Bassey

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

Posts by Bassey:

AIRTEL office used to illustrate the story. [PHOTO CREDIT: Stackpreneur]

Airtel Africa acquires Intercellular Nigeria spectrum

Airtel Africa on Thursday announced the acquisition of additional spectrum to expand its telecommunications network across Nigeria. The telecoms firm with a presence in 14 countries in the continent said its Nigerian subsidiary, Airtel Networks Limited (Airtel Nigeria) signed an agreement with Intercellular Nigeria Limited to acquire an additional 10…

N170m Fraud: Signature on bank document ‘mechanically imported’- EFCC

The trial of Onny Igbokwe and Princess Kama for fraud continued on Tuesday at the Federal Capital Territory (FCT) High Court in Jabi, Abuja. Mr Igbokwe and Ms Kama are standing trial over allegations made by Benjamin Joseph, the managing director of Citadel Oracle Concepts Limited, an Ibadan-based computer retail…

Bank atm-001

Visa to acquire ‘significant stake’ in Nigeria’s Interswitch

Visa Incorporated says it has concluded plans to acquire a 'significant' stake in a Nigerian payments platform, Interswitch, Reuters quoted the Nigeria-based digital payments firm on Tuesday. The deal which reportedly involves 20 per cent stake valued at about $200 million, would successfully raise the company's global valuation to $1…

High tension electric powerlines

How increased energy demand can grow Africa’s economy – Report

The African economy has the potential to grow fourfold, with energy demands expanding by only 50 per cent, a new report by the International Energy Agency (IEA) said on Tuesday. The report was unveiled as part of activities to mark the first day of the second African Investment Forum in…

Finance minister, Zainab Ahmed. [PHOTO CREDIT: Daily Trust]

Why Finance Bill 2019 is crucial to Nigeria’s economic growth – Finance Minister

The Finance Bill 2019 is crucial to the growth of the Nigerian economy as it would allow the government to realize its annual revenue projections and targets, Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. The bill, which President Muhammadu Buhari presented to the National Assembly on…

EFCC Operatives used to illustrate the story.

Counsel accuses EFCC of withholding evidence in alleged N170 million contract fraud

Lawyers to the petitioner in the alleged N170 million contract fraud against top officials of Zinox Technologies Limited and its subsidiary, Technology Distributions Limited, have again cried out against alleged attempts to compromise the trial of the accused. The case is becoming a litmus test for the anti-corruption posture of…

People with mental conditions chained, abused in Nigeria — Human Rights Watch

Thousands of people with mental health conditions are chained and locked up in various facilities across Nigeria where they face terrible rights abuse, the Human Rights Watch said on Monday in its latest monitoring report. The report said detention, chaining, and violent treatment are pervasive in many settings, including state…

Peter Obi speaking in Lagos at the annual conference of the Guild of Corporate Online Publishers, GOCOP.

How Nigeria can end ‘brain drain’ – Peter Obi

The former governor of Anambra State, Peter Obi, fielded questions at the African Economic Congress in Abuja last week on the theme: “Building the Africa we want.” The former running mate to the Peoples Democratic Party (PDP) presidential candidate in the February 2019 presidential elections spoke on a number of…

Federal Inland Revenue Service ((FIRS) chairman, Babatunde Fowler.

Nigerian govt pays states N157 bn tax arrears

The federal government has settled the N157.35 billion Pay As You Pay (PAYE) tax liabilities owed states by Federal Ministries, Departments and Agencies (MDAs), Chairman, Federal Inland Revenue Service, Tunde Fowler, has said. Mr Fowler said the liabilities covered the period 2002 to 2016. Mr Fowler spoke at the South-east…

Dangote-logo

Six directors of Dangote Flour resign

Six directors of the Dangote Flour Mills PLC have resigned from the board of the company, paving way for a recomposition and appointment of four new members. A regulatory filing with the Nigerian Stock Exchange on Wednesday dated November 4 announced that the Chairman of the Board and non-Executive director,…

Crude Oil pipelines

Nigeria lost $42 billion to crude oil theft in nine years — NEITI

Nigeria lost about $42 billion to crude theft as well as domestic and refined petroleum products losses between 2009 and 2018, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said. In the latest edition of its Policy Brief titled “Stemming the Increasing Cost of Oil Theft to Nigeria” published Wednesday…

GTBank

Court orders GTBank to refund N4.6 million, $3,000 illegal debits to customer

The Federal Capital Territory High Court has ordered Guaranty Trust Bank Plc to reverse funds illegally deducted from the account of one of its customers, Universal Agricultural Empowerment and Development Initiative (UNAEDI). In his ruling on September 25 in suit No. FCT/HC/CV/2306/2017, Justice O.O. Goodluck ordered the bank to refund…

