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:

Nigerian Film Corporation. [PHOTO CREDIT: Facebook page of the Nigerian Film Corporation]

Nigerian Film Corporation signs agreement with French agency

The Nigerian Film Corporation (NFC) has signed a 'cooperation' agreement with the Centre National du Cinema (CNC) and the Moving Image for film production. The agreement was signed on Monday in Abuja between the Managing Director of the NFC, Chidia Maduekwe, on behalf of the Nigerian government, and the Chief…

Mr Atiku established GOTEL Communications after his past media investments collapsed

Former CEO of Atiku’s TV station fights back; denies fleeing with staff salaries

The former Chief Executive Officer GOTEL Communications, John Chiahemen, has debunked accusations that he absconded with the salaries of the workers, including the expatriate staff of the company. GOTEL Communications, which has radio and television arms, is owned by the former Vice President and candidate of the Peoples Democratic Party…

Nigeria's minister of State for Petroleum Resources, Timipreye Sylva,

INTERVIEW: Only negotiations can resolve Nigeria’s $62 billion controversy with IOCs – Sylva

The Minister of State for Petroleum Resources, Timipreye Sylva, held his maiden briefing with journalists on Thursday on the activities of the ministry since his assumption of office. He spoke on various issues including the plan to give Nigerians alternative to petrol as fuel for vehicles, Petroleum Industry Bill and…

Federal Inland Federal Inland Revenue Service (FIRS)Service.

Massive Shake-Up in FIRS, 50 directors affected

A massive shakeup in Nigeria's tax agency, FIRS, is underway with about 50 directors affected. PREMIUM TIMES learnt that about 50 directors, deputy directors, assistant directors and over 100 other staff of the FIRS have been transferred by the new Executive Chairman, Muhammad Namu. Sources at the tax agency said…

ALSCON Plant

ALSCON: BFIG kicks over reversal of order to jail BPE DG

BFIGroup, the preferred bidder approved by the Supreme Court for the Aluminum Smelter Company of Nigeria (ALSCON) has rejected the stay-of-execution of the committal order against the Director-General of the Bureau of Public Enterprises (BPE), Alex Okoh, for contempt and disobedience of the court. Also, BFIG has petitioned the President…

Naira Notes

Nigeria’s debt rises by 2% to N26 trillion — DMO

Nigeria’s total public debt rose above N26.22 trillion as at September 2019, the Debt Management Office (DMO) announced on Friday. The Director-General of the debt management agency, Patience Oniha, disclosed this in Abuja at a media briefing just as denied recent reports that the country’s total debt figure was more…

Minister of Finance Budget and National Planning, Zainab Ahmed

ECO Crisis: Nigeria, other English-speaking countries demand ECOWAS meeting

Nigeria and six other members of the Economic Community of West African States (ECOWAS) on Thursday demanded a crucial extraordinary meeting to discuss the controversial renaming of the CFA Franc as ECO by eight of their counterparts. The demand was contained in a communique issued at the end of a…

FAAC Meeting used to illustrate the story [Photo: Presidency]

Nigerian govt, states, LGs share N717 billion for December

The federal government, the 36 state governments and the 774 local councils, on Thursday, shared about N716 billion as allocation for December 2019. The allocation was announced at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja. Details of the allocation as announced by the Accountant General…

Zainab Ahmad

Accountant-General wrong, new VAT rate commences February 1 – Minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Thursday, contradicted the Accountant General of the Federation, Ahmed Idris, on the effective date for the implementation of the new 7.5 per cent rate for the Value Added Tax (VAT) in the country. On Monday, President Muhammadu Buhari gave…

File photo of Nigeria's President Muhammadu Buhari at the 56th Ordinary session of the Economic Community of West Africa States (ECOWAS)

ECO crisis deepens as Nigeria, other English-speaking countries condemn French-speaking counterparts

Nigeria and five other English-speaking West African countries have condemned the decision of their French-speaking counterparts to unilaterally rename the CFA Franc as ECO by 2020. PREMIUM TIMES reported the decision of the French-speaking ECOWAS members who have the support of France to adopt the change of name. The six…

Ahmed Idris

Nigeria’s new VAT rate kicked off Monday – Accountant General

The new Value Added Tax (VAT) rate of 7.5 per cent took effect immediately the new Finance Act 2019 was signed into law by President Muhammadu Buhari on Monday, the Accountant General of the Federation, Ahmed Idris, has said. Mr Idris, who spoke with journalists in his office in Abuja,…

Minister of Finance Budget and National Planning, Zainab Ahmed

ECO Controversy: Nigeria, six other English-speaking ECOWAS nations hold crucial meeting

Nigeria and six other members of the Economic Community of West African States (ECOWAS) are to meet by Thursday to take a common position on the ECO single currency controversy. The Minister of Finance, Budget and Economic Planning, Zainab Ahmed, disclosed this to PREMIUM TIMES in an exclusive interview in…

Central Bank of Nigeria (CBN)

