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:

Usman Dakingari

ICPC arraigns former Kebbi governor over alleged N1bn fraud

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Wednesday arraigned the immediate past governor of Kebbi State, Saidu Dakingari, over alleged misapplication of about N1.09billion belonging to the State. The court was told that a former Commissioner of Finance in the state, Mohammed Tunga, who was supposed…

Voters queuing to cast their votes at ward 102, Adereti, Olode village, during the Osun State Governorship Re-run Election on Thursday (27/9/18). 05168/27/9/18/Timothy Adeogodiran/ICE/NAN

Osun Poll: EU, UK, US missions concerned about security agencies’ neutrality in 2019 elections

The European Union, the United Kingdom and the United States missions that monitored the just-concluded Osun governorship elections have expressed concerns over “widespread incidents of interference and intimidation of voters, journalists, and civil society” during the exercise. The missions, in a joint statement issued in Abuja stressed the need for…

President Muhammadu Buhari

Paris Club Debt: Buhari blocks payment of 3rd tranche refund to states

Some states are yet to receive the third tranche of the Paris Club debt refund weeks after the release of the $2.69 billion (about N823.5 billion @ N306.25/$1) balance was approved because the president, Muhammadu Buhari, halted the disbursement, PREMIUM TIMES can authoritatively report. On September 11, the federal ministry…

Babatunde Fashola Photo credit: The Herald News Nigeria

19 firms line up to acquire Afam power, Yola DISCo

About 19 companies have indicated interest to acquire Afam Power Company and Yola Power Distribution Company (YPDC) recently put up for sale by the federal government. The Bureau of Pubic Enterprises (BPE) spokesperson, Amina Tukur, said at the close of the submission of bids for the Expression of Interest (EOIs)…

Ngige addressing journalist in his office

UPDATED: After meeting FG delegation, NLC insists on total strike

A meeting between the federal government and Nigeria’s organised labour unions failed to hold back the indefinite warning strike called by the unions. As a result of the deadlock, the workers said the strike will start at 12:01 a.m on Thursday as scheduled. PREMIUM TIMES earlier reported that the Nigeria…

Central bank of Nigeria (CBN)

Nigeria risks slipping into another recession, MPC warns, suggests solutions

The Monetary Policy Committee (MPC) on Tuesday ended its two-day meeting with a strong warning that Nigeria’s economy risks slipping into another recession if there is no synergy between monetary and fiscal policies to ensure macroeconomic stability. Noting current challenges to growth to include rising inflation and pressure on external…

Babatunde Fowler, FIRS Chairman

FIRS says N12.7bn recovered from billionaire tax evaders in one month

The Federal Inland Revenue Service (FIRS) says it has so far recovered about N12.7 billion tax revenues from billionaire tax evaders since it launched its accounts substitution policy over a month ago. Early this month, Chairman of the service, Tunde Fowler, said about 6772 accounts with balances of between N1…

Skye Bank

Why CBN, NDIC adopted bridge bank option in Skye Bank takeover

The financial sector regulatory authorities decided to adopt the bridge bank option in resolving the Skye Bank crisis to protect depositors' funds and employees in the now defunct bank. The Central Bank of Nigeria (CBN) on Friday approved the revocation of the operating license of Skye Bank, replacing it with…

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

AMCON seeks judges support to recover N5.4trn debts

The attempt by the Asset Management Corporation of Nigeria (AMCON) to recover over N5.4 trillion bad debts would be impossible without judiciary support, Chief Judge of the Federal High Court, Adamu Kafarati, said on Friday. Mr Kafarati was addressing federal high court judges at an interactive session between the National…

NNPC Headquarters, Abuja

NNPC counters Police, denies $470.5 million, N8 billion hidden in banks

The Nigerian National Petroleum Corporation, (NNPC) on Friday dismissed as “misleading” reports the Nigeria police recovered about $470.5 million and N8 billion of its (NNPC) funds hidden in commercial banks in the country. On Thursday, the Force announced the recovered funds belonged to NNPC Brass LNG. The police spokesperson, Jimoh…

Skye Bank

Nigeria’s Central Bank takes over Skye Bank

The Central Bank of Nigeria (CBN) on Friday announced the takeover of Skye Bank. The apex bank also withdrew the operating licence of the bank. Godwin Emefiele, CBN governor, said in consultation with the Nigerian Deposit Insurance Corporation (NDIC), the CBN decided to establish a bridge bank, Polaris Bank, to…

CHEVRON logo used to illustrate the story. [Photo credit: Guardian Nigeria]

Oil workers accuse Chevron of unilaterally sacking contract workers

The national leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Association (PENGASSAN) on Thursday accused Chevron Nigeria’s management of unilaterally sacking thousands of contract workers in defiance of established labour laws. But, the oil firm in a response on Friday, rejected…

9mobile

Why preferred bidder is yet to takeover 9mobile — NCC

The Nigerian Communications Commission (NCC) on Wednesday explained why the preferred bidder for 9mobile, Teleology Technology Limited, is yet to take over the telecom firm. Following series of twists and legal turns in the bid process, Teleology Technology Limited emerged the preferred bidder in February. However, in April, the board…

