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:

Chairman of the Federation Account Allocation Committee (FAAC) and Minister of Finance, Mrs. Kemi Adeosun; Director of Home Finance in the Federal Ministry of Finance, Mrs. Olubunmi Siyanbola and the Director of Revenue, Budget Office of the Federation, Mr. Sulaiman Nasidi Tahir, during the FAAC meeting held at the Auditorium of the Federal Ministry of Finance on Thursday, 30th August, 2018.

FAAC shares N715bn for July, prepares new revenue template for NNPC, others

The Federation Accounts Allocation Committee (FAAC) said on Thursday a new revenue reporting template would soon be ready for the Nigerian National Petroleum Corporation (NNPC) and other members of the revenue sharing committee. The committee also agreed to share N715 billion among the three tiers of government for July. The…

MTN Nigeria office

Alleged illegal $8.13billion capital repatriation: MTN rejects CBN sanctions

MTN Nigeria Communications Limited on Thursday rejected the sanction handed down by the Central Bank of Nigeria (CBN) on Wednesday over alleged $8.13 billion (about N2.5 trillion at N306.15 to $) illegally repatriated profits from the country. The telecom firm, in a reaction to the sanctions, which also affected four…

MTN Nigeria office

CBN sanctions MTN, four banks; demands refund of illegally repatriated N3.09 trillion

The Central Bank of Nigeria (CBN) on Wednesday wielded the big stick on mobile telecom firm, MTN Nigeria Communications Limited, and four commercial banks for alleged financial infractions. The CBN’s spokesperson, Isaac Okorafor, in a statement sent to PREMIUM TIMES on Wednesday said the apex bank wrote to MTN Nigeria…

Muhammadu Buhari

Why Buhari withheld assent to PIGB – Presidential aide

President Muhammadu Buhari withheld assent to the harmonised Petroleum Industry Governance Bill (PIGB) for constitutional and legal reasons, the presidential aide on National Assembly Matters, Ita Enang, said on Wednesday. On June 8, the Senate sent to the president for final assent into law the harmonised draft Bill earlier approved…

President-Muhammadu-Buhari speaking

Experts condemn Buhari’s refusal to sign PIB

Advocates of a reformed oil and gas sector in Nigeria have criticised President Muhammadu Buhari for refusing to sign the Petroleum Industry Governance Bill. A financial consultant, Bayo Rotimi, said the decision sent the wrong signal to the international investors. Mr Rotimi was speaking on a Channels TV programme on…

TCN launches three new transformers to boost capacity

The Transmission Company of Nigeria (TCN) has stepped up effort to boost electricity supply in the country with the commissioning of three new transformers in Lagos, Niger and Ekiti States. The projects initiated under its Transmission Rehabilitation and Expansion Programme (TREP) included a 100MVA in Ejigbo; a 60MVA in Bida…

Senator Udoma Udo Udoma

Why Nigeria’s latest GDP dipped – Experts

With latest National Bureau of Statistics (NBS) gross domestic product (GDP) report showing the country’s economic growth declined –0.45 per cent points from 1.95 per cent in the first quarter to about 1.5 per cent in the second quarter, investment and financial experts have given reasons for the development. In…

Senator Udoma Udo Udoma

Non-oil sector growth evidence of Nigeria’s economic recovery — Udoma

About 2.05 per cent growth recorded in the non-oil sector in the second quarter of the year is evidence the Economic Recovery and Growth Plan (ERGP) implementation is yielding positive results, the Minister of Budget and National Planning, Udo Udoma has said. On Monday, the National Bureau of Statistics (NBS)…

DSTV decorder, and other equipments

Multichoice appeals court order, insists on new DSTV, GoTV tariffs

MultiChoice Nigeria said on Friday it filed an appeal against last Monday’s order of the Federal High Court, Abuja stopping it from increasing subscription rates to its cable television services. But, the Consumer Protection Council (CPC) insists the order of the high court stopping implementation of the new tariffs will…

Central bank of Nigeria (CBN)

CBN boosts Forex market with $543m, CNY 63m

The Central Bank of Nigeria (CBN) has boosted the operations of the inter-bank foreign exchange market with about $543.22 million and CNY63.21 million after two days interventions. The bank said in a statement sent to PREMIUM TIMES on Friday that the interventions on Thursday and Friday were in the wholesale…

DSTV decorder, and other equipments

New Tariff: Consumer council moves against DSTV amid growing customers’ complaints

The Consumers Protection Council says it has set up a special channel to check Multichoice Nigeria Limited as more customers allege the DSTV owner is implementing new tariffs despite a court restriction. Days after a Federal High in Abuja restrained Multichoice Nigeria Limited from going ahead with its recent decision…

CBN

CBN unveils terms for long-term credit to agric, manufacturing sectors

The Central Bank of Nigeria (CBN) on Thursday unveiled terms for long-term credits to key sectors of the economy to boost real sector growth. A statement by the bank’s spokesperson, Isaac Okorafor, sent to PREMIUM TIMES, said the financial system regulator resolved to increase the flow of credits to agriculture…

National Assembly

PIGB: How to achieve sustainable peace, inclusive growth in oil communities

As assent to the Petroleum Industry Governance Bill (PIGB) by President Muhammadu Buhari is still pending while a proposal is currently being worked on a Revenue Management Bill to help attain sustainable peace and inclusive growth in the Niger Delta region. Despite various intervention efforts by the federal government to…

Court stops DSTV from increasing subscription fees

A Federal High Court in Abuja on Monday restrained Multichoice Nigeria Limited from going ahead with its recent decision to increase the subscription tariffs for DSTV, its satellite cable television service providers. The restraining order was issued in respect of Suit No FHC/ABJ/CS/894/18 brought before the court by the Consumer…

High tension electric powerlines

Electricity generation firms give conditions to avoid shutdown

Following last week’s warning of an imminent nationwide blackout in the country, electricity generation companies (GENCOs) on Sunday gave conditions the federal government have to meet to avert the complete shutdown of their operations. On Friday, the Executive Secretary, Association of Power Generation Companies (APGC), Joy Ogaji, warned that the…

Minister of Budget and National Planning Senator Udoma Udo Udoma

Minister Udoma explains INEC’s 2019 election budget

The Minister of Budget and National Planning, Udoma Udoma, on Friday shed light on some issues in the 2019 General Election Budget recently submitted by President Muhammadu Buhari to the National Assembly for appropriation. The minister, who appeared before Joint Committee on Independent National Electoral Commission (INEC), confirmed the commission…

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…