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:

Court of Appeal Headquarters

Court stops sacked board from running disputed pension firm

The sacked chairman of the Board of First Guarantee Pension Limited (FGPL), Orlando Ojo, and his Vice, Chidi Duru, cannot continue to run the affairs of the company, the Appeal Court has ruled. Messrs Ojo and Duru, who were removed as directors and members of the Board of Directors of…

NIMC Headquarters in Abuja

National identity number now mandatory for land allocation in Abuja

Those seeking land allocation within the Federal Capital Territory (FCT) now require the National Identification Number (NIN) to be attended to. The Federal Capital Territory Administration (FCTA) has now made it mandatory for NIN to accompany their applications. The Director General, National Identity Management Commission (NIMC) Aliyu Aziz, disclosed this…

UBA

Group lists Globacom, UBA, Dangote, others as Africa integration pioneers

Four Nigerian companies in four key sectors of the economy have been listed among firms pioneering Africa’s integration in 18 countries in the continent. Telecommunications firm, Globacom, led the six African companies driving the amalgamation of economic activities within the continent. The other companies were Dangote Group (among the conglomerates),…

A port used to illustrate the story

Privatization bureau announces preferred bidder for Warri port concession

The Bureau of Public Enterprises (BPE) on Thursday named Ocean & Cargo Terminal Services Limited as the preferred bidder for the concession of Terminal B Warri Old Port in Delta State. The ureau said in a statement sent to PREMIUM TIMES the bidder emerged at the end of financial bids…

The World Bank

World Bank cautions Nigeria, others against Eurobonds

The World Bank on Wednesday warned Nigeria that Eurobonds and other private sector market or sovereign debt instruments can worsen its debt-to-gross domestic product (GDP) ratio. Although the bank noted Nigeria is the only low income commodity producing economy that has maintained public debt below 20 per cent of GDP…

A NIPCO filling station used to illustrate the story on authentic data

It’s Official: Nigeria has no authentic data on petrol consumption

Although Nigeria is Africa's largest oil producer, it is also one of the continent's largest importer of refined petroleum products. However, despite being a net importer of refined petroleum products, including petrol, no Nigerian government agency has the authentic data on the daily petrol consumption in the country, the National…

Oando Crisis: Untold story of shake-up at SEC

The recent shake up in the Securities and Exchange Commission which led to the removal of its acting director-general, Abdul Zubair, had the backing of the presidency, PREMIUM TIMES has learnt. Last Friday, a Federal Ministry of Finance statement in Abuja announced Mr Zubair’s immediate removal as the acting director-general.…

Addax Petroleum workers lock out MD, top officials

Nigeria may lose 30,000 barrels from its daily oil production as workers of Addax Petroleum Development Nigeria Limited, a subsidiary of Addax Petroleum, on Monday began an indefinite strike. The company produces 30,000 barrels of oil from its offshore and onshore locations in Lagos, Port Harcourt, Asaba, Warri, and Izombe…

Minister of Finance, Kemi Adeosun

Oando shareholders want Adeosun sacked

Some Oando Plc shareholders on Sunday demanded the immediate sack of the Minister of Finance, Kemi Adeosun, accusing her of "unwholesome interference in the smooth operation of the capital market." The aggrieved investors also accused Mrs Adeosun of meddling with the functions of the Securities & Exchange Commission (SEC), causing…

NIMC Headquarters in Abuja

ID Card commission threatens to sack staff over delayed pension controversy

Tension now reigns in the National Identity Management Commission (NIMC) as sack threats dangle over some staff who accused the management of diverting their pension and housing funds contributions. The affected workers, mostly from the commission’s headquarters in Abuja, along with others from the outstations in the States, have already…

Minister of Finance, Kemi Adeosun

Why Adeosun removed SEC DG, other top officials

Details emerged late on Friday night why the Minister of Finance, Kemi Adeosun, wielded the big stick and removed the acting Director General, Abdul Zubair, and other top officials of the Securities & Exchange Commission (SEC) from their positions. On Friday, Mary Uduk was appointed as the new acting director…

Result of Oando’s forensic audit out soon – SEC

The Securities and Exchange Commission (SEC) said late on Wednesday night that Nigerians, particularly shareholders of Oando PLC, should expect the release of the primary findings of the forensic audit of the company soon. The statement was coming amid confusion earlier on Wednesday over the sudden lifting of the technical…

