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:

Attorney-General of the Federation, Abubakar Malami (Photo Credit: DailyPost)

Alleged Breach of Contract: UK court ‘grants Nigeria’s request to appeal $6.59bn damages’

The Nigerian government says the UK Commercial Court has granted its request for ‘relief from sanction’ over the $6.59 billion award against it by the District Circuit Court in Washington DC for alleged breach of contract. The award issued on March 20, 2013 was in favour of a British engineering firm, Process…

Babatunde Raji Fashola

Deportation: Nigerian govt. to screen foreigners for work permit

The Federal Government will soon begin the enforcement of available immigration laws that allow only foreigners with the requisite residency and work permits to live and work in the country. The Minster of Power, Works and Housing, Babatunde Fashola, disclosed this in Lagos on Thursday in a special event, “BRF…

Muhammadu Buhari [Photo: Presidency]

Why European Commission included Nigeria among 23 ‘dirty money’ blacklist

The European Commission says Nigeria was named in the expanded 23 ‘dirty money’ blacklist released last Wednesday for failing to take steps to strengthen its anti-money laundering and terrorist financing regimes. On February 13, the Commission named Panama, Nigeria and Saudi Arabia as fresh additions to the list of countries…

INEC Chairman, Prof. Mahmood Yakubu (3rd, R); Chief Observer, EU Election Observation Mission Nigeria 2019, Maria Arena (3rd, L); INEC Commissioners and other members of the Mission, during their visit to INEC headquarters in Abuja on Monday (21/1/19). 00706/21/1/2019/Hogan Bassey/BJO/NAN

UN, international observers urge INEC to adhere to new election schedule

The heads of the International Election Observation Missions and the United Nations on Saturday expressed disappointment following the decision of the Independent National Electoral Commission (INEC) to postpone the 2019 general elections. The groups in a joint statement to PREMIUM TIMES urge the INEC to use the new schedule to…

Kaduna State map used to illustrate the story.

‘How 66 people were killed in Kaduna in two days’

PREMIUM TIMES has obtained more details of the attack the Kaduna State government said killed 66 people. The attack occurred on Monday and was a reprisal after an earlier incident that left many dead, a resident said. The details came amid controversy over the accuracy of the details provided by…

ALSCON Plant

ALSCON: How BPE continues to defy Supreme Court order

The Bureau of Public Enterprises (BPE) has announced the Aluminium Smelter Company of Nigeria (ALSCON), Ikot Abasi, in Akwa Ibom State will soon recommence normal operations. The Director-General, Alex Okoh, said in a statement sent to the media on February 2, that the privatisation agency was consulting to resolve critical…

NNPC TOWERS

NNPC takes final decision on new gas field

A step for attaining sufficiency in domestic gas supply was taken by the Nigerian National Petroleum Corporation (NNPC) on Wednesday. The corporation took the Final Investment Decision (FID) on the 4.3 trillion cubic feet Assa North/Ohaji South Fields development. The field located in oil mining lease (OML 21) is operated…

Naira notes

Nigeria recorded 2.38% GDP growth in fourth quarter of 2018

Nigeria’s economy received a positive performance report, with the gross domestic product (GDP) growth at about 2.38 percent in the fourth quarter of 2018, the Nigerian Bureau of Statistics (NBS) said on Tuesday. The growth in real terms (year-on-year) rose from about 1.81 percent in the previous quarter of the…

Cross section of Nigerian governors at the council of state meeting [Photo credit: Femi Adesina's Facebook page]

FAAC disbursements in 2018 highest since 2014 – NEITI

Total disbursements to the three tiers of government by the Federation Allocation Account Committee (FAAC) in 2018 was the third highest since 2013, the latest Nigerian Extractive Industries Transparency Initiative (NEITI) quarterly report has revealed. The report published on Friday in Abuja showed a total of about N8.52 trillion was…

Aliko-Dangote-1062x598

‘How Dangote will end importation of ‘Tokunbo’ cars in Nigeria’

The acting Managing Director/CEO, Dangote Peugeot Automobile Nigeria, Ibrahim Gachi, spoke with the Nigeria Investment Promotion Commission (NIPC) on the return of the car manufacturing company to Nigeria and the automobile industry in general. Excerpts: Q: What’s your view about the return of Peugeot Automobile Nigeria (PAN) to the Nigerian…

Babatunde Fowler, FIRS Chairman

FIRS to tackle 40,000 millionaire tax defaulters

Wealthy tax defaulters who are yet to clear their liabilities with the Federal Inland Revenue Service (FIRS) are in for rough times ahead as the Executive Chairman of the agency, Tunde Fowler, says the agency will go after them in 2019. Mr Fowler said the service will work with security…

Babatunde Fowler, FIRS Chairman

FIRS to pursue 40,000 millionaire tax defaulters, enlists police support

Wealthy tax defaulters who are yet to clear their liabilities with the Federal Inland Revenue Service (FIRS) are in for rough times ahead as the executive chairman of the agency, Tunde Fowler, says it will go after them in 2019. Mr Fowler said the Service will work with security agencies…

