Bassey

Bassey Udo is Head, Business & Economy desk, PREMIUM TIMES, Nigeria's foremost investigative online newspaper. A widely travelled reporter for over 15 years, with interests in finance, energy, oil, gas & extractive industries. He holds a degree in Communication Arts, University of Uyo and Masters, International Law & Diplomacy, University of Lagos.

Posts by Bassey:

CBN Governor, Godwin Emefiele used to illustrate the story.

CBN ‘on course’ to meet single digit inflation rate next year – Emefiele

The Central Bank of Nigeria, CBN, is on course to realise its target of bringing the country’s inflation rate down to single digits by next year, its governor, Godwin Emefiele, said on Wednesday. The National Bureau of Statistics, NBS, said in its latest Consumer Price Index, CPI, Report for October…

Electricity station used to illustrate the story.

Electricity supply crisis looms, as BPE rejects ‘force majeure’ declared by DISCOs

A crisis looms in the power sector as electricity distribution companies, DISCOS, have declared a ‘force majeure’ over a recent government policy on Eligible Customers Regulations by the Nigerian Electricity Regulatory Commission, NERC. ‘Force majeure’ is usually issued by parties in contract to activate a clause to inform customers that…

GMD NNPC, Maikanti Baru (L) with MD, Chevron Nigeria Ltd, Jeff Ewing shortly after signing an Alternative Financing Agreement to fund the Phase II of the NNPC/CNL Joint Venture (Project Falcon, in London, at the weekend.

NNPC, Chevron JV seal $1.7bn deal to boost crude oil, gas output

The Nigerian National Petroleum Corporation, NNPC and its joint venture partner, Chevron Nigeria Limited, CNL, at the weekend executed the second and final phase of an alternative financing agreement, which the Group Managing Director, Maikanti Baru, said would help increase the country’s crude oil production by about 39,000 barrels per…

Kayode Fayemi

481 govt. licensed mining firms paid royalties in 2015 – NEITI

Only 481 companies operating under government approved mining or quarrying licences paid royalties in 2015, the latest independent audit report of the Nigeria Extractive Industries Transparency Initiative, NEITI, shows. Of the 481 companies, only 42 met the N3 million and above materiality threshold and accounted for over 87 per cent…

Segun Adeniyi

Former Presidential spokesperson apologises over Villa security incident

Former Presidential spokesperson, Segun Adeniyi, has apologised for his Twitter comment after security operatives denied him entry into the Villa for an official event for failing to provide an invitation card. "Given the fact that a story has been generated out of the issue, I want to apologise to the…

President Muhammadu Buhari in one of his trips.

Buhari, Osinbajo to spend over N2.5 billion on cars, travels in 2018

President Muhammadu Buhari plans to spend N1.001 billion on travels in 2018, details of the proposed 2018 budget released by the Budget Office of the Federation show. The amount breaks down to N751.3 million for international travels, and N250.02 million for local travels. The budget shows that another N907 million…

Ajaokuta Steel plant

Ajaokuta belongs to Nigerian govt. despite concession dispute – Official

The Federal Government of Nigeria on Wednesday said the Ajaokuta Steel Company, ASC, and the National Iron Ore Mining Company Limited, NIOMCO, Itakpe, belonged to it despite a deal agreed recently to settle a legal dispute over the plants. After several years in limbo, a deal between the Indian Steel…

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Nigerian govt. revokes resident permits of INTELS’ expatriate staff; gives them two weeks to leave

The federal government on Wednesday revoked the resident permit of expatriate staff of INTELS Nigeria Limited and five other companies for operating without valid license within the country’s Oil and Gas Free Zone. The Nigeria Immigration Service, NIS, named the other affected companies as PRODECO International Limited, West Africa Machinery…

Patience Oniha

EXCLUSIVE: SUKUK funds intact; Why we have not paid contractors – Nigerian govt

Amid speculation that the N100 billion SUKUK Bond raised in September has been diverted, the federal government on Tuesday dismissed such claims as unfounded. The Director General, Debt Management Office, Patience Oniha, who spoke exclusively to PREMUM TIMES in Abuja, said the money was intact in the appropriate account opened…

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

SUKUK Funds: Why disbursement to contractors is delayed – Nigerian govt

The Nigerian government has dismissed as "unfounded" speculations that the N100 billion SUKUK Bond it raised last September had been diverted. The Director General, Debt Management Office, Patience Oniha, who spoke to PREMIUM TIMES in Abuja on Tuesday, said the money is intact at the Central Bank of Nigeria, CBN.…

Udoma

How we’ll fund 2018 budget — Nigerian govt.

The Minister of Budget and National Planning, Udoma Udoma, on Tuesday highlighted the strategies the federal government plans to adopt in funding the 2018 budget. President Muhammadu Buhari had last week presented a N8.6 trillion ‘Budget of Consolidation,’ proposal to a joint session of the National Assembly for approval for the 2018…

Some of the Payroll fraud suspects at the premises of the Federal High Court, Apo, Abuja shortly before they were taken to their prison custody after they were former charged to court on Wednesday

Civil servants allegedly responsible for ghost workers granted bail

The nine suspects accused of profiting from 'ghost workers' have been granted bail. PREMIUM TIMES reported how the suspects were arraigned in Abuja for allegedly being responsible for scores of ghost workers who earned salaries from the federal government. Most of the suspects are civil servants. On Tuesday, Jutice Peter…

