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:

Babatunde Fowler, FIRS Chairman

How technology helped FIRS boost VAT collection by 64% – Official

The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, says Nigeria has been able to raise its revenue from Value Added Tax (VAT) by about 21.5 per cent through the use of technology systems in the last one year. Mr Fowler said the use of technology in the…

Chambers of the Nigerian Senate used to illustrate the story.

UPDATED: NNPC explains ‘subsidy,’ says $1.05bn revolving fund with CBN

The Nigerian National Petroleum Corporation (NNPC) on Tuesday denied having in its custody a $3.5 billion subsidy fund it is managing exclusively without appropriation by the National Assembly. Instead, the NNPC says, $1.05 billion "revolving fund" used to ensure stability in fuel supply is domiciled with the Central Bank of…

Former Governor of Ekiti State, Mr Ayodele Fayose (M) arrives the Economic and Financial Crimes Commission (EFCC) office in Wuse, Abuja on Tuesday (16/10/18). Fayose arrived the EFCC office, wearing a t-shirt with the inscription, ‘EFCC, I am here’. 05029/16/10/2018/Anthony Alabi/NAN

Alleged Corruption: Fayose submits self to EFCC

The Immediate past Ekiti State governor, Ayo Fayose, made good his words to turn himself in to the Economic and Financial Crimes Commission (EFCC) as he reported to the anti-graft agency headquarters in Abuja, 24 hours after exiting office. Mr Fayose made a public show of the action, as he…

NBS

UPDATED: Again, Nigeria’s inflation rises to 11.28% in September – NBS

Nigeria’s consumer price index (CPI), otherwise referred to as inflation rate for goods and services, rose to the highest level since May, at 11.28 percent in September 2018, the National Bureau of Statistic (NBS) has said. The statistics agency, in its latest CPI report published on Tuesday in Abuja, said…

Housing Estates used to illustration the story. [Photo credit: The Guardian Nigeria]

Federal Mortgage Bank, Labour, others roll out low-cost houses for workers

The Federal Mortgage Bank of Nigeria (FMBN) has begun construction of the pilot phase of a low-cost housing programme for civil servants nationwide. The Nasarawa State housing site is the first of 14 locations under the pilot phase of the programme initiated in collaboration with the Nigeria Labor Congress (NLC),…

Dana Air

Aviation Strike: Dana Air counts losses

As the strike by aviation workers enters its second day, airline operators have been counting their losses, with thousands of travellers stranded at the airport. The strike began on Wednesday following unresolved dispute between the workers’ unions and Bi-Courtney Aviation Services Limited (BASL), operators of the Murtala Muhammed Airport 2…

Nigerian Economic Summit Group (NESG) on Wednesday named Asue Ighodalo, as its new chairman.

Nigeria Economic Summit Group names new Board Chair

Ahead of its 24th Summit, the board of directors of the Nigerian Economic Summit Group (NESG) on Wednesday named Asue Ighodalo, as its new chairman. Mr Ighodalo will succeed the immediate past chairman of the Board, Kyari Bukar, who resigned from the position recently to pursue his political aspirations. A…

International Monetary Fund (IMF)

IMF reviews Nigeria’s growth projection downwards

The International Monetary Fund (IMF) on Tuesday revised downwards the growth prospects for Nigeria's economy in 2018 from the previous 2.1 per cent to about 1.9 per cent. It also projected Nigeria’s inflation rate to rise to an average of 13.5 per cent in 2019. The Fund gave the projection in…

Oil rig

PIB: How Nigeria can avoid Venezuela’s experience

The Monetary Policy Committee (MPC) sounded the warning during its 120th meeting last week.  The Central Bank of Nigeria (CBN) committee said Nigeria risks slipping into another recession. All key economic fundamentals point in that slippery road. The oil and gas sector, from where 80 per cent of revenue that sustains the economy…

Ahmed Kuru, Managing Director, Asset Management Corporation of Nigeria (AMCON)

Why airline businesses fail in Nigeria – AMCON chief

The Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, says airline business in Nigeria requires stiffer aviation industry regulations to succeed. Mr Kuru attributed the short lifespan of airlines in the country to poor corporate governance in the management of the airlines. The AMCON boss who…

Walter-Onnoghen

How courts can help AMCON recover N5.4 trillion debts – Onnoghen, Bulkachuwa

The Chief Justice of Nigeria, Walter Onnoghen, and the President of the Court of Appeal, Zainab Bulkachuwa, say the Asset Management Corporation of Nigeria (AMCON) can leverage the alternative dispute resolution (ADR) infrastructure in courts in its debt recovery mandate. The two justices’ spoke on Monday in Abuja at the…

Boko Haram

Report blames Boko Haram insurgency, North-east conflicts on poor governance

The conflicts, terror and violence ravaging Nigeria's North-east region are consequences of the failure of government and deficit in governance in the region, the United Nations Development Programme (UNDP) said it its latest National Human Development Report (NHDR). The 94-page report titled, “Achieving Human Development in North East Nigeria”, focused…

NDIC building

Non-performing Loans: Finance Minister wants bank chiefs, directors investigated, prosecuted