Senator Udoma Udo Udoma

Nigeria, India identify possible areas of cooperation

Nigeria and India can benefit from each other through cooperation in transportation, power, infrastructure and agriculture, the Minister of Budget and National Planning, Udoma Udoma, said on Thursday. The minister was speaking when the Indian High Commissioner to Nigeria, Abhay Thakur, visited him in Abuja. Mr Udoma said Nigeria has…

L: Junaid Abdullahi

After PREMIUM TIMES report, BPP queries agency over contract procurement fraud

The raging scandal over the multi-billion contract procurement fraud by the Border Communities Development Agency (BDCA) is yet to abate as the Bureau of Public Procurement (BPP) has queried the agency seeking explanations. The query conveyed in letter No. BPP/S.1/CCM/19/Vol.1/042 and dated January 23, 2019, was signed by Babatunde Kuye…

The Director General of the Consumer Protection Council (CPC), Barr Babatunde Adekunle Irukera

Buhari assents to law promoting consumer confidence, fair pricing – Official

President Muhammadu Buhari on Wednesday gave assent to a law aimed at promoting competition among companies and ensuring protection for consumers and small businesses, an official has said. The Director General, Consumer Protection Council (CPC), Babatunde Irukera, said in a statement sent to PREMIUM TIMES that the new law will…

Nigeria’s Minister of Power, Works and Housing, Babatunde Fashola

ECOWAS, AfDB to build six-lane Accra-Abidjan-Lagos highway

The African Development Bank (AfDB) and the Economic Community Of West African States Commission (ECOWAS) are proposing the construction of a 1,000 kilometres, a six-lane motorway that will connect four major West African capital cities. The cities include Lagos in Nigeria, Accra in Ghana, Lomé in Togo, Cotonou in the…

Oba Adeyeye Ogunwusi

2019: Ooni of Ife drums support for Moghalu

The Kingsley Moghalu’s presidential campaign received a major boost from the 'throne of Oduduwa,' with the Ooni of Ife, Adeyeye Enitan Ogunwusi, expressing strong admiration and support for the Young Progressives Party (YPP) candidate ahead the February 16 presidential elections. “From the throne of Oduduwa, we are proud of you.…

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

Despite high increase, Nigeria’s debt within fiscal limits – Finance Minister

Nigeria’s borrowing is still within acceptable fiscal limits, despite the country’s growing debt level, the Minister of Finance, Zainab Ahmed, has said. As at December 31, 2016, the country’s total public debt, according to the Debt Management Office (DMO), stood at about N17.36 trillion and N57.39 billion. Based on a…

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

FOREX: CBN injects $210m into inter-bank market

The Central Bank of Nigeria (CBN) on Tuesday continued its intervention in the inter-bank foreign exchange market with the injection of another $210 million. The CBN spokesperson, Isaac Okorafor, said the interventions were directed at authorized dealers in the wholesale segment of the market, who received about $100million, while the…

A banking hall [Photo credit: Nigerian Times]

Nigeria had $8.3 billion illicit financial flows in 10 years – Report

South Africa and Nigeria are ranked among 30 countries with the highest incidences of illicit financial outflows (IFFs), latest Global Financial Integrity (GFI) report on Monday showed. The report covers the period between 2006 and 2015. Based on the direction of trade statistics (DOTS) dataset from the IMF for 2015,…

Tankers at a NNPC depot

Infrastructure: NNPC wants African Oil, Gas producers to collaborate

The Nigerian National Petroleum Corporation (NNPC) says only collaboration among African oil and gas producing countries in the development of industry infrastructure will ensure they are competitive on the global stage. The Group Managing Director of the NNPC, Maikanti Baru, who said this in a goodwill message at the opening…

Access Bank building

Access Bank announces shareholders meeting over Diamond acquisition

Pursuant to its planned acquisition of Diamond bank PLC, Access Bank Friday announced the schedule for the court-ordered shareholders meeting for March 5, 2019. The meeting, which all shareholders are expected to attend in Lagos, was ordered on January 24 by Justice O. O. Oguntoyinbo of the Federal High Court,…

I may vie for World Bank Presidency, Okonjo-Iweala says

Nigeria's former finance minister, Ngozi Okonjo-Iweala, says she may join the race for the presidency of the World Bank if she is nominated to vie for the exalted office. Mrs Okonjo-Iweala, a development economist, rose to the position of the Managing Director (Operations) of the Bretton-Wood institution after 25-years. She…

Ahmed Idris

Nigerian govt., States, LGs Share N649.2bn For December

The three tiers of the Nigerian government, consisting of Federal, States and Local Councils, on Friday shared about N649.198 billion as statutory allocations from Federation Account for December 2018. The allocation includes distributable statutory allocation revenue of N547.5 billion; value-added tax (VAT) earning of N100.8 billion, and over N900 million…

President Muhammadu Buhari presents 2019 budget to the National Assembly (Photo Credit: @brytedude on Twitter)

No errors in 2019 budget proposal – Official

The Budget Office of the Federation on Thursday said it was not true that the 2019 Federal Appropriation Bill is fraught with “irreconcilable errors and mistakes.” President Muhammadu Buhari presented the bill to the National Assembly for consideration and approval November last year. The Director-General of the Budget Office, Ben…