Business
SON Reassures On Fight Against Sub-Standard Tyres
The Standards Organisation of Nigeria (SON), has said that the government would not relent in its efforts to rid the markets of products that were harmful to Nigerians.
Dr Joseph Odumodu, the Director-General of SON, said this when he met with the Ladipo Auto spare-parts dealers’ Central Executive Committee in Lagos.
Odumodu told the committee that the government would not tolerate the sale of sub-standard tyres nor would it allow its taskforce to be molested when carrying out its legitimate duty.
“Government has a responsibility to enforce the law because it cannot put the lives of Nigerians at risk by allowing products that can cause harm.
“For now, we are particular about tyres. Take the report of FRSC, for example, that over 65 per cent of road accidents are caused by sub-standard tyres.a
“We cannot continue to put the lives of Nigerians at risk.
“We are going to all markets across the country. We have been to Lagos, Ibadan, Onitsha, Enugu, and all markets will be visited,” he said.
The President of the Committee, Mr Iyke Animolu, said the committee was ready to collaborate with the organisation to regulate the influx of sub-standard tyres into the market.
“We, on behalf of the traders of Ladipo market, are promising that we will collaborate with the organisation to check the activities of the traders,” Animolu said.
He, however, appealed to SON to nib the importation of sub-standard tyres at the seaports.
“We cannot totally blame the traders, but the ports should be properly sanitised because if these goods are stopped at the ports, how will the traders get them.
“Our traders will be duly educated about this fight against sub-standard tyres and we promise to work with the organisation and the Federal Government,’’ he said.
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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