally repatriated huge profits from the country and avoided paying appropriate taxes to the government. The report highlighted growing concerns about rising illicit financial flows in Africa…

Opec meeting

OPEC Cut: Nigeria’s daily oil production to drop to 1.7mn barrels

Last Friday’s resolution by the Organisation of Petroleum Exporting Countries (OPEC) to cut 800,000 barrels, or 2.5 per cent of members daily output, will see Nigeria’s daily oil production drop by a minimum of 43,775 barrels, effective January 2019. The drop is expected to remain in place for an initial six months…

Fertiliser bags used to illustrate the story.

CBN bans use of Forex for fertiliser importation

The Central Bank of Nigeria (CBN) on Monday, added fertiliser to the list of items classified as “Not Valid for Foreign Exchange.” In June 2015, the apex bank had listed 41 items it said were ineligible for allocation of foreign exchange for their importation, on grounds that they could easily…

Central bank of Nigeria (CBN)

CBN vows to clamp down on businesses, banks that abuse Forex on 42 restricted items

The Central Bank of Nigeria (CBN) on Monday vowed to clamp down on individuals and businesses engaging in clandestine activities to frustrate the restriction of foreign exchange on the importation of 41 items into the country. In June 2015, CBN listed 41 items it said were ineligible for allocation of…

NNPC Towers

NNPC threatens court actionover ‘illegal’ withdrawal of $1.05bn

The Nigerian National Petroleum Corporation (NNPC) on Sunday threatened to seek a legal interpretation on whether it has the right to withdraw funds from the Nigeria LNG Dividend Account without the approval of the National Assembly. The corporation issued the threat through its Chief Financial Officer (CFO), Isiaka Abdulrazaq, during…

Tankers at a NNPC depot

Why Nigerian govt owes ‘N800bn’ debt to fuel marketers, offers N236bn

Despite government's offer to pay oil marketers about N236 billion on or before Friday, December 14, confusion and intrigues persisted at the weekend, with some of the marketers insisting on cash payment of N800 billion outstanding subsidy debt. A meeting called last Thursday in Abuja by the Debt Management Office…

OPEC

OPEC, non-OPEC oil producers agree to cut 1.2mn barrels of oil daily

After two days of tight negotiations, the fifth meeting of the Organisation of Petroleum Exporting Countries (OPEC) with its non-OPEC allies, ended on Friday with a resolution to cut 1.2 million barrels per day combined oil production capacity. The highly anticipated decision was delayed since Thursday pending the outcome of…

Ibe Kachikwu

Refineries Repairs: NNPC Board to take final investment decision in two weeks — Kachikwu

The Board of the Nigerian National Petroleum Corporation (NNPC) will, in the next two weeks, take a final decision on proceeding with government’s plan to rehabilitate the country’s refineries, Minister of State for Petroleum Resources, Ibe Kachikwu, has disclosed. Mr Kachikwu, who spoke with Bloomberg in Vienna on the side-lines…

Lagos Trade Fair complex [Photo: New Mail Nigeria]

Four Nigerian SMEs to showcase products at maiden African trade fair in Egpyt

Four small and medium enterprises (SMEs) are to showcase Nigerian clothing designs, footwear and agricultural products at the maiden Intra-African Trade Fair scheduled for Cairo, Egypt between December 11 and 17. The participation of the quartet in the trade fair will be facilitated by an Egypt-based Nigerian professional group, the…

Tankers at a NNPC depot

N800bn Fuel Subsidy Debt: Controvery trails government’s claim of agreement with marketers

Petrol marketers said late on Thursday that the federal government's claim of an agreement on subsidy debt was false. Thursday's meeting between the marketers and the government delegation was to resolve the alleged N800 billion debt government owes the marketers as petrol subsidy. Some of the marketers last weekend issued…

OPEC

Oil price reduces as OPEC meeting ends without decision on production cut

The 175th meeting of the Organisation of Petroleum Exporting Countries (OPEC) ended on Thursday in Vienna, Austria, without a resolution on oil production cut for member countries. Prior to the meeting, concerns were high on the need for members to take a decision to cut their daily output by a…

Nigeria's ministry of finance building

N800 billion Subsidy Debt: Nigerian govt, fuel marketers ‘reach agreement’

The Nigerian government says it has reached an agreement with oil marketers over a disputed N800 billion fuel subsidy claim. But the marketers told PREMIUM TIMES by telephone that a meeting with the government was still ongoing and there were no conclusions yet. Both sides met Thursday in Abuja in…

OPEC

OPEC sees fresh challenges in 2019 as Qatar exits group after 57 years

The Organisation of Petroleum Exporting Countries (OPEC) says despite a positive outlook of the international oil market in 2018, fresh challenges lurk by the corner as member countries look forward to 2019. The President of the OPEC Conference, and United Arab Emirate (UAE) Minister of Energy and Industry, Suhail Al-Mazrouei,…

