Business
Expert Tasks SON, NCS On Quality Imported Electrical Products
Managing Director of Topean Energy Solution Ltd, Lagos, Mr Yomi Kolawole, has urged the Standard Organisation of Nigeria (SON) to minimise the nation’s property loss by standardising imported electrical equipment.
Kolawole also urged the Nigeria Customs Service (NCS) to ensure it collaborated with SON by confiscating such products declared to be substandard.
He told reporters in Lagos yesterday that the rate of importation of substandard electrical equipment was ridiculous.
“It is surprising to know that these substandard electrical materials pass through SON and the NCS before they get to the markets.
“We continue to wonder if all these electrical materials are checked by these enforcement agencies before they get to our markets.
“For example, most of the energy saving bulbs, cables, wire and even some of the transformers in the markets are substandard.
“These government enforcement agencies should ensure regular check on substandard electrical equipment to make sure that they are stopped from entering the markets,” he said.
Kolawole urged the Nigerian Society of Engineers (NSE) to also play a role by ensuring that only standard equipment were used in electrical installations.
He said that there should be an inspectorate body set up by the NSE to make sure that all the equipment used were standard.
The managing director said that if the agencies do their work, the era of substandard electrical equipment would be a thing of the past.
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.

