Business
SON Extends Deadlines On Products Standard
The Standard Organisation of Nigeria (SON) yesterday extended the deadline to clear the country of substandard products to August15.
Dr Joseph Odumodu, SON Director-General, disclosed this at a stakeholders meeting at Alaba market in Lagos.
He said that the extension of the deadline followed pleas from traders that the former May 31 deadline for zero tolerance for substandard products be extended.
Odumodu urged the traders to clear their containers at the ports before the deadline, adding that marketers that failed to comply would have their goods confiscated and destroyed.
“We want to have the confidence to say within the next two years that Alaba is the place to get quality products,” he said.
According to him, the only way to curb this menace is to remove unscrupulous people from the system.
He said that marketers would make the business environment in Nigeria to be better if they insisted on importing genuine products.
“We are ready to support people who are willing to trade in genuine products,” he said.
The SON director-general advised importers to insist on buying only goods that met international standards.
“Our core mandate is to protect and safeguard Nigerians from dangerous products,” he said.
Dr Celestine Ezeani, Chairman of Electronics Dealers in the market, had earlier urged SON to give marketers the opportunity to decongest the port of their goods.
Ezeani said that they had spent a lot of money to import the goods.
He said that their dialogue with SON would go a long way in tackling headlong the challenges of substandard goods in Alaba market.
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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