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

N800bn Subsidy Debt: DMO, finance ministry invite aggrieved marketers for dialogue

The federal government has begun moves to dialogue with oil marketers over debts owed them, to avert a fuel crisis in the forthcoming festive season. The moves came amid reports that some of the marketers have dissociated themselves from last Sunday’s ultimatum for the payment of the outstanding fuel subsidy…

NNPC TOWERS

Yuletide: NNPC says over 170mn litres of petrol stocked in own depots nationwide

Amid the uncertainty occasioned by the looming fuel scarcity in the country as a result of the unresolved N800bn subsidy debt dispute between the federal government and marketers, the Nigerian National Petroleum Corporation (NNPC) on Wednesday said the National Assembly was happy with its fuel supply plans for the end…

FILE PHOTO: Fuel Queue

As fuel scarcity looms, marketers reject Nigerian govt’s N340bn promissory note offer

Days after oil marketers issued a seven-day ultimatum to demand payment of the N800 billion outstanding subsidy debt under the Petroleum Support Fund (PSF), the federal government said it offered the marketers N340 billion in promissory notes. The Supervising Minister of Finance, Zainab Ahmed, who disclosed this in a response…

Central bank of Nigeria (CBN)

Repatriation of $8.1 billion Profits: MTN, CBN opt for out-of-court settlement

MTN Nigeria Communications Limited and the Central Bank of Nigeria (CBN) on Tuesday told the Federal High Court in Lagos that they have resolved to opt for an out-of-court settlement of the dispute on the alleged improper repatriation of over $8.1bn profits from Nigeria. On August 29, the CBN sanctioned…

NAICOM

NAICOM workers issue seven-day notice to commence indefinite strike

The National Insurance Commission (NAICOM) workers said on Monday they have served their management a seven-day notice of their intention to embark on an indefinite strike. The workers in a statement sent to PREMIUM TIMES in Abuja said the joint council of the Association of Senior Civil Servants of Nigeria…

Central Bank of Nigeria (CBN)

CBN supplies $210 mn in wholesale FOREX market, others

The Central Bank of Nigeria (CBN) on Tuesday intervened in the wholesale segment of the foreign exchange market, supplying about $100 million to dealers in that window. In the latest round of intervention announced in Abuja, the CBN said it also injected about $55 million each in the Small and…

Afreximbank Building

AFREXIMBANK opens virtual platform for information on African trade

Afreximbank has opened a virtual platform for information on African trade, president of the bank, Benedict Oramah, announced on Wednesday. Mr Oramah said the new platform was opened to run as part of the forthcoming intra-African Trade Fair (IATF 2018) in Cairo, Egypt next month. He said the virtual trade…

Godwin Emefiele

Why it took almost 9 years to uncover MTN’s illegal repatriation of $8.1bn — CBN governor

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Thursday gave reasons why it took the apex financial industry regulator almost nine years to uncover alleged systematic repatriation out of Nigeria of over $8.134bn profits by MTN Nigeria. Mr Emefiele, who spoke on Thursday at the end…

NDIC building

Why depositors in liquidated Nigerian banks haven’t been paid – NDIC

The delay in amending the Nigeria Deposit Insurance Corporation (NDIC) enabling Act, 2006 is responsible for the non-payment of entitlements to depositors of funds trapped in liquidated banks in the country, Managing Director of the Corporation, Umaru Ibrahim, has said. Mr Umaru said depositors of Savanah Bank, Fortis Micro-Finance Bank,…

NNPC Headquarters, Abuja

Alleged Diversion of NLNG Funds: We have nothing to hide – NNPC

The Nigerian National Petroleum Corporation (NNPC) has offered to provide the Senate and the general public full details on the Nigerian Liquefied Natural Gas (NLNG) Dividends Account operation since inception from 1999 till date. The Senate Committee on Gas recently opened a probe into alleged unauthorised disbursement from the account…

Central Bank of Nigeria (CBN)

Why CBN is controlling monetary rates for 14th consecutive time – MPC

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Thursday gave reasons why it resolved to retain for the 14th consecutive time its controlling monetary policy rates. At the end of the 264th meeting of the committee in Abuja, CBN governor, Godwin Emefiele, said all 11 members…

NBS

Nigeria’s inflation drops marginally to 11.26 percent

Nigeria’s inflation rate, which climbed marginally to about 11.28 percent in September, dropped slightly to 11.26 percent in October, the latest National Bureau of Statistics (NBS) Consumer Price Index (CPI) report said on Wednesday. The CPI, which measures inflation rate for goods and services in the Nigerian economy, decreased by…