Business

Strict adherence to standards vital for Nigeria’s global competitiveness, says SON DG

Published

4 years ago

July 12, 2022

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The Standards Organisation of Nigeria (SON) has said that locally produced goods must adhere strictly to standards to be competitive globally.

The Director General of SON, Malam Farouk Salim, stated this at the flag off of a campaign tagged “Standardisation; Panacea for economic growth” in Enugu. (When?).

The SON boss said that adhering strictly to standardisation and quality assurance would make Nigerian products and services more acceptable at the international market.

Salim, who was represented by the Director South-East Operations of SON, Mr Fred Akingbesote, noted that when all products and services conform to standards, the country and her people would benefit tremendously from it.

He explained that there was standard for every product or service, adding that upholding standardisation even in service industry of hospitality, tourism and hotel would create international markets and patronage for such services.

The SON boss said standardisation would also lead to cost reduction, less effort on production, strengthen brands and make it convenient and easy for customers to recognise and pick quality products and services.

“If you see any product with SONCAP certification logo, rest assured that you have got a product with quality and satisfaction guaranteed.
“It provides a company with a competitive edge in the market. “Manufacturers and service providers need to ensure that their products and services meet the right specifications and deliver on their customers’ expectations.
“When a company assesses its products and services in accordance with relevant standards, this helps the company to adapt to the latest market trends regarding quality.

“And avoid the costs related to product returns, buyer complaints, and loss of goodwill in local, regional, and international markets,” the SON DG said.

Earlier, the Senior Special Assistant (SSA) to the SON DG, Chief Duru Emeka, who doubles as coordinator of the sensitisation, said it was part of the agency efforts to take culture of standardisation to the grassroots.

“Once the people in rural areas imbibed standardisation as a way of life, the fight against influx of substandard products is almost won.

“We need collaborative efforts to tackle the menace,” he said.
Duru said that Nigerian products were produced in line with international best practices and enjoy global competitiveness in line with the organisation’s quality infrastructure strategy under the able leadership of Mallam Farouk Salim.

“This will reduce the rejection of some of our products at export market, increase industrialisation and wealth creation,” Duru said
Duru subsequently urged the participants to consider the sensitisation workshop as an opportunity to broaden their scope saying, Enugu is the first to benefit from this particular sensitisation series.

He charged stakeholders to remain committed and focused on ensuring standardisation at all times.
The stakeholders in the manufacturing, consumption, service and allied businesses commended SON for the workshop.
The stakeholders also urged the organisation to extend its services to the grassroots.

They were of the view that once the message of standardisation is achieved even at the local communities, it would in turn have a positive socio-economic effect on the country in general.

The Permanent Secretary, Enugu State Ministry of Commerce and Industry, Dr Godwin Anigbo, urged SON to extend its services to the grassroots by creating more awareness on standardisation of products and services.

“We need robust engagement with the people at the grassroots in the local areas to enable them know how they can attain and maintain internationally acceptable standard for any endeavour they engage in.

“Once majority of our local people start doing the right things and getting it right; our products and services will be the best internationally and the country will be better for it,” Anigbo said.

Mr Felix Odoh, Deputy Director of National Orientation Agency (NOA) in Enugu State, said that SON could leverage on the spread of NOA officials scattered in the 774 council areas to reach Nigerians even in their localities.

“This sensitisation and enlightenment should go beyond here and get more Nigerians, especially the people at the grassroots to know the standard for all they produce at their localities,” Odoh said.

A consumer, Mrs Vivian Offor, said that the sensitisation would make more meaning if those at the local areas, whose extract raw materials add value to them could achieve quality standardisation.
“Something as simple as palm oil should be produced to standard with good packing to ensure better value and more gain for the ordinary Nigerians that engage in such endeavours,” Offor said.
Earlier, the Managing Director of Enugu State Investment Development Authority, Dr Sam Ogbu-Nwobodo, lauded SON for its consistence on its engagement of Nigerians to do the right thing and reposition the country’s economy.
“The issue of standardisation is important and it will be helpful to everybody and we must key into it.
”This is the only way to ensure we grow our economy and ensure conformity of our products and services,” Ogbu-Nwobodo said.
An Enugu-based manufacturer, Sir Eric Chime, noted that manufacturers and SON were both partners in progress, adding that SON had continued to ensure Nigerian products met international standard and acceptability.
“Apart from meeting international conformity and acceptability, standardisation also help the consumer not to be short-changed and quality guaranteed at all time.
“Standardisation also leads to better profit and international market opening for the manufactured products,” said Chime, who is the Chief Executive Officer of RICO Group of Companies manufacturers of petro-chemical products, said.

Mrs Ijeoma Ezeazor, representative of the President, Manufacturers Association of Nigeria (MAN), Ahmed Mansur and Chairman, Anambra, Ebonyi and Enugu States of MAN, made a presentation on “Expanding Products Market Share via Standards”.
She urged the Federal Government to support in the fight against substandard products.

She noted that the menace was detrimental to the government efforts to industrial growth.

“ Our products can’t compete favorably with the low cheap products from some countries.
“We are in partnership with SON to address the problem,” she said.

Other SON officials also made presentations on MANCAP and Certification; SONCAP and Registration as well as Import and Export Requirements and “Driving Industrialisation with Quality Products”.
The sensitisation also witnessed question and answer sessions as well as goodwill messages from the Nigeria Immigration Service; National Drug Law Enforcement Agency and Nigeria Security and Civil Defense Corps among others.

Related Topics:LOCALLY PRODUCED GOODS Son

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Nigeria’s foreign reserves rise to $52.66 billion, highest in 17 years

Published

4 weeks ago

August 24, 2026

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Nigeria’s gross external reserves surged to $52.66 billion as of August 19, reaching their highest level in more than 17 years.

This was contained in the latest data from the Central Bank of Nigeria (CBN).

The reserves stood at $52.65 billion on August 19, up from $45.56 billion recorded on January 2, representing an increase of about $7.09 billion or 15.6 percent in less than eight months.

The latest position also surpasses the previous 2026 peak of about $52.04 billion recorded in July.

Data from the CBN showed that reserves crossed the $52 billion mark for the first time this year in July, reaching $52.02 billion on July 20.

The figure was the highest since January 2009, when reserves stood at about $52.01 billion.

The reserve position had declined earlier in the year, falling from $49.18 billion on April 1 to about $48.33 billion in early May.

It subsequently recovered, crossing the $50 billion mark in June and rising above $51 billion before surpassing $52 billion in July.

The governor of the CBN, Olayemi Cardoso, had earlier attributed the increase in reserves to stronger foreign exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.

Cardoso also said the reserve level provided import cover for about 11 months of goods and services, significantly above the three-month international benchmark.

The increase in the external buffer has coincided with improved foreign exchange liquidity and a stronger naira.

Recent market data showed the naira appreciating to about N1,346.49 per dollar in the official market last week.

Also, in its 2026 macroeconomic outlook, the apex bank projected that Nigeria’s external reserves would rise to about $51.04 billion by the end of the year.

The latest figure is about $1.62 billion above that projection.

Business

Wema Bank wins Euromoney’s Nigeria’s best digital bank for consumers 2026 award

Published

2 months ago

July 20, 2026

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… Recognition affirms bank’s leadership in digital innovation and customer-centric banking

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, recently added another feather to its already heavily-studded cap after it was named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.

The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.

Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value.

In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.

Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.

“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.”

A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships.

Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.

Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.

For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.

The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.

Business

CBN revokes licences of 46 microfinance banks

Published

3 months ago

July 2, 2026

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.