Fintech cybersecurity summit, CIT report … 7 top business news to track this week

Here are the seven top 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 cybersecurity and fraud summit on Wednesday, November 30, 2022.

The summit is tagged; “The role of cybersecurity in an evolving fintech regulatory digital economy”.

Expected speakers are Isa Pantami, minister of communication and digital economy, Kashifu Abdullahi, director general, National information technology development agency (NITDA), Gbenga Adebayo, chairman, association of licensed telecoms operators in Nigeria (ALTON), Ade Bajomo, president, Fintech Association of Nigeria, among others.

NBS REPORTS ON CAPITAL IMPORTATION, COMPANY INCOME TAX 

The National Bureau of Statistics (NBS) is expected to release a report on the country’s capital importation for the third quarter of 2022.

The bureau also intends to release a report on company income tax third quarter of 2022.

REDESIGNED NAIRA NOTES IN TOWN

Last week, President Muhammadu Buhari unveiled the new currency notes.

The redesigned notes presented to the public are the N1000, N500 and N200 — the country’s highest currency denominations.

Godwin Emefiele, governor, Central Bank of Nigeria, said the introduction of new notes was a deliberate step by the government to check corruption and counterfeit banknotes.

He added that the old naira notes will remain as legal tender till January 31, 2023.

NIGERIA’S INTEREST RATE IS NOW AT 16.5%

The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 15.1 percent to 16.5 percent to tame rising inflation.

Nigeria’s inflation rate reached a five-year high at 21.09 percent amid soaring food prices in October 2022.

The committee also retained the cash reserve ratio (CRR) at 32.5 percent and the liquidity ratio at 30 percent.

FUEL SCARCITY LINGERS

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.

Also, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had attributed the current petrol scarcity to the unavailability of the product and difficulties in accessing foreign exchange (FX).

Last week, petrol scarcity resulted in long queues at filling stations in Lagos, Ogun, and other states as buyers spent hours waiting to buy the commodity.

Clement Isong, chief executive officer of MOMAN, said the association had been holding daily meetings with the downstream management of NNPC to improve supply.

UNCERTAINTIES IN THE GLOBAL OIL MARKET

The global oil market is experiencing a potential shift, as traders reduced crude demand and an oversupplied market in the coming months.

Also, crude oil futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns while central banks hike interest rates to combat inflation.

The European Union ban on Russian crude 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 only selling for $52 per barrel, meaning the EU’s proposed level of $65-$70 would hardly have the desired effect. 

LAGOS SHORTLISTS THREE BIDDERS FOR THE CONSTRUCTION OF 4TH MAINLAND BRIDGE

The Lagos state government has shortlisted 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 CCECC and CRCCIG Consortium.