The Supervising Minister of Finance, Zainab Ahmed, on Friday expressed serious concerns over the rising incidence of non-performing loans (NPLs) in deposit money banks (DMBs) in the country. Mrs Ahmed urged the financial sector regulating authorities and insurers, the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation…

FIRS Headquarters

Illicit financial flows include tax evasion, avoidance – FIRS

Illicit financial flow is not only when monies are illegally taken out of the country abroad, but also includes when companies and individuals fail to pay appropriate taxes to government, the chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, has said. Speaking at the ongoing inter-ministerial meeting of…

President Thabo Mbeki (standing) addressing participants at the inter-ministerial meeting in Illicit Financial Flows in Abuja on Thursday

Africa’s loss through illicit financial flows rises to $80bn annually – Thabo Mbeki

Africa’s annual loss through illicit financial flows (IFFs) has increased from $50 billion in 2015 to over $80 billion, former South African President, Thabo Mbeki, has said. At the presentation of the report of the Africa Union high level panel on IFFs in 2015, Mr Mbeki, who is also its…

Nigeria Labour Congress (NLC)

ANALYSIS: Intrigues involved in new minimum wage for Nigerian workers

Barely three days after calling out its members on a seven-day nationwide warning strike, Nigeria Labour Congress (NLC) and affiliates on Sunday suspended the strike. National President, Ayuba Wabba, said labour decided to suspend the strike following a “firm and formal invitation” by the federal government to reconvene the tripartite…

Usman Dakingari

ICPC arraigns former Kebbi governor over alleged N1bn fraud

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Wednesday arraigned the immediate past governor of Kebbi State, Saidu Dakingari, over alleged misapplication of about N1.09billion belonging to the State. The court was told that a former Commissioner of Finance in the state, Mohammed Tunga, who was supposed…

Voters queuing to cast their votes at ward 102, Adereti, Olode village, during the Osun State Governorship Re-run Election on Thursday (27/9/18). 05168/27/9/18/Timothy Adeogodiran/ICE/NAN

Osun Poll: EU, UK, US missions concerned about security agencies’ neutrality in 2019 elections

The European Union, the United Kingdom and the United States missions that monitored the just-concluded Osun governorship elections have expressed concerns over “widespread incidents of interference and intimidation of voters, journalists, and civil society” during the exercise. The missions, in a joint statement issued in Abuja stressed the need for…

President Muhammadu Buhari

Paris Club Debt: Buhari blocks payment of 3rd tranche refund to states

Some states are yet to receive the third tranche of the Paris Club debt refund weeks after the release of the $2.69 billion (about N823.5 billion @ N306.25/$1) balance was approved because the president, Muhammadu Buhari, halted the disbursement, PREMIUM TIMES can authoritatively report. On September 11, the federal ministry…

Babatunde Fashola Photo credit: The Herald News Nigeria

19 firms line up to acquire Afam power, Yola DISCo

About 19 companies have indicated interest to acquire Afam Power Company and Yola Power Distribution Company (YPDC) recently put up for sale by the federal government. The Bureau of Pubic Enterprises (BPE) spokesperson, Amina Tukur, said at the close of the submission of bids for the Expression of Interest (EOIs)…

Ngige addressing journalist in his office

UPDATED: After meeting FG delegation, NLC insists on total strike

A meeting between the federal government and Nigeria’s organised labour unions failed to hold back the indefinite warning strike called by the unions. As a result of the deadlock, the workers said the strike will start at 12:01 a.m on Thursday as scheduled. PREMIUM TIMES earlier reported that the Nigeria…

Central bank of Nigeria (CBN)

Nigeria risks slipping into another recession, MPC warns, suggests solutions

The Monetary Policy Committee (MPC) on Tuesday ended its two-day meeting with a strong warning that Nigeria’s economy risks slipping into another recession if there is no synergy between monetary and fiscal policies to ensure macroeconomic stability. Noting current challenges to growth to include rising inflation and pressure on external…

Babatunde Fowler, FIRS Chairman

FIRS says N12.7bn recovered from billionaire tax evaders in one month

The Federal Inland Revenue Service (FIRS) says it has so far recovered about N12.7 billion tax revenues from billionaire tax evaders since it launched its accounts substitution policy over a month ago. Early this month, Chairman of the service, Tunde Fowler, said about 6772 accounts with balances of between N1…

Skye Bank

Why CBN, NDIC adopted bridge bank option in Skye Bank takeover

The financial sector regulatory authorities decided to adopt the bridge bank option in resolving the Skye Bank crisis to protect depositors' funds and employees in the now defunct bank. The Central Bank of Nigeria (CBN) on Friday approved the revocation of the operating license of Skye Bank, replacing it with…

Ahmed Kuru, Managing Director, Asset Management Corporation of Nigeria (AMCON)

AMCON seeks judges support to recover N5.4trn debts

The attempt by the Asset Management Corporation of Nigeria (AMCON) to recover over N5.4 trillion bad debts would be impossible without judiciary support, Chief Judge of the Federal High Court, Adamu Kafarati, said on Friday. Mr Kafarati was addressing federal high court judges at an interactive session between the National…