Business
Reps Slam SON On Cement Grade Policy
The House of Represen
tatives has slammed the Standard Organisation of Nigeria (SON) for failing to conduct due process before announcing new cement grade in the country.
This was contained in the report of the ad-hoc Committee on Public Investigation Hearing on the composition and pigmentation of cement quality in Nigeria, resolution No. (HR27/2014) which was presented to the general Assembly.
The lawmakers pointed out that in the course of the public hearing, SON published in some dailies, a new grading/categorization of cement and uses in the Nigerian market either to pre-empt the outcome of the committee’s assignment or to demonstrate that it was on top of its responsibilities in the regulation of the sector.
The Committee members said the action taken by SON was deemed a step in the right direction but that it was faulted on the grounds that its governing council whose responsibility was to look into cement quality was not properly constituted as in line with section 3 (2) of its Act and process did not comply with the process laid down in section 12 of its enabling Act.
The lawmakers stated further in the report that non of the cases of building collapse in Nigeria which were investigated by relevant independent professional bodies was traced to substandard cement.
“There is therefore no scientific study that has arrived at an empirical conclusion linking any case of building collapse in Nigeria to substandard cement”, they said.
The Governing Council of SON should be properly constituted in line with section 3 (2) of the SON Act and in strict compliance with section 12 of the SON Act which should in the immediate require cement manufacturers in Nigeria to refool and upgrade their production lines to produce the 42 Smpa cement grade within a reasonable time taking into consideration the cost of social dislocation and Article 111.B.15 of the United Nations Guidelines on Consumer Protection, 1999, a protocol to which Nigeria is a signatory”, it further noted.
The House rather recommended that cement manufacturers in the country can reposition their plants within a reasonable time to enable them produce the 42 Smpa grade, which some of them are currently producing to meet the special needs of their customers.
Business
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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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