Business
Bizman Tasks SON On Substandard Products
In order to reduce the influx of substandard goods into the Nigerian market as well as stop local production of same, renowned businessman and chairman of Opobo Coopeartive and Investment Company Limited, Comrade Emeka Sunday John-Africa has called on the Federal Government and the Standard Organisation of Nigeria (SON), among other stakeholders, to ensure the immediate reduction of substandard products flooding the country’s market by introducing an authentic product mark (APM).
John-Africa, who stated this while speaking with The Tide, last Thursday in Opobo Town during an interview, disclosed that such project would certainly reduce closing and faking of genuine products, adding that “APM will definitely complement other measures already in place such as Nigerian Quality Mark (NIS), Nigerian Quality Awards (NQA), among others.
He stated that the federal government in collaboration with organisation should battle against menace of substandard products and make it a ‘never-ending’ assignment because, as he puts it, unscrupulous individuals keep innovating when it comes to manufacturing and importing substandard products.
According to him, “substandard products harm Nigeria’s economy, it closes genuine businesses and investments, cripples industries and leads to job losses. It also weakens competitive advantage.
He, however, called on the President Muhammadu Buhari-led Federal Government and the organisation to embark on aggressive clamp-down on companies and environments indulging in faking substandard products.
John-Africa added that those caught in sabotaging the good activities of government and SON should be arrested, tried and prosecuted, cautioning consumers against the use of products without careful checks and blamed individuals and companies perpetrating the havoc for causing deaths and untold problems to unsuspecting public.
Bethel Sam Toby
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.
