News
Ondo, SON to Partner in Fight Against Substandard Products
The Ondo State Government has assured the Standard Organisation of Nigeria (SON) that it will partner with it to eradicate fake and substandard products in the state.
Gov. Oluwarotimi Akeredolu, gave the assurance yesterday in Akure while playing host to the officials of the organisation in the state.
Akeredolu, represented by his deputy, Mr Agboola Ajayi, said the state government would do everything possible to make the state free of fake and substandard products.
He urged the organisation to adopt the mechanism used by the National Food and Drug Law Enforcement Agency (NAFDAC) in confirming genuine drugs.
The governor said that the NAFDAC’s confirmation codes on drugs had helped Nigerian to identify genuine drugs in pharmaceutical shops.
Akeredolu said that if SON adopted the mechanism it would enable consumers to easily identify genuine products in the markets across the country.
The governor enjoined the SON to extend its ongoing awareness programme on fake products to the rural areas of the state.
“If products have standard, the will last for years and the society will better for it,” he said.
Earlier, Mr Paul Oke, State Coordinator of SON, said the organisation had zero tolerance for fake and substandard products in the state.
Oke disclosed that the SON in Ondo State recently impounded some fake gas cylinders being transported from Lagos State to Ekiti.
He said any product without SON approval was not genuine and added that for any product to be regarded as good it must also be certified by the Nigeria Industrial Standard (NIS).
The coordinator said that the organisation was planning to hold school club awareness programmes on fake drugs.
Oke appealed to the state government to collaborate with the organisation in ensuring that the state was prevent from being a dumping ground for fake and substandard products.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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