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:

9mobile

ANALYSIS: The many twists, turns fuelling confusion in 9Mobile sale

A preferred bidder has been chosen for the sale of 9Mobile, PREMIUM TIMES has learnt. But this preferred bidder is likely to face several obstacles, including court cases, in buying the troubled telecommunications firm. At the threshold of a possible resolution of the uncertainty on January 12, the Federal High…

How NEITI can help Nigeria recover billions of Naira unremitted revenue – Falana

A constitutional lawyer, Femi Falana, has proffered ways the Nigerian Extractive Industries Transparency Initiative, NEITI, can help recover unremitted revenues due the Nigerian government as highlighted in its oil and gas audit report. Mr. Falana, a Senior Advocate of Nigeria, said the transparency and accountability agency could report indicted companies…

Nigeria’s performance in oil, gas wealth management poor – Report

Nigeria’s performance in the management of the wealth from its natural resources (oil and gas) is rated poor, the latest petroleum sector benchmarking report shows. Details of the 2017 Benchmarking Exercise Report (BER) presented in Abuja by the Nigeria Natural Resource Charter (NNRC) showed two of the 12 precepts covered…

Nigeria announces $2.5bn dual medium term bond issue

The Federal Government on Thursday announced the issuance of a $2.5 billion bond to help reduce the cost of government borrowing. The bond under the government global medium term note programme is also to help maintain Nigeria’s net debt levels. The notes for the issue announced late last night by…

Forensic audit shows massive under-remittances by Nigerian revenue agencies

The National Economic Council, NEC, said on Thursday the final report on the forensic audit of revenue accruals by revenue generating agencies confirmed massive under-remittances to government coffers. The Deputy Governor of Lagos State, Idiat Adebule, who presented the report to NEC did not disclose the exact amount involved. Mrs.…

Fuel Scarcity: Nigerian govt gives mixed signals on possible price increase

Two government officials on Thursday gave diverse indications on what government is considering to resolve the current petrol scarcity. While a state governor who briefed journalists after a meeting presided by Vice President Yemi Osinbajo hinted at a possible price increase, the Minister of State for Petroleum said such was…

Nigerians stuck in queues nationwide as fuel crisis continues

There is no respite in sight for Nigerians as the fuel crisis, which began in November 2017, continued on Thursday. Most filling stations were out of fuel despite claims by the Nigerian National Petroleum Corporation, NNPC, that it increased its allocations to meet growing demands. For instance, NNPC spokesperson, Ndu…

Godwin-Emefiele

Nigeria’s foreign reserves now $42.8 billion — CBN

The Central Bank of Nigeria, CBN, said on Wednesday in Abuja that the country’s foreign reserves has risen to about $42.8 billion. The spokesman of the bank, Isaac Okoroafor, said the country's economy has continued to make significant progress, with inflation figures coming down while the foreign reserves are going…

Buhari sits on own committee report, as Nigerians suffer in fuel queues nationwide

As  the current nationwide fuel supply crisis enters its 13th week, President Muhammadu Buhari appears to be sitting on the report of a committee he constituted to proffer lasting solutions. Despite efforts by the Nigerian National Petroleum Corporation (NNPC) to ensure resolution of the crisis, the scarcity of petroleum products…

Nigeria’s Inflation drops for 13th consecutive month

For the 13th consecutive month since January 2017, Consumer Price Index, CPI, dropped to about 15.13 per cent in January 2018, the National Bureau of Statistics, NBS, said in its latest Inflation Report. The rate was about 15.37 per cent in December 2017, from about 18.72 per cent in January…

ALSCON: BFIG writes Fayemi, threatens legal action over Rusal takeover

BFIGroup has threatened legal actions against the Minister of Mines & Steel Development, Kayode Fayemi, and the Director General, Bureau for Public Enterprises, BPE, Alex Okoh, over their continued defiance of the Supreme Court’s ruling on the Aluminium Smelter Company of Nigeria, ALSCON, Ikot Abasi. The Executive Vice President/General Counsel…

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Nigerians who own property in UK panic over new law

Officials of the Federal Ministry of Finance and the Federal Inland Revenue Service, FIRS, involved in Voluntary Assets and Income Declaration Scheme, VAIDS, said they have been inundated with calls from Nigerians in the United Kingdom seeking to inquire about how the new UK government Unexplained Wealth Orders, UWOs would…

How AfDB is changing perspectives for Africa’s development – Adesina

The new African Economic Outlook by the African Development Bank, AfDB says most African economies, especially the non-resource-rich ones, grew faster than envisaged in 2017. But, the President of the Bank, Akinwunmi Adesina, said at the 2018 Diplomatic Luncheon in Abidjan, Cote D’Ivoire that the Bank’s investments and achievements inspire…

