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:

Nigeria investment authority explains 2017 performance; reviews strategy

We may begin payment of dividend in 2019 — Nigeria Sovereign Investment boss

Despite a difficult business year in 2017, the Managing Director/CEO, Nigeria Sovereign Investment Authority (NSIA), Uchi Orji, while presenting the 2017 financial results in Abuja, expressed confidence its diversified assets allocation strategy to direct investments in the development of domestic infrastructure will drive a turnaround next year. EXCERPTS: PT: You…

Market used to illustrate the story. [Photo credit: www.sastwingees.org]

Despite drop in inflation food prices stay high — NBS

Despite the decline in Consumer Price Index (CPI) the 16th consecutive time since January 2017, composite food price index maintained a significant increase for the month, the National Bureau of Statistics (NBS) said in its latest report for May 2018. The CPI, which measures inflation rate in the economy within…

Students of Aduvie International School that participated in the Microsoft contest

Abuja school wins Microsoft contest

An Abuja secondary school, Aduvie International School, Jahi, has won the top prize at the 10th Annual Microsoft Office Specialist Competition on Computer Fundamentals and Adobe Certification. More than 500 students from 42 schools in the 36 states and the Federal Capital Territory participated in the competition that held May…

Ariaria market, Aba. [Photo Credit: Ripples Nigeria]

Ariaria market gets power generation, distribution licences

The Nigerian Electricity Regulatory Commission (NERC) on Tuesday announced the approval of a licence to operate an independent power plant in Ariaria market. Ariaria Market, known as 'China of Africa’, is a major market, not only in the South-eastern part of Nigeria, but also in the West African sub-region. An…

Central bank of Nigeria (CBN)

CBN issues guidelines for China-Nigeria currency swap deal

The Central Bank of Nigeria (CBN) on Friday published the long-awaited regulatory guidelines for prospective operators under the bilateral currency swap agreement between Nigeria and China. The guidelines titled: “Regulations for Transactions with Authorised Dealers in Renmnbi” was signed by CBN Director, Financial Markets Department, Alvan Ikoku, and published on…

BFIG denies ALSCON ‘preferred bidder’ status revoked

The preferred bidder for the Aluminium Smelter Company of Nigeria (ALSCON), BFI Group, on Thursday challenged the powers of the Bureau for Public Enterprises (BPE) to order the revocation of its right to the ownership of the plant. The chairman of BFIGroup, Reuben Jaja, described Thursday's declaration by the Director…

NNPC Headquarters, Abuja

EXCLUSIVE: Despite reforms, NNPC under Buhari ‘pockets’ N1.3 trillion oil revenue

Since President Muhammadu Buhari assumed office, Nigeria's state oil firm, NNPC, has withheld over 25 per cent of revenues realised from domestic crude oil sales, refusing to pay same into the Federation Account, a PREMIUM TIMES investigation shows. The hefty deductions, a longstanding controversial practice, has continued despite the Buhari…

President Muhammadu Buhari signing

EXCLUSIVE: How Buhari plunged Nigeria into N2.7 trillion mess while spiting Jonathan

On Tuesday, a U.S. District Court in Washington D.C. gave judgment affirming a $6.59 billion arbitral award, plus $2.30 billion interest, against Nigeria. The judgment was given after the country failed to show up in court to defend the matter. The naira value of the amount came to about N2.7…

Director-General of the Bureau, Alex Okoh

BPE to review power sector privatisation — DG

The Bureau for Public Enterprises (BPE) says it will review Nigeria's power sector privatisation process, to remove fundamental flaws hindering effective operations in the sector. The Director-General of the Bureau, Alex Okoh, said in Abuja on Thursday the review will cover customers enumeration, to eliminate estimated billing challenges, improve metering…

NNPC TOWERS

EXCLUSIVE: DPR indicts NNPC, accuses state oil firm of violating several Nigerian laws

The Nigerian National Petroleum Corporation's refusal to make separate payments for royalty and petroleum profit tax (PPT) on joint venture assets held on behalf of the federal government violates several petroleum industry regulations and laws, the Department of Petroleum Resources (DPR) has said. The petroleum industry regulator said opting to…

Senator Udoma Udo Udoma

Why Buhari has not signed 2018 budget — Udoma

Nigerians expecting to have approved 2018 appropriation law before the expiration of 2017 budget next Thursday may have to wait a little longer as President Muhammadu Buhari is at the moment reviewing the Appropriation Bill recently passed by the National Assembly. On November 7, 2017, the president presented the N8.6…

Power Lines [Photo: energymixreport.com]

Electricity: GENCOs tackle TCN on allegation of falsified generation capacity

Electricity generating companies (GENCOs) on Sunday faulted the allegation that they claim to generate more electricity than they do so as to collect more money. They said the allegations by the Transmission Company of Nigeria (TCN) shows a lack of adequate knowledge of the workings of the country’s electricity market.…

