Fintech cybersecurity summit, CIT report … 7 top business news to track this week
Here are the top seven business news you need to track this week – November 28 to December 2.
FINTECH CYBERSECURITY AND FRAUD SUMMIT
The Economic Forum series will hold a fintech summit on cyber security and fraud on Wednesday 30 November 2022.
The summit is tagged; “The role of cyber security in an evolving fintech regulatory digital economy”.
Expected speakers are Isa Pantami, Minister of Communications and Digital Economy, Kashifu Abdullahi, Director General, National Information Technology Development Agency (NITDA), Gbenga Adebayo, Chairman, Association of Licensed Telecom Operators of Nigeria (ALTON), Ade Bajomo, President, Fintech Association of Nigeria, among others.
NBS REPORTS ON CAPITAL IMPORTS, CORPORATE TAX
The National Bureau of Statistics (NBS) is expected to release a report on the country’s capital imports for the third quarter of 2022.
The agency also intends to issue a report on corporate tax in the third quarter of 2022.
REDESIGNED NAIRA NOTES IN THE CITY
Last week, President Muhammadu Buhari unveiled the new currency notes.
The redesigned notes presented to the public are N1000, N500 and N200 – the country’s highest currency denominations.
Godwin Emefiele, Governor of the Central Bank of Nigeria, said the introduction of new notes was a deliberate step by the government to control corruption and counterfeit notes.
He added that the old naira notes will remain legal tender until January 31, 2023.
NIGERIA’S INTEREST IS NOW AT 16.5%
The policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures the interest rate, from 15.1 percent to 16.5 percent to curb rising inflation.
Nigeria’s inflation the rate reached a five-year high of 21.09 percent amid soaring food prices in October 2022.
The committee also maintained the cash reserve ratio (CRR) of 32.5 per cent and the liquidity ratio of 30 per cent.
FUEL SUPPLY WILL BE VARIOUS
The Major Oil Marketers Association of Nigeria (MOMAN) says it is working with the Nigeria National Petroleum Company (NNPC) Limited to improve the distribution of petrol across the country.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had also attributed the surge fuel shortage to unavailability of the product and difficulties in accessing foreign exchange (FX).
Last week, petrol shortages resulted in long queues at petrol stations in Lagos, Ogun and other states as buyers spent hours waiting to buy the item.
Clement Isong, Managing Director of MOMAN, said the association had been holding daily meetings with the downstream management of the NNPC to improve supply.
UNCERTAINTIES IN THE GLOBAL OIL MARKET
The global oil market is experiencing a potential shift, as traders eased demand for crude oil and an oversupplied market in the coming months.
Crude oil futures are also flirting with lows not seen all year as top oil consumer China enters further Covid-19 lockdowns while central banks raise interest rates to fight inflation.
The European Union prohibit on Russian crude oil imports is set to start, as well as plans by the G7 nations to force shippers to comply with a price cap on Russian oil sales.
According to Bloomberg, Russia’s premium grades are just sell for $52 per barrel, meaning the EU’s proposed level of $65-$70 would be unlikely to have the desired effect.
LAGOS SHORTLISTS THREE BIDDERS FOR CONSTRUCTION OF FOURTH Mainland BRIDGE
The Lagos State Government has selected three bidders for the construction of the Fourth Mainland Bridge (FMB).
According to the state government, the shortlisted bidders are Mota-Engil (Nigeria and Africa) CCCC and CRBC Consort; CGGC-CGC joint venture; and the CCECC and CRCCIG Consortium.
