Business
JUST IN: SON Warns Auto Dealers Against Cloning Successful Brands
The Standards Organisation of Nigeria (SON) has warned manufacturers and dealers in the country’s automotive industry to desist from cloning successful vehicles brands in order to make quick gains, and depriving the trade mark owners of their benefits.
Mallam Farouk Salim, the Director- General, SON, gave the warning during a parley with the Auto Spare Parts and Machineries Dealers Association (ASPAMDA), in Lagos.
“We all must ensure that only products that comply with laid down Nigeria Industrial Standards are available for sale in this market,” he said.
He said that the the SON Act 2015 empowers the agency to arrest and prosecute offenders, stressing that it would step up its ante to make it impossible for fakers to thrive.
He noted that SON has been working in every sector to bring sanity and raise the confidence of manufacturers, importers and consumers, maintaining standards are improved and reviewed regularly to meet up with current realities.
“SON will continue to seek greater collaboration with private sector, especially the ASPAMDA, to sanitize the market, expose and prosecute those engaging in illegal activities such as relabeling and cloning of popular brands with low quality varieties,” he said.
He noted that just like other big markets across the country, ASPAMDA has become a household name, adding that the Standards body acknowledges the importance of the market and would continuously seek out ways to collaborate and carry along all the stakeholders of the very vital market in the business of standardisation.
” We need your continuous support to discharge our mandate of ensuring that only products and services that are of high standard and quality are in circulation. We need to involve all of you towards ensuring strict adherence to the requirements of applicable standards in line with international best practices,” he said.
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
Business
Ibukun Awosika resigns from Cadbury board
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
Ibukun Awosika has resigned from the board of Cadbury Nigeria Plc, after more than 16 years of service.
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
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