Minister of State for Budget and National Planning, Zainab Ahmed. [Photo credit: Guardian Nigeria]

Presidency clarifies position of new finance minister

Presidential spokesperson, Femi Adesina, on Wednesday clarified the current status of the former minister of state for budget and national planning, Zainab Ahmed. Last week, President Muhammadu Buhari redeployed Mrs Ahmed to the finance ministry to take over in supervisory capacity following the resignation of the former minister of finance,…

Central Bank of Nigeria (CBN)

Nigerian govt sells stake in security printing firm to CBN for N17 billion

The Federal Government says the sale of 21 per cent of its equity in the Nigerian Security Printing & Minting (NSPM) Plc to the Central Bank of Nigeria (CBN) will yield about N17 billion. The Director General of the Bureau of Public Enterprises (BPE), Alex Okoh, disclosed this in Abuja…

NIMC Headquarters in Abuja

Nigeria may enforce mandatory use of national ID numbers by January 2019

The enforcement of the mandatory use of the National Identification Number (NIN) by all Nigerians might come into full implementation from January 1, 2019. This follows the federal executive council's approval of the immediate implementation of a strategic roadmap for "digital identity ecosystem" in Nigeria. The digital identity ecosystem is…

NNPC TOWERS

AKK Gas Pipeline Project: Consortium battles NNPC over attempt to hijack contract

Two members of the consortium awarded part of the multi-billion dollar Trans-Nigeria Gas Pipeline (TNGP) project have threatened legal actions over alleged attempt by the Nigerian National Petroleum Corporation (NNPC) to sideline them from the execution of the contract. Miles Energy Services Limited and Macready Oil Services Company Limited were…

Kyari-Abba-Bukar

Nigerian Economic Summit Group chairman resigns

The chairman of the board of directors of the Nigerian Economic Summit Group (NESG), Kyari Bukar, has resigned his position. Mr Bukar who announced his resignation on Monday after three years in office, said the decision takes effect immediately. A statement sent to PREMIUM TIMES on Monday said Mr Bukar’s…

Auditor-General of the Federation, Anthony Ayine [Photo Credit: Independent Newspapers Nigeria]

Why Auditor-General’s office is Nigeria’s supreme audit agency – Ayine

The Office of the Auditor-General of the Federation is the supreme audit institution of the federal government because it alone is mandated by the Constitution to audit the accounts of federal ministries, departments and agencies (MDAs). The Auditor-General for the Federation (AuGF), Anthony Ayine, gave this clarification in a statement…

Supervising Minister of Finance, Zainab Ahmed, being received by the Permanent Secretary of the Ministry, Mahmoud Isa-Dutse, shortly on arrival at the Federal Ministry of Finance headquarters to assume duty on Monday.

Supervising finance minister, Zainab Ahmed, assumes duty

The supervising Minister of Finance, Zainab Ahmed, on Monday assumed duty, vowing to work towards greater economic stability of Nigeria. Mrs Ahmed was named on Friday as the successor to Kemi Adeosun, who was forced to resign after she was found to have used a forged National Youth Service Corps…

IMF Managing Director (MD), Christine Lagarde

How low income economies can achieve debt sustainability — IMF Chief

The International Monetary Fund (IMF) on Thursday highlighted three policy priorities to achieve debt sustainability among low-income economies. The managing director of the Fund, Christine Lagarde, said these priorities include being prudent in taking on new debts; focusing more on attracting foreign direct investment, and boosting tax revenues at home.…

MTN

ANALYSIS: MTN’s history of controversies, violation of Nigeria’s laws

MTN Nigeria is steadily, but unconsciously, erecting for itself a notorious reputation for romancing with controversy. It might be a leader in the telecoms sector today (in terms of subscriber base), but since berthing in Nigeria’s shores in 2001, courting controversy has become its second nature. In less than two…

FCT Minister, Mohammed Bello

Abuja Centenary City: Developers to name tower after Buhari

The actual development of the Abuja Centenary City project is about to commence, Chief executive of Centenary City Plc, one of the co-developers of the project, Al-hassan Dantata, announced in Abuja on Tuesday. A special feature of the $18.76 billion city, Mr Dantata said, will be the iconic ‘Buhari Tower’…

Minister of Finance, Kemi Adeosun (Photo Credit: Pulse.ng)

Paris Club Refund: Nigerian govt gives conditions for payment of balance to states

The federal government on Tuesday gave conditions state governments have to meet to qualify for the payment of the balance $2.69 billion (about N823.5 billion @ N306.25/$1) Paris Club loan refund. The Federal Ministry of Finance said in a statement by its spokesperson, Hassan Dodo, said the conditions include that…

NCC Headquarters

Consumer Protection: NCC, CPC launch joint regulatory investigation in telecom sector

The Nigerian Communications Commission (NCC) and the Consumer Protection Council (CPC) on Monday launched a joint regulatory investigation in the telecommunications sector with the aim of protecting the rights of consumers. A joint statement announcing the inauguration of the joint regulatory inquiry said this was an important step to ensure…