CBN postpones Monetary Policy Committee meeting

The first meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) for 2020, earlier scheduled for Monday and Tuesday respectively, has been postponed The spokesperson of the CBN, Isaac Okorafor, who announced the shift of the MPC schedule in a statement on Monday, said the…

INTERVIEW: 60% of NEXIM’s strategic plan is to promote intra-African trade – MD

The Nigeria Export-Import bank (NEXIM) is one of Nigeria’s specialized financial institutions dedicated to promoting exports and imports through the provision of credits to small and medium enterprises to grow the economy. Its managing director, Abba Bello, says the bank is fully positioned to take advantage of the opportunities offered…

Corporate Affairs Commission (CAC) Head Office

Buhari appoints new registrar for CAC

President Muhammadu Buhari has appointed Abubakar Garba as the new Registrar General of the Corporate Affairs Commission (CAC). A former Minister of State for Defence, Ademola Seriki, was also appointed as the Chairman of the Board of the Commission, according to a statement of the new appointments posted on the…

Bua-Group-cement-plant-e1441696474535

BUA Cement now listed on Nigerian Stock Exchange

BUA cement company was on Thursday formally listed on the Nigerian Stock Exchange with a market capitalization of over N1.2 trillion. The listing brings to conclusion the merger process between the BUA-owned cement entities, Cement Company of Northern Nigeria and Obu Cement company. With the merger, BUA cement's total output…

Electricity Meter

The new electricity tariffs and percentage hike by NERC for all categories of consumers, 11 DISCOs

The Nigerian Electricity Regulatory Commission (NERC) announced the review of the electricity tariffs in country, which showed increases for all categories of consumers. Although the Commission multi-year tariff order (MYTO) said the review is effective January 1, 2020, the Commission has clarified that the actual effective date for the new…

A transformer used to illustrate the story

Nigerian govt to ‘subsidise’ electricity cost pending new tariffs in April

The federal government will continue to subsidise the gap in electricity cost to consumers pending the adjustment in tariffs announced by the Nigerian Electricity Regulatory Commission (NERC) on Saturday. On Saturday, NERC announced a new multi-year tariff order (MYTO) to supersede the previous one issued since 2015. In its announcement,…

The Director General of the Commission, Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera.

How we’re resolving consumer complaints in Nigeria – FCCPC Director-General

Until recently, the Federal Competition and Consumer Protection Commission (FCCPC) was largely unknown to many. But today, the Director General of the Commission, Babatunde Irukera, in this interview, says the agency has achieved a lot and looks forward to ensuring robust enforcement and wider consumer education in 2020. Mr Irukera…

Electricity Meter

Nigerian govt orders 78% hike in electricity tariffs

The Nigerian Electricity Regulatory Commission (NERC) on Saturday announced the immediate review of electricity tariffs in the country from January 1. The order was issued to the 11 electricity distribution companies (DISCos) on December 31, 2019, but published on the Commission’s website on Saturday. Signed jointly by the Chairman of…

Minister of Finance Budget and National Planning, Zainab Ahmed

SSS arrests alleged mastermind of viral video of Buhari’s fake marriage to two ministers

The State Security Services (SSS), on Friday, arrested the alleged mastermind of a video of the phantom marriage between President Muhammadu Buhari and the Minister of Finance, Budget and National Planning, Zainab Ahmed. The fake video also had a version that depicted the president’s marriage to the Minister of Humanitarian…

Oloibiri Oil Field

ANALYSIS: Nigeria LNG Train 7: Little step with giant global significance

Recently, shareholders and partners in the multi-billion dollar Nigeria LNG sealed the final investment decision to construct the Train 7 expansion project after almost 12 years of delay. BUSINESS EDITOR, BASSEY UDO, who witnessed the event in Abuja describes it as a little step with giant economic implications and global…

Minister of Power, Saleh Mamman (Photo Credit: Pulse)

Power minister speaks on appointment of ex-level 12 official to head electrification agency

President Muhammadu Buhari has the prerogative to appoint anyone he believes can deliver on his official mandate, the Minister of Power, Saleh Mamman, said on Wednesday. The minister was reacting to an exclusive report by PREMIUM TIMES on the controversial appointment by the president of a former mid-level civil servant, Salihijo…

Akinwumi Adesina, President, African Development Bank

AfDB to focus on continental free trade, infrastructure in 2020 – Adesina

The African Development Bank (AfDB) will focus on African Continental Free Trade Area (AfCFTA) as well as investments in infrastructure in 2020, the President of the Bank, Akinwumi Adesina, has said. Mr Adesina, who spoke in Abuja on Tuesday on the bank’s performance in the outgoing year as well as…

Akinwumi Adesina, President, African Development Bank

Regional Integration: AfDB President identifies priorities for ECOWAS

To achieve economic integration in the Economic Communities of West African States (ECOWAS) region, priority should be given to well-integrated monetary and fiscal policies, the President of the African Development Bank (AfDB), Akinwumi Adesina, has said. Mr Adesina who spoke on Tuesday in Abuja at the Presidential Villa said other…