Business
SON Calls for Stricter Regulations and Enhanced Collaboration to Address Building Collapses
In response to Nigeria’s troubling trend of building collapses and the resulting loss of lives and property, the Standards Organisation of Nigeria (SON) has advocated for stricter regulatory measures and improved collaboration to combat this pressing issue. Dr. Ifeanyi Okeke, SON’s Director General, stressed the importance of a comprehensive approach to prevent future incidents and restore confidence in the nation’s construction sector.
Dr. Okeke highlighted that building collapses are frequently caused by poor structural designs, substandard materials, unprofessional practices, and inadequate soil testing. He underscored the necessity of adhering to established standards and codes to ensure the safety and integrity of construction projects. “The recurring problems in the building sector arise from inadequate construction practices, unauthorized modifications, and neglect in maintenance,” Okeke explained.
Since 2004, SON has developed an extensive set of 168 Standards and Codes of Practice for the construction industry. These include the Nigerian Industrial Standard (NIS) 117:2004 for steel reinforcement bars, NIS 499:2004 for iron and steel, and NIS 588:2007 for testing hardened concrete, among others.
To strengthen regulatory oversight, SON has utilized its authority under the SON Act to enforce the Mandatory Conformity Assessment Programme (MANCAP) for locally manufactured products and the Standards Organisation of Nigeria Conformity Assessment Programme (SONCAP) for imported goods. The Product Authentication Mark (PAM) also allows consumers to verify the authenticity of products before purchase.
SON has also established a Special Intervention Task Force focused on steel reinforcement bars, which involves engaging stakeholders and conducting nationwide enforcement in factories and markets. This has led to sanctions for non-compliant dealers in accordance with the SON Act No.14 of 2015.
Dr. Okeke reassured the public of SON’s dedication to creating a safe built environment through ongoing collaboration with other regulatory bodies. This includes partnerships with the Council for the Regulation of Engineering in Nigeria (COREN), the Nigeria Building and Road Research Institute (NBRRI), the Nigerian Institute of Quantity Surveyors (NIQS), the Raw Materials Research and Development Council (RMRDC), and various state and federal ministries and development agencies.
By advocating for stricter regulations and fostering collaborative efforts, SON aims to reduce the risks associated with building collapses and ensure that construction practices in Nigeria adhere to the highest standards of safety and quality.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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