Buhari fails to end worsening fuel scarcity across Nigeria

In what appears the worst fuel crisis in the country in recent history, petrol users in Nigeria have for two months faced an unending scarcity and price hike of the product. The confusion is amid rising prices in filling stations and a Nigerian National Petroleum Corporation, NNPC that seems bereft…

Broadband Infrastructure: NCC approves two new licences for South-east, North-east

The Telecoms sector regulator, the Nigerian Communications Commission, NCC, on Wednesday announced the approval of two additional infrastructure company (Infraco) licences for two operators. The NCC spokesperson, Tony Ojobo said the new licences were approved by the board of the commission to help deepen broadband penetration in the country. The…

pic-10-minister-of-finance-holds-news-conference-on-state-of-the-economy-in-abuja

Govt. committed to spend N1.3 trillion annually on infrastructure- Adeosun

The Federal Government says it is committed to investing about N1.3 trillion annually on capital projects to bridge the infrastructure gap needed to attract investments into the country. The Minister of Finance, Kemi Adeosun, who disclosed this in Abuja on Tuesday said government’s commitment to solving the infrastructure development challenges…

Siting modular refineries in oil, gas free zones will aid investment – Nigerian exporters

Siting modular refineries in the oil and gas free zones would cut investment cost, the Association of Nigerian Exporters, ANE, has suggested. The president of ANE, Sunny Udoh, gave the suggestion in Abuja during his meeting with the managing director of the Oil and Gas Free Zones Authority, OGFZA, Okon…

Abubakar Malami

N170 million Zinox contract scandal: Again, Attorney General moves to take over case

The Attorney General of the Federation, Abubakar Malami, has again begun moves that could lead to the prosecution of top officials of Zinox Group for an alleged N170 million contract fraud. The Company Secretary of Zinox Group and Technology Distributions Limited, TD, Chris Ozims, and a director of TD, Folashade…

Nigeria, others commence exchange of tax information on foreign accounts, property

The Federal Government says it has commenced the exchange of information and data on overseas asset and foreign accounts held by Nigerians abroad. Minister of Finance, Kemi Adeosun, said the exchange under the Automatic Exchange of Tax Information, AETI protocol has since taken off with some foreign governments, particularly the…

MUNIR-GWARZO

Suspended SEC boss spent N1.7 billion on ‘golden handshake’ — Panel

The embattled former Director General of the Securities & Exchange Commission, SEC, Mounir Gwarzo, appears to be in more trouble as fresh allegations emerged Thursday that he spent over N1.7 billion on ‘golden handshake’ to some staff without due process and approval. Also, filings with the Corporate Affairs Commission, CAC…

PROFILE: Meet new CBN deputy governor appointee, Edward Adamu

Penultimate Monday, the first meeting in 2018 of the Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN was aborted. It was the first time in a long while that the meeting would fail to hold. Reason? Available members could not form a quorum. Since then, three appointments…

NEITI laments lawmakers’ poor use of oil, gas industry audit findings

The Nigeria Extractive Industries Transparency Initiative, NEITI on Thursday lamented the National Assembly’s poor use of past findings in its audit reports on the oil and gas industry operations. The NEITI Executive Secretary, Waziri Adio, told members of the House of Representatives’ Committee on Petroleum Upstream on monitoring and oversight…

Director-General-of-Securities-and-Exchange-Commission-Mr-Mounir-Gwarzo

Finance Ministry panel recommends dismissal of suspended SEC boss

An administrative panel of inquiry set up last November to investigate allegations of financial impropriety and abuse of office against the suspended Director-General of the Securities & Exchange Commission, SEC, Mounir Gwarzo, has recommended his immediate dismissal from the public service. A copy of the panel’s report which is to…

Free zone agency outlines areas of partnership with NPA

The Oil & Gas Free Zones Authority, OGFZA said on Monday it was anticipating more reforms and progress in the free zones operations. It added that discussions opened at the weekend with the Nigerian Ports Authority, NPA, on areas of cooperation and collaboration. The Managing director of OGFZA, Okon Umana,…

NCC Headquarters

Nigeria threatens sanctions against telecom operators over ‘call masking’

Telecoms industry operators face threat of severe sanctions, including withdrawal of operational licenses, for alleged “masking of international telephone calls", the Nigerian government has warned. Call masking is a technique that protects buyers' and sellers' personal phone numbers using short-lived phone number, by allowing each party to communicate seamlessly during…