Product Certification by Standards Organization of Nigeria (SON)
The Standards Organisation of Nigeria (SON) is the apex standardisation body in Nigeria.
The organisation was established by the Enabling Act No. 56 of 1971 which was amended three times: ( vide Act No. 20 of 1978, Act No. 32 of 1984 and Act No. 18 of 1990). The 1990 Act which was incorporated into the Laws of the Federation of Nigeria, 2004 has now been repealed by the current Act, that is, the Standards Organisation Act (SON) Act No. 14, 2015, (hereinafter referred to as the Act).
The new minimum capital requirement for insurance companies in Nigeria
On May 20, 2019, the National Insurance Commission (NAICOM) issued Circular Number NAICOM/DPR/CIR/25/2019 titled â€˜Minimum Paid-Up Share Capital for Insurance and Re-insurance Companies in Nigeriaâ€™ (the Circular). By the Circular, the NAICOM informed all Insurance and Re-insurance companies in Nigeria as well as stakeholders in the insurance sector of its new policy revising and increasing the minimum paid-up share capital applicable to players in the insurance sector.