Business
SON Confiscates N150m Substandard Products
The Standards Organisation of Nigeria (SON) has said it confiscated substandard goods worth N150 million in the southwest region in 2016.
The SON Southwest Regional Coordinator, Mrs Oyenike Owoyele, disclosed this in an interview with newsmen the in Osogbo.
Owoyele said that the confiscation was done during operations in Lagos, Ogun, Oyo, Ekiti and Osun States.
She said the confiscated goods included used tyres, electrical appliances and food items.
Owoyele said that SON would not compromise in ensuring quality life through quality assurance and standardisation of products across the country.
She said that importers and manufacturers must adhere to the code of practice and standard for the good of Nigerians.
Owoyele said the manufacturers must comply with the Mandatory Conformity Assessment Programme (MANCAP) put in place by SON to ensure that local products conform to relevant industrial standards.
“Over the years, lack of conformity assessment programme covering all products manufactured in Nigeria has prevented fair competition and distinction between quality and sub-standard products.
“This deprives both genuine manufacturers and consumers the opportunity and value for money for goods and services provided in Nigeria.’’
She appealed to importers and manufacturers in the region and the country at large to always follow approved standards in production and importation.
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.
