Business
SON Confiscates 241 Second Hand Tyres
The Standard
Organisation of Nigeria (SON) in Ondo State has confiscated 241 substandard tyres, 49 unregistered gas cylinders, 10 fake mattresses and some electrical products which are not SON-certified.
The State Coordinator of SON, Mr Paul Oke disclosed this to newsmen in Akure on Sunday.
“We recently carried out a special evacuation of materials and products that are dangerous to our society.
“We evacuated from the markets 241 expired tyres known as ‘tokumbo’, 49 unregistered gas cylinders, 10 fake mattresses and some other products such as electric bulbs, pressing irons, cables and television sets,” he said.
Oke noted that the products were seized because they could cause life-lasting harm to the users and the public.
“The seized products are not SON-certified neither are they useful; they can cause life damage to users and the public.
“The gas cylinders are like time bombs which can destroy lives and property within few minutes because they have expired and do not have indication of their manufactures.
“The electrical bulbs can negate the purpose for which the buyers spent their money,” he said.
The state coordinator said that the use of second-hand tyres was a major cause of frequent road accidents in the country.
He advised against the importation of used tyres into the country, saying that Nigeria should not be a dumping ground for used and fake products.
Oke urged Nigerians to patronise goods made in the country and desist from buying cheap and fake products.
He also advised potentials buyers of manufactured goods to check for vital information on the products such as year of manufacture, country of origin, expiry date and whether they were SON-certified.
He further advised that buyers must ask for receipts of what they purchased and if dissatisfied with the quality of such products, could forward their complaints to SON for action.
The state coordinator said that the organisation would not relent until the country’s markets were got rid of fake and substandard goods.
“We need the cooperation of the public. We appeal that people give us information on substandard and fake goods in the markets because we cannot be everywhere all the time,’’ he added.
He said that SON would soon organise a forum for all wholesalers and retailers in the state on quality of wares to display for sale.
Oke said that the corrective measure would help in checking the menace of substandard and fake products in the country.
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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