China currency

EXPLAINER: What you need to know about currency swap between Nigeria, China

Since the currency swap deal was announced by the Central Bank of Nigeria (CBN) on May 3, Nigerians have been going back on forth on conjectures about what the new policy holds for them and the country’s economy. Even before the framework detailing the operational guidelines of the deal finally…

Senator Udoma Udo Udoma

Nigeria records over $6bn capital inflows in first quarter 2018 – Udoma

The Nigerian economy recorded capital inflows valued at over $6 billion in the first quarter of 2018, Minister of Budget and National Planning, Udoma Udoma, has said. The minister who was making a presentation on “Delivering Economic Resilience and Growth” at the Financial Times Nigeria Summit in Lagos, on Thursday,…

Central bank of Nigeria (CBN)

CBN deputy governor resigns

The Central Bank of Nigeria (CBN) deputy governor in charge of Operations, Adebayo Adelabu, will resign his appointment with effect from July 15. Mr Adelabu whose disengagement notice has already been accepted by President Muhammadu Buhari, has indicated interest to join the gubernatorial race in his home state, Oyo. In…

Port Harcourt International Airport

UPDATED: Amaechi’s wife’s aides accused of assaulting airline staff

Judith Amaechi, wife of Minister of Transportation, Chubuike Amaechi, was at the centre of a melee on Saturday at the Port Harcourt International Airport. This occurred when she and her entourage arrived late for boarding an Abuja bound Air Peace Airline flight and thereafter attempted to force it from taking…

Central bank of Nigeria (CBN)

CBN directs banks, BDCs to sell Forex to eligible travellers over the counter

The Central Bank of Nigeria (CBN) on Sunday directed all commercial banks and Bureau de Changes (BDCs) to sell foreign exchange (Forex) to all eligible travelers over the counter, regardless of their customer status. The CBN in a statement on Sunday by its spokesperson, Isaac Okoroafor, said banks and BDCs…

Statistician-General of the Federation and National Bureau of Statistics, DG,, Dr. Yemi Kale (Photo taken by Richard Akinwumi, 2/20/2018)

Why Nigeria is investors’ best destination now — NBS DG

The immediate post-recession period when the fundamentals of the economy are at the early stages of recovery is the best time to invest in Nigeria, the director general, National Bureau of Statistics (NBS), Yemi Kale, has said. Mr Kale, who was speaking at the “Direct Investors’ Summit Nigeria’ organised by…

Nasarawa State University

Nasarawa university produces Nigeria’s ‘first professor of capital markets’

The governing council and Senate of the Nasarawa State University, Keffi, has named Uche Uwaleke as professor of finance & capital markets. By this development, Mr Uwaleke, who is currently Head of Department, Banking & Finance of the University, becomes Nigeria's first professor of capital markets. A statement by the…

Hajj pilgrims

CBN injects additional $100mn Forex to cater for pilgrims

The Central Bank of Nigeria (CBN) on Thursday injected additional $100 million into the foreign exchange market (Forex) barely 24 hours after making available $210 million on Wednesday. The bank said in a statement sent to PREMIUM TIMES that the additional injection of funds was to cater for the personal…

FAAC meeting

Excess Crude Account receives first transfer since Nigeria’s recession

The Federation Accounts Allocation Committee (FAAC) said on Wednesday that members resolved to transfer about N24.5 billion from the revenue for the month in the excess crude account (ECA) -- the first since the country’s economy went into recession two years ago. Federal, State and Local Governments on Wednesday shared…

AfDB Usan

AfDB says it backed African countries in 2017 with $7.7 bn

The African Development Bank (AfDB) said on Thursday it disbursed about $7.7 billion in 2017 towards the pursuit of programmes to effectively support African countries achieve the Sustainable Development Goals (SDGs). The disclosure was contained in a statement sent to PREMIUM TIMES at the end of the end of the…

Electricity Meter

22 firms scale first hurdle in Nigeria electricity meter supply bidding

A total of 22 companies interested in investing in the meter procurement process approved by the Nigerian Electricity Regulatory Commission (NERC) under the Meter Asset Provider (MAP) Regulations 2018 have scaled the first hurdle in the selection process. MAP Regulations is intended to facilitate closure of the wide metering gap…

Kaduna State Governor, Nasir El-Rufai

What Kaduna’s doing to attract investors despite security challenges – El-Rufai

Nasir El-Rufai, the Kaduna State Governor, who described Kaduna as the third largest State in Nigeria in terms of population, has said the administration has in the last three years, attracted more than $500 million worth of foreign direct investments to the state. He said the state was able to…

President Muhammadu Buhari

EXCLUSIVE: Nigeria in big trouble as N2.7 trillion fine threatens collapse of economy

Even as the Nigerian economy is struggling to maintain stability after managing a recovery last year from one of the worst recessions in its history, Nigeria appears to be sitting on a tinderbox that could wipe off a sizeable chunk of its foreign reserves, derail the 2018 budget and plunge…