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:

Godwin Emefiele

Why we adopted selective protectionism to defend Nigeria’s economy – CBN

The Central Bank of Nigeria (CBN) says the restriction on official foreign exchange for importation of 41 items in 2015 was to reverse the multiple challenges of dwindling foreign reserves, contracting gross domestic product (GDP), curb growing unemployment and protect the economy. The CBN governor, Godwin Emefiele, who stated this…

EFCC operatives

N170m Contract Fraud: EFCC begins trial of suspects

More than five years since an Ibadan-based computer retail firm, Citadel Oracle Concept Limited, began the search for restitution over alleged N170.3 million contract fraud against it, the Economic and Financial Crimes Commission (EFCC) Wednesday arraigned two suspects over the scam. Onny Igbokwe and Princess Kama are members of a…

Crude Oil pipelines

Why Nigeria will remain important player in global oil market — OPEC Rep

Nigeria’s representative in Organization of Petroleum Exporting Countries (OPEC), Mele Kyari, has said the country cannot be ignored in the global oil market due to the growing positive outlook of its oil output. Mr Kyari, who is also the Group General Manager, Crude Oil Marketing Division, Nigerian National Petroleum Corporation…

Bukola Saraki

Saraki prevaricates when asked about slashing NASS budget

The Senate President, Bukola Saraki, on Monday prevaricated when asked a question on possible cut in lawmakers’ jumbo budget to reduce the high cost of governance in the country. Mr Saraki, who was a special guest at the National Assembly Business Environment Roundtable dinner organised as part of the ongoing…

Naira notes

Nigerian economy remains vulnerable — NESG Chairman

Despite the government’s efforts towards economic recovery and growth, the Nigerian economy remains vulnerable, Chairman, Nigerian Economic Summit Group (NESG), Asue Igholdalo, has said. He said this even as President Muhammadu Buhari said Nigerians should find solution to the challenge of grand corruption he said his administration has been battling.…

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

No missing names, govt says; set to start payment of ex-Nigerian Airways staff

The federal government on Sunday said there are no missing names of beneficiaries in the ongoing verification of the liquidated Nigeria Airways Limited (NAL) workers. The supervising Minister of Finance, Zainab Ahmed, said on Thursday while addressing pensioners in Lagos, the account of those verified would be credited with their…

Femi Falana (SAN)

Falana wants Nigerian govt to recover over $100 billion unremitted royalties from oil firms

Constitutional lawyer and Senior Advocate of Nigeria, Femi Falana, on Thursday called on the Federal Government to recover over $100 billion royalties multi-national oil companies failed to remit to the Federation Accounts since 2014. Mr Falana who spoke at the 40th anniversary celebration of the Petroleum and Natural Gas Senior…

African Development Bank

AfDB supports Nigeria’s SMEs, women-owned enterprises with $50 million credit

The African Development Bank (AfDB) on Wednesday approved a $50 million credit to Fidelity Bank Plc to support small and medium sized, and women-owned enterprises in Nigeria. The credit is for selected transformative sectors, including almost 100 SMEs in manufacturing, health, and education. SMEs account for 30 per cent of…

Pic 19. FEC MEETING

Nigerian govt plans leaner 2019 budget – Minister

The federal government on Wednesday said it plans to submit a leaner 2019 budget to the National Assembly before the end of November. The Minister of Budget and National Planning, Udoma Udoma, said this in Abuja at the consultative forum on the medium term expenditure framework (MTEF) and fiscal strategy…

How N630 million loan sets First Bank against Abuja school

It came like an innocent, harmless offer. But looking back now, Francis Nwufoh, the proprietor of an Abuja-based private school, Whiteplains British School, is wishing he never took it. Today, the supposed harmless offer is the subject of a bitter legal battle between Mr Nwufoh and the management of First…

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

FG to pay 50% ex-Nigerian Airways staff benefits from next week – Minister

The Nigerian government on Wednesday said it will pay 50 per cent of entitlements owed ex-staff of the defunct Nigerian Airways in 2018 and pay the balance next year. The finance minister, Zainab Ahmed, revealed this on Wednesday while briefing journalists after the Federal Executive Council (FEC) meeting in Abuja.…

Babatunde Fowler, FIRS Chairman

How technology helped FIRS boost VAT collection by 64% – Official

The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, says Nigeria has been able to raise its revenue from Value Added Tax (VAT) by about 21.5 per cent through the use of technology systems in the last one year. Mr Fowler said the use of technology in the…

Chambers of the Nigerian Senate used to illustrate the story.