NNPC Towers: P&ID and the Petroleum ministry signed the contract here

First phase of Port Harcourt refinery repairs completed – NNPC

The first phase of the rehabilitation of the Port Harcourt Refinery has been completed, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said. Mr Kyari said at the Town Hall meeting of the staff of the corporation in Abuja on Tuesday that the successful…

Access Bank building

Access Bank announces resignation of Board director

The Board of directors of Access Bank Plc on Tuesday announced the resignation of Ernest Ndukwe as one of its independent non-executive directors with effect from March 31, 2020. In a regulatory filing with the Nigerian Stock Exchange (NSE), the bank said it was informing its shareholders and the general…

Finance minister, Zainab Ahmed. [PHOTO CREDIT: Daily Trust]

Border Closure: Nigeria demands ‘rules-based system’ for ACFTA

Nigeria on Monday demanded the establishment of a rules-based trading system if the African Continental Free Trade Agreement (ACFTA) it signed last July along with 54 countries in Africa is to succeed. The Minister of Finance, Budget and National Planning, Zainab Ahmed, said Nigeria's neighbours must learn to play by…

Buhari signing the amended Bill into law [PHOTO CREDIT: @MBuhari]

UPDATED: Buhari signs law that will significantly increase Nigeria’s oil earnings

President Muhammadu Buhari has signed the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Amendment Bill into law. The law will significantly increase Nigeria's share of earnings earned from oil wells offshore the country. The bill was approved by the National Assembly a fortnight ago and submitted to the…

Managing Director/CEO, MATRIX Group,, Adisa Aliu

INTERVIEW: Why unmonitored borders, fuel subsidy are harmful to Nigerian economy — Matrix Group CEO

The recent closure of the Nigerian borders with its neighbouring countries appears to have recorded positive impacts for the economy, as the Petroleum Products Pricing Regulatory Agency (PPPRA) says the country’s national consumption level of petroleum products dropped by about 30 per cent since the policy began. The Managing Director/CEO,…

Auditor-General of the Federation, Anthony Ayine [Photo Credit: Independent Newspapers Nigeria]

Auditors-General: How absence of enabling law is impeding our work

The absence of an enabling law is impeding the work of the auditing agencies in Nigeria, delegates to the 49th Conference of the Body of Federal and State Auditors-General in Nigeria have said. The Auditor-General for the Federation, Anthony Ayine, also said inadequate independence of the Supreme Audit Institution (SAI)…

MTN

How MTN Nigeria paid billions on professional fees, bad debts, others – Report

The biggest chunk of MTN Nigeria’s operating expenses in 2019 went into payments for professional fees, bad debts and maintenance costs, the company’s latest financial statement has revealed. The statement filed at the Nigerian Stock Exchange on Wednesday showed MTN Nigeria gulped about N36.6 billion as operating expenses against the…

NEITI

Amended petroleum law will bring significant improvement in revenue – NEITI

The recent Deep Offshore and Inland Basin Production Sharing Contract (PSC) Amendment Bill when signed into law will usher in significant improvement in oil revenue for Nigeria, the Nigeria Extractive Industries Transparency Initiative (NEITI) said on Tuesday. The agency commended the presidency and the National Assembly for the speedy manner,…

Chief Operating Officer (Upstream), Bello Rabiu

$62bn Controversy: Why Nigeria could not amend contracts with IOCs — NNPC COO

The recent decision by the Federal Government through the Office of the Attorney General of the Federation and Minister of Justice, Abubakar Malami, to demand from the international joint venture oil companies the payment of $62 billion as arrears of revenue they should have paid based on the terms of…

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

CBN approves N19bn to fund nine cotton processing plants

The Central Bank of Nigeria (CBN) has approved about N19.2 billion to fund the establishment of nine ginneries across the country, the Central Bank of Nigeria Governor, Godwin Emefiele, disclosed on Tuesday. The CBN governor said this at the signing of an Memorandum of Understanding (MoU) with some critical interest…

Nigeria’s cost of oil production is unsustainable – Minister

Nigeria must do all within its powers to reduce the cost of crude oil production to help boost revenue generation for economic growth and national development, the Minister of State for Petroleum Resources, Timipre Slyva, has said. Mr Sylva, who spoke at a seminar on effective cost management in the…

Stanbic IBTC, Unity Bank announce huge profits in nine months

The Stanbic IBTC Group and Unity Bank on Monday sustained the high-profit curve by Nigerian banks in recent times as both financial institutions recorded massive profits in the nine-month financial statements filed with the Nigerian Stock Exchange. Profit and Loss statements, as well as other comprehensive incomes published on Monday,…

Lafarge

Lafarge Africa reports 173% growth in nine months

Lafarge Africa Plc, a subsidiary of LafargeHolcim, a regional dealer in building materials, on Monday announced over 173 per cent profit in its nine months of operations. In its quarterly performance report to the Nigerian Stock Exchange, the company said its operating profit rose from N2.79 billion in the third quarter…