Business
Minister Promises End Of Sub-standard Products
The Minister of State for Trade and Investment, Dr Samuel Ortom, in Abuja on Thursday said that no effort would be spared to rid the country of sub-standard products.
Ortom made the statement when the acting Chairman, Governing Council of the Standards Organisation of Nigeria (SON), Malam Shaibu Abubakar visited him.
He said while many Nigerians had died from using sub-standard products, many more were still losing money from the patronage of the products.
Ortom, a former chairman of the council, said SON would be strengthened to effectively carry out its regulatory functions to ensure that all goods manufactured locally or imported met required standards.
The minister said that the organisation was central to the transformation agenda of the Federal Government.
He expressed satisfaction with the efforts of the new Director-General of SON, Mr. Joseph Odumodu, and his team toward curtailing the circulation of sub-standard goods.
He promised to assist the organisation to succeed in its job, saying: “my doors are open to you anytime, feel free to call on me whenever you like.’’
Earlier, Abubakarhad told the minister that the team was in his office to congratulate him on his new appointment and to tap from his wealth of experience.
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.
