Nigeria fintech conference, eNaira anniversary… 7 top business stories to track this week

Here are the seven top business news you need to track this week — October 24 to October 28

2022 NIGERIA FINTECH WEEK

The Nigeria fintech week (NFW) 2022 edition is set to hold from October 24 to October 28, 2022.

Players in Nigeria and Africa’s fintech sector will converge in Lagos to discuss crucial issues affecting the fintech ecosystem.

The theme for the NFW2022 is ‘navigating the next normal: sustainable impacts in fintech, e-government and emerging technologies’.

Founders, innovators, funders and regulators, sponsors, partners, participants, exhibitors, advertisers, or speakers are expected at this year’s NFW.

SEC TO SPOTLIGHT SUSTAINABLE FINANCE DURING WORLD INVESTOR WEEK 2022

The Securities and Exchange Commission (SEC) will spotlight issues related to investor resilience and sustainable finance during world investor week 2022.

The event, which will be the 6th edition of the 2022 world investor week (WIW) is scheduled to hold from October 24 to October 28, 2022.

Themed, ‘investor resilience, and sustainable finance’, SEC said the event will be coordinated by the International Organisation of Securities Commissions (IOSCO).

CBN TO CELEBRATE FIRST ANNIVERSARY OF ENAIRA LAUNCH 

The Central Bank of Nigeria (CBN) will commemorate the first anniversary of the launch of the country’s digital currency, eNaira on Tuesday, October 25, 2022.

The digital currency was formally launched by President Muhammadu Buhari at the state house in Abuja on October 25, 2021.

The one-day event/workshop themed ‘leveraging innovation for inclusive growth and development: the eNaira advantage’, is scheduled to take place in Lagos.

The event will feature a review on the eNaira implementation journey, one year after; to drive further adoption of the eNaira through public engagement; and to facilitate global policy dialogue on the CBDC to promote peer learning and benchmarking.

BUHARI INAUGURATES PINNACLE FZE TERMINAL IN LAGOS

President Muhammadu Buhari, on Saturday, inaugurated the Pinnacle Oil and Gas FZE terminal at the Lagos free trade zone in Lekki.

Buhari believes the terminal would reduce the cost of petroleum products distribution to many parts of the country.

He said the facility’s operations would also ease congestion at the Apapa Port area and provide “hundreds of jobs”.

Peter Mbah, chief executive officer (CEO), Pinnacle Oil, said the company’s shore tank farm is currently able to handle up to 300 million litres of petrol as well as diesel.

He said the facility was designed to permit rapid discharge into trucks for evacuation at a rate of up to 20 million litres per day.

SHELL RESUMES OIL EXPORT AT FORCADOS TERMINAL

Shell Petroleum Development Company (SPDC) says export operations have commenced at the Forcados oil terminal.

The Forcados export pipeline, which has the capacity to export over 400,000 barrels of crude per day, was vandalised by crude oil thieves — halting operations at the site.

In September, crude production slumped to 937,766 barrels per day (bpd).

However, with the planned resumption of crude oil exports by end of October, production is expected to return to 1 million barrels per day.

NIGERIA’S INFLATION RISES TO 20.77% AMID HIGH IMPORT COST,  FOOD PRICES

The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.77 percent in September 2022, up from 20.52 percent in the previous month.

The latest figure is the highest rate recorded since 2005.

NBS said the rate is 4.14 percent points higher compared to 16.63 percent recorded in September 2021, indicating an increase (year-on-year) in September 2022.

The bureau explained that the accelerating inflation rate was likely caused by soaring food prices, disruption in the supply of food products, rise in import cost due to the persistent currency depreciation and a general increase in the cost of production.

POLARIS BANK APPOINTS NEW BOARD

The Central Bank of Nigeria (CBN) has completed the sales of Polaris Bank to Strategic Capital Investment Limited (SCIL).

CBN said SCIL paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and has accepted the terms of the agreement, which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.

Meanwhile, the bank constituted a new board which will be led by Muhammad Ahmed, the existing chairman; and Adekunle Sonola, a former executive director at Union Bank, who is now the new executive managing director and chief executive officer (CEO) of Polaris Bank.