Business
Reps To Give SON Legislative Backing Against Substandard Products
The House of Representatives has promised to give the
Standard Organisation of Nigeria (SON) the necessary legislative backing to
tackle the problem of fake and substandard products in the country
Rep. Mohammed Ogoshi, the Chairman House Committee on
Industries, gave the assurance in Abuja when he led the members of the
committee on an oversight function to the agency.
Ogoshi, who commended SON for the crusade against fake,
substandard products and services in the country said: “we are going to give
you every support you need to deliver your mandate’’.
He, however, charged the organisation to embark on effective
education to enable the consumers to have more understanding on the implication
of purchasing substandard products.
The chairman said if the consumers were able to identify
substandard products and know the danger inherent in its usage, such a person
would be saved from being a victim.
Mr Joseph Odumodu, the SON’s Director-General, had earlier
solicited for a legal framework to enable the organisation to carry out
effective enforcement.
Odumodu expressed regrets that lack of strong legal
structure had not allowed the agency to prosecute the manufacturers, importers
or distributors of fake and substandard products in the country.
The director-general acknowledged President Goodluck
Jonathan interest in improving the economy through the checking of substandard
products.
He also said the SON would achieve better results with more
funding, pointing out that it needed N10 billion for the first phase of modern
laboratory facilities to fast-track its operation.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
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