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:

Lamp in Darkness used to illustrate the story

Nationwide blackout looms as GENCos warn power plants may shut down

Nigerians risk nationwide blackout as electricity generating companies (GENCOs) on Thursday issued notice of an impending shutdown of their power plants. The Executive Secretary, Association of Power Generation Companies (APGC), Joy Ogaji, who issued the notice sent to PREMIUM TIMES, did not say when the shutdown of the power plants…

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

Nigeria borrows N410bn for capital projects in 2018 Budget – DMO

The federal government sourced about N410 billion funding from the domestic financial market to finance the 2018 capital budget, the Debt Management Office (DMO) said on Tuesday. About $3 billion was raised through Eurobond to refinance maturing domestic debts as part of the debt management strategy to replace high-cost domestic…

Babatunde Raji Fashola

Nigerian govt, DISCOs differ on responsibility of supplying meters

The Minister of Power, Works and Housing, Babatunde Fashola, on Monday reminded electricity distribution companies (DISCOs) that despite government’s intervention to help bridge the metering gap in the country, the responsibility to supply meters to electricity consumers remained their contractual obligation. On Saturday, the Executive Director, Research & Advocacy, Association…

NEITI Logo

NEITI audits: National Assembly  to constitute parliamentary forum

An Extractive Industries Transparency Initiative (EITI) parliamentary group is to be established by the National Assembly as part of efforts to address remedial issues in the Nigerian EITI audit reports. The Executive Secretary of NEITI, Waziri Adio said the new group is expected to draw membership from relevant oil and…

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

Federal Mortgage Bank approves 3,000 housing scheme for workers

The Board of the Federal Mortgage Bank of Nigeria (FMBN) has approved the implementation of a new Rent-To-Own Housing Scheme aimed at making home ownership more accessible and affordable for Nigerian workers. The Bank said the scheme would provide an easy and convenient payment plan to help workers own their…

Central bank of Nigeria (CBN)

FOREX: CBN injects $327m into retail market

The Central Bank of Nigeria (CBN), on Friday, injected another $327.4 million into the inter-bank retail secondary market intervention sales. This is in addition to about CNY69.701million (Chinese Yuan) in the spot and short-tenored forwards in the market. The CBN said he US dollar-denominated interventions were only for concerns in…

Managing Director, Nigerian Sovereign Investments Authority, NSIA, Uche Orji

Nigeria’s sovereign wealth agency transfers $417.5m to electricity bulk trader

The Nigeria Sovereign Investment Authority (NSIA) on Thursday said it paid about $417.46 million to the country’s electricity bulk trader, the Nigeria Bulk Energy Trading Company Plc (NBET). This, it said, is contrary to allegations by the Association of Electricity Distributors Investors (AEDI) and the Association of Nigerian Electricity Distributors…

9mobile

NCC orders fresh due diligence on preferred bidder  for 9Mobile

Confusion has again hit the bid for 9Mobile as the communications sector regulator, Nigerian Communications Commission (NCC), Wednesday said it had ordered fresh due diligence on the preferred bidder selected for the telecom firm. Last April, Teleology Holdings Limited emerged as the preferred bidder for the troubled telecom company and Smile Telecoms Holdings…

FIRS Headquarters

Procurement bureau integrates database with FIRS, CAC, other agencies

The Bureau for Public Procurement (BPP) says it has upgraded its processes and operations by integrating its contractors’ national database with that of the Federal Inland Revenue Service (FIRS), Corporate Affairs Commission (CAC) and other government agencies. The Director-General of the bureau, Mamman Ahmadu, said this was aimed at fighting…

Vice President, Yemi Osinbajo

What Nigeria must do to achieve target on ease of doing business – Official

The Presidential Enabling Business Environment Council (PEBEC) says Nigeria has to improve its World Bank Ease of Doing Business index ranking by 45 places over the next two years to achieve its goal of attaining the top 100 by 2020. In 2017, the World Bank report said Nigeria was one…

Some of the protesting Onne youth

Onne youth protest alleged planned relocation of Shell base to Lagos

Amid denials by Shell Nigeria Exploration & Production Company (SNEPCo), Onne Youth Council (OYC) on Tuesday staged a peaceful protest to the company urging it to 'rescind' its alleged plan to relocate its supply base from Onne to Lagos. Last Thursday, supposed workers of the company in a statement circulated…

Central Bank of Nigeria (CBN)

FOREX: Again, CBN intervenes with $210m

The Central Bank of Nigeria (CBN) on Tuesday said it injected $210million into the inter-bank foreign exchange market to ensure availability of foreign exchange. The intervention is also to help meet customers’ requests in various segments of the market, the CBN spokesperson, Isaac Okorafor said. In a statement sent to…

Ismaeel Ahmed

INTERVIEW: How Buhari, Osinbajo conceived N-Power, school feeding, other SIPs- Presidential aide

