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

Here are the top seven 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 of NFW2022 is “navigating the next normal: sustainable impact in fintech, e-government and emerging technologies”.

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

SEC TO PUT SUSTAINABLE FINANCE IN FOCUS AT WORLD INVESTOR WEEK 2022

The Securities and Exchange Commission (SEC) will shine a spotlight on 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 run from 24 October to 28 October 2022.

Themed “investor resilience and sustainable finance”, the SEC said the event will be coordinated by the International Organization of Securities Commissions (IOSCO).

CBN TO CELEBRATE FIRST ANNIVERSARY OF ENAIRA LAUNCH

The Central Bank of Nigeria (CBN) will celebrate the first anniversary of the launch of the country’s digital currency, eNaira Tuesday 25 October 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 slated to take place in Lagos.

The event will feature a review of the eNaira implementation journey, one year on; to drive further adoption of eNaira through public engagement; and to facilitate global policy dialogue on 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 will reduce the cost of distributing petroleum products to many parts of the country.

He said the facility’s operation 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 onshore tank farm is currently capable of handling up to 300 million liters of petrol as well as diesel.

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

SHELL CONTINUES OIL EXPORTS AT FORCADOS TERMINAL

Shell Petroleum Development Company (SPDC) says export operations have started at Forcado’s oil terminal.

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

In September, crude oil production fell 937,766 barrels per day (bpd).

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

NIGERIA’S INFLATION RISE TO 20.77% WITH HIGH IMPORT COSTS, FOOD PRICES

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

The last number is highest frequency recorded since 2005.

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

The agency explained that the accelerating inflation rate was likely caused by high food prices, food supply disruptions, increase in import costs due to sustained currency depreciation and a general increase in production costs.

POLARIS BANK APPOINTS NEW BOARD OF DIRECTORS

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

The CBN said SCIL paid an upfront consideration of N50 billion to acquire 100 percent of the equity in Polaris Bank and has accepted the terms of the deal, which includes the full repayment of the sum of N1.305 trillion, which is the consideration bonds that were infused.

Meanwhile, the bank constituted a new board which will be chaired by Muhammad Ahmed, the existing chairman; and Adekunle Sonola, a former CEO of Union Bank, who is now the new Managing Director and Chief Executive Officer (CEO) of Polaris Bank.