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
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.
Business
UAE announces exit from OPEC, OPEC+ amid Iran war tensions
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
The United Arab Emirates has announced it is withdrawing from OPEC and the broader OPEC+, delivering a significant setback to the oil-producing bloc and its de facto leader, Saudi Arabia, at a time when the ongoing Iran war has triggered a major global energy shock.
Reuters reported that the departure of the UAE, a longstanding member of OPEC, is expected to create uncertainty within the group, which has traditionally maintained a united front despite internal disagreements over geopolitics and production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” said the energy minister.
When asked whether the UAE consulted with Saudi Arabia, he said the country did not raise the issue with any other nation.
The decision comes amid mounting tensions in the Strait of Hormuz, where Gulf producers have struggled to move exports due to Iranian threats and attacks on vessels.
The strategic waterway typically handles about a fifth of the world’s crude oil and liquefied natural gas shipments.
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