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SON Urges e-Commerce Operators to Adhere to Standards
The Standards Organisation of Nigeria (SON) has said that there is the need for stakeholders in the e-Commerce space to adhere strictly to standards to grow the sector.
The organisation made the call when it met with the stakeholders at a forum in Lagos, tagged: “The Role of Standards and Quality Regulation in Electronic Commerce.’’
The organisation said that it had become imperative for stakeholders to provide solutions that would ensure safe and secure transactions, assurance of quality, consumer protection and boost the sector.
The Director General, SON, Mr Osita Aboloma, said that imbibing standards in e-Commerce would go a long way to facilitate trade, promote global competitiveness, economic growth and development.
He said the need to promote awareness on standards and quality regulations in the sector was to ensure a safe and secure online platforms for sales of goods and services.
It will also enhance trade within Nigeria and across borders that will ultimately increase the Gross Domestic Product (GDP) of the nation, he noted.
The SON boss, represented by the Director, Corporate Affairs, Dr Paul Angya, said e-Commerce was a business that is on the rise, hence, it was apt and crucial for the standardisation and regulation of the quality of products and services traded through the cyberspace.
According to him, the promotion of awareness on standards and quality regulation has become necessary as the drive for digitalised market increases and the pressure on the standards community mounts.
“This requires that all stakeholders reckon fully with the realities of the competitive and fast-paced global economy,’’ he said in a statement.
“Having identified that the roles played by stakeholders in this sector is key to the growth and development of the nation, the participants and this forum have been carefully selected.
“From consumers to consumer groups, telecommunications companies, banks, airlines, regulatory bodies, advertising practitioners, embassies and trade charters and online marketers and dealers are expected to chart a way forward for e-Commerce in Nigeria,” he said.
Aboloma said that with the increasing volumes of consumer complaints being received on the quality of products and services sold online, it has become necessary to have a robust regulatory framework to drive e-Commerce.
“For instance, products like mobile phones, electrical and electronic devices cannot be physically viewed and tested before purchase online, while the claims on what they can do have been found in many cases to be inaccurate or sometimes outright false.
“It is expected that decisions reached at this forum today, will foster positive change that will ensure improved customer satisfaction and consumer protection.
“That will ultimately guarantees the safety and security of online sales and marketing as well as ensure that only quality goods and services are provided for the consumers,’’ he said.
He urged the participants to take optimum advantage of the forum to discuss pertinent issues with online marketers and the regulatory bodies to attract more investors into the sector.
An official of the Consumer Protection Council (CPC), Mr Babatunde Irukera, said e-Commerce was the way of the future, noting that technology was disrupting the traditional ways of commerce and trade.
Irukera noted that as consumers were becoming more sophisticated, so also is the role of consumer protecting authorities all over the world to ensure that they were as dynamic as the sophistication of consumers.
“What we believe at CPC is that any e-Commerce platform must capture the responsibilities of providing consumers good quality for money spent.
“This is why the question of returns, refunds and warranties are very important to us.
“We are in the process of writing new regulations with respect to returns, refunds and warranties while paying rapt attention to e-Commerce with respect to that.
“We must find a way to promote e-Commerce, while at the same time, promote the interest and safety of the consumer,’’ he said.
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
Sam Darwish
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
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