Business
SON Moves To Give Made in Nigeria Shoes Quality Seals
The Standards Organisation of Nigeria (SON) says it’s standard for the shoemaking industry when completed will give “Made in Nigeria” products and services, the leading edge in quality, customer satisfaction.
Mallam Farouk Salim, it’s Director-General, gave this assurance during a meeting with the stakeholders in the sector to draft a standard for shoemaking and cobbling services at its laboratory complex in Ogba, Lagos.
The Director – General, disclosed that the draft standard for shoe making and cobbling services has been initiated since 2017 but could not be presented for approval due to limited input by the stakeholders.
” The importance of stakeholders could not be overemphasized as any standard that does not elicit enough interest from stakeholders cannot meet the prerequisite due process for technical meeting and Council approval,” he said.
Salim, who was represented by Engr Timothy Abner, the Director, Training Services, noted that hopefully, consensus would be achieved from the diverse opinions raised by participants on the circulated draft as documented in the collated comments to conclude the standard.
” Technical Committees constituted by SON are responsible for articulating Nigerian Industrial Standards (NIS). The Committee thus, decides what requirements are best in their general interest to determine the minimum requirements, while SON as a National Secretariat is to ensure the processes involved for obtaining the National position to align with International Best Practices based on the principles of standards development, which are Transparency, Openness, Impartiality, Consensus, Efficiency, Relevance and Consistency,” 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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