Why CBN retained monetary policy rates – Emefiele

The Central Bank of Nigeria (CBN) on Monday said its Monetary Policy Committee (MPC) opted to retain monetary policy rates to rein in inflation and stabilise the economy. Inflation, which is the aggregate cost of goods and services over a period, dropped from a high of over 18 per cent…

Central Bank of Nigeria (CBN)

Nigeria’s foreign reserves hit $47 billion

Nigeria's foreign reserves have continued to grow significantly with latest figures by the Central Bank of Nigeria (CBN) at about $47.37 billion as at April 5. The new figures rose from about $46.2 billion realised at the end of March. The CBN Governor, Godwin Emefiele, announced the new balance in…

Ibe Kachikwu

Subsidy on petrol rises 386% in a month to N1.4 trillion — Kachikwu

The federal government says its annual expenditure on fuel subsidy has risen to over N1.4 trillion. The Minister of State for Petroleum Resources, Ibe Kachikwu, who gave the new figure on Thursday in Abuja described the expenditure as "under-recovery" for supply of petroleum products across the country. The latest figure…

Senator Udoma Udo Udoma

Nigeria ERGP focus labs identifies 59 projects for execution – Udoma

The Nigerian government says it has identified about 59 projects and initiatives for execution under its Economic Recovery and Growth Plan (ERGP). The Minister of Budget and National Planning, Udoma Udoma, said this was made during the three weeks intensive focus lab programme organised by the government as part of…

Monetary Policy Committee wants oil money shared to states curtailed

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Wednesday urged the federal government to check its distribution of oil revenue to states. Rather, the committee said the government should develop a savings culture to provide the needed stability for the economy against future oil price-related…

CBN

CBN retains monetary policy rates

The first meeting of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) ended in Abuja on Wednesday with a resolution by members to retain all monetary policy parameters unchanged. The CBN governor, Godwin Emefiele, told reporters at the end of the meeting that members resolved to keep…

ExxonMobil names Inoyo Vice-Chairman of Nigerian affiliates

ExxonMobil Corporation has named Udom Inoyo as the Executive Vice-Chairman of the board of Mobil Producing Nigeria Unlimited (MPNU) and Esso Exploration and Production Nigeria Limited (EEPNL). ExxonMobil spokesperson, Oge Udeagha, said on Tuesday in Lagos that Mr Inoyo’s appointment took effect from March 19. MPNU is the upstream subsidiary…

Godwin Emefiele

Monetary policy: Experts reject IMF proposal, set agenda for reconstituted committee meeting

Some experts have rejected the International Monetary Fund (IMF) proposal for the Central Bank of Nigeria (CBN) to further tighten the nation's monetary policy rate (MPR). They also set agenda for the first meeting of the reconstituted Monetary Policy Committee (MPC) this year on Tuesday and Wednesday in Abuja. On…

Consumer council opens inquiry on Blue Band ‘spread for bread’ controversy

The Consumer Protection Council said on Sunday it has opened inquiry into the controversy about the safety of Blue Band “Spread for Bread” when subjected to high temperature in boiling water. The council said in a statement sent to PREMIUM TIMES that it was aware of a short demonstration video…

Minister of Finance, Kemi Adeosun

UPDATED: VAIDS: Nigerian govt reviewing requests for extension of deadline — Minister

The federal government is considering requests by some states and the private sector for an extension of compliance deadline for the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS). The tax amnesty programme launched July 2017 by the federal government offered a nine-month window till March 31…

Understanding the African Continental Free Trade Area Agreement

In 2012, the African Heads of State and Governments resolved to establish AfCFTA treaty to create a single continental market for goods and services in member nations of the African Union, with free movement of business persons and investments using a single currency. Consultations and negotiations for establishing the treaty…

Federal, state govts. agree to share N647.4 billion after crucial meeting

The rescheduled meeting of the Federation and Accounts Allocation Committee (FAAC) on Wednesday agreed to share about N647.39 billion for February after its meeting on Tuesday ended in a stalemate. After Tuesday’s meeting, Minister of Finance, Kemi Adeosun, convened an emergency meeting to reconcile issues with the parties. Mrs. Adeosun…

CBN

New CBN deputy governors, MPC members assume duty

The two newly-appointed deputy governors of the Central Bank of Nigeria (CBN), Aisha Ahmad and Edward Adamu, on Wednesday formally assumed duty. They were among the five new top officials of the Bank confirmed last week by the Senate. The others include Adeola Adenikinju, Robert Asogwa and Aliyu Sanusi who…