Business
Fake Products Controversy: SON’s DG Lied – Customs
Nigeria Customs Service (NCS) has described the allegation against it by the Director General of Standard Organisation of Nigeria (SON), as a fabrication.
Reacting to the allegation that customs was responsible for the influx of fake and substandard products into Nigerian markets, the Public Relations Officer of the NCS, Deputy Comptroller Timi Bomodi, said it was diversionary tactics.
In a press statement issued on Friday, Mr Bomodi said the statement by the SON DG, Mallam Farouk Salim, was a lie.
Bomodi stated that there is an existing open channel of communication between officials of SON and Customs Area Commands should the need arise for clarifications or interventions and that its officials usually partake in examinations.
“We want to state that the allegations are untrue. The Nigeria Customs Service is fully cognizant that strategic cooperation among security and regulatory agencies lies at the heart of national security, and willfully works in tandem with other security and regulatory agencies, including SON, to achieve national goals.
“Under the Nigeria Integrated Customs Information System (NICIS II), SON and other regulatory agencies of government are linked directly and frequently make inputs in reference to items of significance to their operations.
“At no time has NCS refused to oblige them with any request. Indeed the Nigeria Customs Service even without intervention from SON on its own directs suspicious items bordering on brand and intellectual property rights infringements to them.
“SON has access to our systems, are informed and fully participates in examinations and even go as far as collecting product samples, where necessary, during examinations for their investigations.
“Even the field inspection process chart on the SON official website shows the involvement of SON at the ports and borders during examinations.
“Therefore, this statement ascribed to the DG creates a totally false narrative and is viewed as an attempt to portray the NCS in a negative light.
“It is questionable, raises serious concerns and calls for scrutiny by discerning members of the public. It is also self-condemning, regrettable and exposes SON as being incapable of living up to its mandate.
“If after issuing certificates, participating in examinations, taking samples for further investigations and authorizing release to the NCS, substandard goods find their way into the open market the DG SON should look inwards.
“While success is said to breed opposition, the success of the NCS is not achieved by tarnishing the image of another agency just to look good or score cheap points. Our nation at this time needs every security and regulatory agency to trust and work as a team for our socio-economic wellbeing.
“We urge the DG SON and his agency not to be self-seeking, leave the path of rivalry and collaborate towards achieving national interest”, Bomodi said
While fielding questions from journalists in Lagos, the SON DG was asked how fake and substandard products find their way into Nigerian markets despite his men partaking in joint cargo examinations with the customs.
By: Nkpemenyie Mcdominic, Lagos
Business
Association Seeks Intervention to Save Domestic Airlines
Business
CBN Reforms Impact Consumers As Dollar Card Spending Limits Rise
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
Business
WEC: FG Inaugurates Governing Board … As Nigeria Rejoins Council
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.