UPDATED: NNPC explains ‘subsidy,’ says $1.05bn revolving fund with CBN

The Nigerian National Petroleum Corporation (NNPC) on Tuesday denied having in its custody a $3.5 billion subsidy fund it is managing exclusively without appropriation by the National Assembly. Instead, the NNPC says, $1.05 billion "revolving fund" used to ensure stability in fuel supply is domiciled with the Central Bank of…

Former Governor of Ekiti State, Mr Ayodele Fayose (M) arrives the Economic and Financial Crimes Commission (EFCC) office in Wuse, Abuja on Tuesday (16/10/18). Fayose arrived the EFCC office, wearing a t-shirt with the inscription, ‘EFCC, I am here’. 05029/16/10/2018/Anthony Alabi/NAN

Alleged Corruption: Fayose submits self to EFCC

The Immediate past Ekiti State governor, Ayo Fayose, made good his words to turn himself in to the Economic and Financial Crimes Commission (EFCC) as he reported to the anti-graft agency headquarters in Abuja, 24 hours after exiting office. Mr Fayose made a public show of the action, as he…

NBS

UPDATED: Again, Nigeria’s inflation rises to 11.28% in September – NBS

Nigeria’s consumer price index (CPI), otherwise referred to as inflation rate for goods and services, rose to the highest level since May, at 11.28 percent in September 2018, the National Bureau of Statistic (NBS) has said. The statistics agency, in its latest CPI report published on Tuesday in Abuja, said…

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

Federal Mortgage Bank, Labour, others roll out low-cost houses for workers

The Federal Mortgage Bank of Nigeria (FMBN) has begun construction of the pilot phase of a low-cost housing programme for civil servants nationwide. The Nasarawa State housing site is the first of 14 locations under the pilot phase of the programme initiated in collaboration with the Nigeria Labor Congress (NLC),…

Dana Air

Aviation Strike: Dana Air counts losses

As the strike by aviation workers enters its second day, airline operators have been counting their losses, with thousands of travellers stranded at the airport. The strike began on Wednesday following unresolved dispute between the workers’ unions and Bi-Courtney Aviation Services Limited (BASL), operators of the Murtala Muhammed Airport 2…

Nigerian Economic Summit Group (NESG) on Wednesday named Asue Ighodalo, as its new chairman.

Nigeria Economic Summit Group names new Board Chair

Ahead of its 24th Summit, the board of directors of the Nigerian Economic Summit Group (NESG) on Wednesday named Asue Ighodalo, as its new chairman. Mr Ighodalo will succeed the immediate past chairman of the Board, Kyari Bukar, who resigned from the position recently to pursue his political aspirations. A…

International Monetary Fund (IMF)

IMF reviews Nigeria’s growth projection downwards

The International Monetary Fund (IMF) on Tuesday revised downwards the growth prospects for Nigeria's economy in 2018 from the previous 2.1 per cent to about 1.9 per cent. It also projected Nigeria’s inflation rate to rise to an average of 13.5 per cent in 2019. The Fund gave the projection in…

Oil rig

PIB: How Nigeria can avoid Venezuela’s experience

The Monetary Policy Committee (MPC) sounded the warning during its 120th meeting last week.  The Central Bank of Nigeria (CBN) committee said Nigeria risks slipping into another recession. All key economic fundamentals point in that slippery road. The oil and gas sector, from where 80 per cent of revenue that sustains the economy…

Ahmed Kuru, Managing Director, Asset Management Corporation of Nigeria (AMCON)

Why airline businesses fail in Nigeria – AMCON chief

The Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, says airline business in Nigeria requires stiffer aviation industry regulations to succeed. Mr Kuru attributed the short lifespan of airlines in the country to poor corporate governance in the management of the airlines. The AMCON boss who…

Walter-Onnoghen

How courts can help AMCON recover N5.4 trillion debts – Onnoghen, Bulkachuwa

The Chief Justice of Nigeria, Walter Onnoghen, and the President of the Court of Appeal, Zainab Bulkachuwa, say the Asset Management Corporation of Nigeria (AMCON) can leverage the alternative dispute resolution (ADR) infrastructure in courts in its debt recovery mandate. The two justices’ spoke on Monday in Abuja at the…

Boko Haram

Report blames Boko Haram insurgency, North-east conflicts on poor governance

The conflicts, terror and violence ravaging Nigeria's North-east region are consequences of the failure of government and deficit in governance in the region, the United Nations Development Programme (UNDP) said it its latest National Human Development Report (NHDR). The 94-page report titled, “Achieving Human Development in North East Nigeria”, focused…

NDIC building

Non-performing Loans: Finance Minister wants bank chiefs, directors investigated, prosecuted

The Supervising Minister of Finance, Zainab Ahmed, on Friday expressed serious concerns over the rising incidence of non-performing loans (NPLs) in deposit money banks (DMBs) in the country. Mrs Ahmed urged the financial sector regulating authorities and insurers, the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation…

FIRS Headquarters

Illicit financial flows include tax evasion, avoidance – FIRS

Illicit financial flow is not only when monies are illegally taken out of the country abroad, but also includes when companies and individuals fail to pay appropriate taxes to government, the chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, has said. Speaking at the ongoing inter-ministerial meeting of…