The Nigerian government’s Strategic Intervention Programme (SIP) was aimed at giving the present administration a channel to reach and touch the lives of the most vulnerable people in society. The Senior Special Assistant to the President on SIP, Ismaeel Ahmed, explains to PREMIUM TIMES’ BASSEY UDO and IFEOLUWA ADEYEMO, in…

Babatunde Raji Fashola

Electricity distributors attack Fashola, say minister more interested in ‘over-priced contracts’

Electricity distribution companies (DISCOs) on Tuesday accused the power ministry of being more interested in awarding “over-priced, misguided contracts” than bridge the over N1.3 trillion tariff gap in the industry The Association of Electricity Distributors Investors and the Association of Nigerian Electricity Distributors (ANED) in a joint media briefing accused government of reneging on…

Oil rig

PIB delay ‘costing Nigeria competitive advantage’

Nigeria, Africa's leading producer of hydrocarbon, is fast losing her competitive advantage, as the long delay in the passage of the Petroleum Industry Bill (PIB), analysts have said. Participants in a one-day roundtable on PIB organised by the Nigeria Natural Resource Charter (NNRC) in Abuja said the absence of the…

Pic.4. FAAC meeting concluded in Abuja, FG, States, LGs share N647.39bn

Buhari intervenes on solution for FAAC revenue sharing controversy 

The Nigerian National Petroleum Corporation (NNPC) and the Federation Accounts Allocation Committee (FAAC) are to agree on a revised template for remittance of revenue to the Federation Account. The Minister of Finance, Kemi Adeosun, said on Friday in Abuja that the current template by the NNPC has been a source…

Nigeria Air

How Nigeria Air will be financed — Infrastructure Commission

The newly established national carrier, Nigeria Air Limited, will be financed through a mix of government budgetary provision, private equity debt arrangement and finance syndication from a consortium of regional and international banks, PREMIUM TIMES has learnt. The Infrastructure Concession Regulatory Commission (ICRC), the government agency handling the process towards…

The Director General, Bureau of Public Enterprises (BPE), Alex Okoh

Why Nigeria’s power privatisation hasn’t achieved full objective — BPE boss

The privatisation of the power sector was meant to break the control of electricity generation and distribution from government, to ensure adequate, regular and stable supply of electricity to the consumer at a reasonable cost. But, since the unbundling of the sector and transfer of ownership to private sector operators,…

The Ministry of Justice official has been named in a fraud case involving Zinox

Nigerian official accused of encouraging multi-million naira fraud elected into African court

Despite a N1 billion suit against her for allegedly conspiring to subvert the trial of suspects in a multi-million naira contract scam involving Zinox officials, Stella Anukam was earlier this month named as one of 11 new Judges appointed for the African Court on Human & People’s Rights. The News…

Central bank of Nigeria (CBN)

CBN plans incentives to boost credits to manufacturing, agric sectors

The Central Bank of Nigeria (CBN) is to implement a special cash reserves requirement (CRR) regime that would encourage Deposit Money Banks to direct long term bank credits to the manufacturing and agricultural sectors of the economy. The CBN governor, Godwin Emefiele, said this at the media briefing at the…

Ayo Teriba, Vice Chairman, Technical Committee of the National Council on Privatisation

Nigeria must privatise more assets – Economist

Nigeria must urgently consider privatising her redundant assets to raise the required funds to grow the economy and ensure stability, Vice Chairman, Technical Committee of the National Council on Privatisation, Ayo Teriba, said. Mr Teriba, a professor of Economics, who is also the Chief Executive Officer of Economic Associates, said…

World Bank appoints Nigerian into advisory council

The World Bank Group has appointed the Executive Director and Co-Founder of Sahara Group, Tonye Cole, into its Expert Advisory Council on citizen engagement. The council was established in 2014 to guide the development and implementation of the Strategic Framework for Mainstreaming Citizen Engagement in the Bank’s operations. The strategic…

Babatunde Raji Fashola

Fashola, electricity distribution firms trade blames over poor performance

The Minister of Power, Works and Housing, Babatunde Fashola, and Electricity Distribution Companies (DISCOs) on Sunday continued to trade blames over the poor performance of the electricity sector. On Friday, the minister told reporters the Association of Nigerian Electricity Distributors (ANED) was sabotaging the country’s economy by refusing to carry…

Central Bank of Nigeria (CBN)

Nigeria’s Central Bank commences sale of Chinese Yuan

The Central Bank of Nigeria (CBN) on Friday commenced sale of foreign exchange in Chinese Yuan (CNY). The exercise marks the formal take-off of the Bilateral Currency Swap Agreement (BCSA) the bank signed on April 27, 2018 with the People’s Bank of China (PBoC). A statement by the CBN spokesperson,…

Minister of Finance, Kemi Adeosun (Photo Credit: adelove.com)

Amidst FAAC controversy, finance ministry announces sharing of N669bn

The Federation Account Allocation Committee (FAAC) has released about N668.9 billion to the three tiers of government. The committee said the release is for salaries to cushion the impact of the stalemate in the June 2018 revenue sharing meeting. The FAAC meeting last June ended in a deadlock without members…