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:

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…

Sahara Group director, Tonye Cole

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…

ExxonMobil used to illustrate the story

Why ExxonMobil sacked spy police officers – Official

ExxonMobil management on Wednesday gave reasons why spy police officers on the company’s employ were terminated shortly after being absorbed in compliance with the recent Supreme Court order. On Friday, July 13, spy policemen working for the company in its operational locations in Lagos, Eket and other places simultaneously staged…

Minister of Trade and Investment, Okechukwu Enelamah

Auto Policy: Dangote Sinotruck to begin local trucks production

Dangote Sinotruck West Africa Limited is to commence the local assembly and production of a full range of commercial vehicles and trucks. A Federal Ministry of Industry, Trade and Investment statement sent to PREMIUM TIMES by Bisi Daniels, the spokesperson to the minister, Okechukwu Enelamah, said on Monday the range…

Intra-African trade: AFREXIMBANK to set-up pan-African payment, settlement platform in 2019

A continental payment and settlement platform for African businesses will become operational in the first quarter of 2019, President, African Export-Import Bank (AFREXIMBANK) announced in Abuja on Monday. Benedict Oramah said the payment platform was one of the bank’s initiatives to eliminate some of the major constraints to intra-African trade.…

Akinwunmi Adesina

AfDB partners AFREXIMBANK to support African small, medium businesses

The African Development Bank (AfDB) is to provide a $500,000 grant under its African Private Sector Assistance (FAPA) programme to support emerging small, medium businesses in Africa. During the recently concluded Annual General Meetings and 25th anniversary celebrations of the African Export-Import Bank (AFREXIMBANK) in Abuja, the bank signed an…

Nigerian oil company, Oando. [Photo credit: Guardian Newspaper]

Oando Crisis: London Tribunal asks Tinubu, Boyo to pay Volpi N208 billion

Amid accusations by aggrieved shareholders of attempts to suppress the report of the ongoing forensic audit of its operation, Oando PLC Chief Executive, Wale Tinubu, and his deputy, Mofe Boyo, have been asked to pay Ansbury Investments Inc. about $680 million (about N207.9 billion @ N305.8/dollar). Ansbury was incorporated in…

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

How to resolve FAAC, NNPC revenue controversy – Finance Commissioners

The Finance Commissioners’ Forum of the Federation Accounts Allocation Committee (FAAC) on Sunday proffered solutions to the lingering crisis in the monthly revenue remittances by the Nigerian National Petroleum Corporation (NNPC). The Chairman of the Forum, Mahmood Yunusa, told reporters in Abuja that members have tabled a proposal for government…

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

Alleged Breach of Contract: U.S. Court rejects Nigeria’s request to cancel N2.7 trillion fine

The District Circuit Court in Washington DC has dismissed Nigeria’s request for it to set aside its $8.9billion arbitration award against Nigeria over alleged breach of contract. The court presided over by Justice Christopher Cooper said the request was denied not only on ground that it was belated, but also…

Minister of Finance, Mrs. Kemi Adeosun (left); President of Dangote Group, Alhaji Aliko Dangote and President of African Development Bank (AFDB), Dr. Akinwunmi Adesina, during the opening ceremony and Annual General Meeting of Afreximbank in Abuja on Saturday, 14th July, 2018.

AFREXIMBANK facilitates $1.4 billion syndicated loans for Dangote, Bank of Industry

African Export-Import Bank (AFREXIMBANK) on Saturday facilitated a $1.4 billion syndicated loan to two Nigerian entities to promote industrialisation and development of small and medium enterprises (SMEs) in the country. The agreement for a $750 million loan was signed by the managing director/CEO, Bank of Industry (BOI), Olukayode Pitan, while President of…