OPEC+ meeting, Lagos development plan… 7 top business news to track this week

Here are the seven top business news you need to track this week — October 3 to October 7.

OPEC+ MEETING ON OUTPUT POLICY

The Organisation of Petroleum Exporting Countries and its allies, known as OPEC+, is to hold its 33rd ministerial virtual meeting on October 5 to discuss its oil output policy.

Oil prices jumped on Friday, fortified by a weaker US dollar.

Brent crude climbed 0.69 percent to $87.94 a barrel, while US West Texas Intermediate jumped 0.77 percent to $81.92 a barrel. 

FEMI OTEDOLA’S GEREDU POWER LIST TO NGX MAIN BOARD

Geregu Power Plc to list on the Main Board of the Nigerian Exchange (NGX) by way of introduction.

The listing will be official on October 5, 2022, making the shares of the company available for the public to buy.

IOSCO SIXTH ANNUAL WORLD INVESTOR WEEK 2022

The International Organisation of Securities Commissions (IOSCO) will celebrate the sixth annual World Investor Week (WIW) from 3 to 9 October 2022.

The IOSCO WIW is a week-long global campaign aimed at raising awareness of the importance of investor education and protection. 

Members are to participate in the WIW campaign through other international and regional organisations, as well as local stakeholders with an interest in promoting investor education and investor protection.

EHINGBETTI — 9TH LAGOS ECONOMIC SUMMIT 2022

The Institute of Directors is set to hold a pre-stakeholders engagement ahead of Lagos Economic Summit on Tuesday to discuss the promotion of sustainable growth and development in Lagos state.

Babajide Sanwo-Olu, governor of Lagos, will speak on the 30-year- development plan of the state.

CBN TO MOP UP LIQUIDITY

Last week, the Central Bank of Nigeria (CBN) raised the country’s cash reserve ratio (CRR) from 27.5 percent to 32.5 percent to control inflation levels and liquidity.

It directed all commercial banks to fund their accounts to allow for the mopping-up of liquidity.

NNPC LIMITED ACQUIRES OANDO LICENSEE, OVF ENERGY

The Nigerian National Petroleum Company (NNPC) Limited has acquired OVH Energy, owner and operator of the Oando branded retail service stations.

With this, OVH Energy Oando branded retail service stations will be rebranded into the NNPC brand, and full integration is expected by the end of 2023.

NIGERIAN STATES TO GET $750M CREDIT FACILITY

The World Bank approved a $750 million International Development Association (IDA) credit to support the Nigeria State Action on Business Enabling Reforms (SABER) Program-for-Results.

The Bretton Wood institution said the $750 million IDA credit would help Nigeria accelerate the implementation of critical actions that will improve the business-enabling environment in states.