President-Muhammadu-Buhari-in-AGH

2018: Nigeria’s biggest budget yet ‘meagre’ compared to Angola, South Africa’s

Amid commendations for its timely submission, experts have identified flaws in the 2018 Budget submitted to the National Assembly by President Muhammadu Buhari on Tuesday. The senior economist, SPM Professionals, Paul Alaje, told PREMIUM TIMES on Wednesday that one of the areas the government did well was its spread of…

Senate President, Bukola Saraki,

Paradise Papers: Document counters Saraki’s claim that he broke no law

The asset declaration form the President of the Senate, Bukola Saraki, filed in 2003 after he became governor has countered the politician's claim that he complied with the Code of Conduct and Tribunal law as far as his Cayman Islands company, Tenia Limited, is concerned. PREMIUM TIMES had reported on Monday…

President Muhammadu Buhari-at-FEC Meeting

2018 Budget: How govt. plans to address debt service imbalance ratio– Buhari

The federal government said it would redress the debt service imbalance ratio in the 2018 budget through improved non-oil revenue generation drive and restructuring of the existing debt portfolio. Presenting the 2018 Budget proposal to the National Assembly on Tuesday, President Muhammadu Buhari said the government was concerned that domestic…

New Prado SUV burns down in Abuja

PHOTOS: New Prado SUV burns down in Abuja

At about 8.30 a.m. on Monday, a brand new Prado SUV caught fire along the highway at a location adjacent to the Federal Secretariat in Abuja. The driver tried to stop the fire without success. For almost half an hour, the vehicle burnt, other drivers went about their businesses. Officials…

Hon. Minister of Power, Works & Housing, Mr Babatunde Fashola, SAN(right), Permanent Secretary, Power, Engr. Louis Edozien(middle) and Vice Chairman, Nigerian Electricity Regulatory Commission, Mr Sanusi Garba(2nd left) during the presentation of the Eligible Customers Regulations 2017 to the Hon. Minister at the Ministry of Power, Works & Housing Headquarters, Mabushi, Abuja on Monday 6th, November 2017.

Fashola gives NERC November deadline to issue electricity metering regulation

The Nigerian Electricity Regulatory Commission, NERC, on Monday received ministerial directive to ensure the process to issue metering regulations for the country's electricity sector was completed before the end of this month. The Minister of Power, Works and Housing, Tunde Fashola, who gave the directive in his office in Abuja, said issuing…

The World Bank

World Bank warns Nigerians of fraudsters seeking ‘processing fees’

The World Bank said on Monday it is not giving out money to individuals to do business and warned members of the public to be wary of fraudsters parading as its representatives and soliciting fees to enlist prospective beneficiaries in a fake scheme. The spokesperson of the bank in Nigeria, Olufunke Olufon,…

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Nigerian govt. auditing tax records of 800,000 public firms, contractors – Adeosun

The tax records of over 800,000 companies, including some government contractors, are currently being audited, the Minister of Finance, Kemi Adeosun, said on Sunday. Mrs. Adeosun who disclosed this in an article said the affected companies included those identified as having never paid taxes before. "This is an unprecedented initiative…

Executive secretary of the Nigerian Investment Promotion Commission, NIPC,, Yewande Sadiku and Chairman FIRS, Tunde Fowler.

Nigerian investment agency to conduct assessment of business incentives

The Nigerian Investment Promotion Commission, NIPC, said it would soon undertake a comprehensive impact assessment of existing incentives to promote investment in the country with a view to determining if they delivered the desired benefits. The Executive secretary of the Commission, Yewande Sadiku, said on Friday in Abuja that the…

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ECOWAS, WTO urge more trade, investment for economic growth

Nigeria, along with other member nations of the Economic Community of West African States, ECOWAS and affiliates and partners of the World Trade Organisation, WTO, on Friday reaffirmed their conviction that trade and investment were “twin engines” and pillars for economic growth, modernization and development of Africa. The reaffirmation was…

World Trade Organisation

Nigeria insists African Union’s free trade drive must succeed

As negotiations for an African continental free trade area, CFTA, move closer to completion by December, Nigeria says the drive must not fail. The CFTA is part of Africa’s plan to promote intra and Inter-regional trade, economic cooperation and partnership in the continent by 2063. Also, negotiations have been on…

WBG-IMF CONFERENCE -1

Nigeria to save N168 billion annually from proposed $5.5 billion loan – Adeosun

The proposed $3 billion (about N1 trillion) debt to be borrowed by the federal government to refinance an existing loan would save the country about N91.65 billion per annum, Minister of Finance, Kemi Adeosun, said on Thursday. The minister explained recently that the debt refinancing plan, which was a major…

Some of the Payroll fraud suspects at the premises of the Federal High Court, Apo, Abuja shortly before they were taken to their prison custody after they were former charged to court on Wednesday

PHOTO STORY: Suspects allegedly responsible for hundreds of ghost workers

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Some of the Payroll fraud suspects at the premises of the Federal High Court, Apo, Abuja shortly before they were taken to their prison custody after they were former charged to court on Wednesday

UPDATED: Ghost Workers: Nigerian govt charges nine suspects

The Economic and Financial Crimes Commission, EFCC on Wednesday arraigned nine suspects for allegedly being responsible for several ghost workers on the payroll of the federal government. The suspects include Usman Dayo, Osuntope Opeyemi, Johnson Adedokun, Ojeido Sylvanus, Oyebode Ayodeji, Florence Dada, Olaolu Dada, Blessing Ejeh and Aderibigbe Taiwo. Many…