Business
SON Seeks To Prosecute Manufacturers, Importers Of Fake Products
The Standards Organisation of Nigeria (SON), says it has forwarded a bill to the National Assembly seeking for powers to prosecute manufacturers and importers of fake and sub-standard goods.
The Director-General of SON, Dr. Joseph Odumodu, made the disclosure in Abuja yesterday.
Odumodu decried the rate at which fake and sub-standard products were brought into the country particularly by foreign nationals.
He noted that sometimes when the manufacturers and importers of these fake goods were apprehended, SON lacked the power to prosecute them.
“So we already have our bill in the National Assembly and we are seeking for increased penalties even up to the level of forfeiture and incarceration.
“Incarceration because we haven’t sent anybody to jail, not to my knowledge, why because we do not have prosecutorial powers.
“If we catch anybody, only the police or the Attorneys-General of the states of the federation have the power to prosecute; so when we catch people we can seize their items, but we hand them over to other agencies to do the prosecution.
“We are the ones who know where it pinches and we know sometimes how bad it is for somebody and sometimes, non-nationals bring in products that can kill Nigerians.
“Some of those people will never do that in their own countries; but we are not able to do anything, so we are seeking those powers to be able to prosecute people, to incarcerate them and take them to jail.’’
Speaking on the circulation of used tyres popularly referred to as “Tokunbo’’ in the country, Odumodu told reporters that SON had so far seized five million of them nationwide in the last four months.
According to him, a survey conducted by SON showed that more than 60 per cent of used tyres in the market are sub-standard.
The director-general said that people who did not own their own vehicles were most at risk, adding that almost all taxi cabs in the country use sub-standard tyres.
He stated that it was against this backdrop that SON embarked on awareness and enlightenment campaign to educate consumers on the date of manufacture (DOT) sign on tyres which states the expiry date and urged them to always look out for the dates before boarding commercial vehicles.
“We did a survey on tyres and we found out that over 60 per cent of tyres that are used in the market were not of the right standards.
“Indeed the people who commute on a daily basis; people who do not own vehicles are most at risk because all the ‘kabu-kabu’, all these taxi cabs, most of them run on used tyres and that was why we started the campaign on DOT, that everybody must be educated.
“And anybody who wants to enter a public transport, you have a right to look at the tyre of the vehicle you want to board and if the DOT tells you that the tyre has expired, you make noise about it.
“In fact the driver can be tried for murder or premeditated murder because if a DOT is XY06, it means that that tyre was manufactured in 2006 and no tyre should last for more than four years, so 2010, that tyre would have expired.
“So far we have removed five million used tyres from circulation. If you know anybody in Lagos, ask them about the Fatai Atere market; that market remains closed up till today. We removed over three million tyres from that market and all of them have been destroyed.’’
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
