Economy
China Donates Mycotoxin Handbooks to Nigeria
By Modupe Gbadeyanka
Some Mycotoxin handbooks have been donated to Nigeria by China, through her embassy in the West African country.
Minister of Agriculture and Rural Development, Mr Audu Ogbeh, who received the gift from the Chinese Ambassador in his office on Wednesday, noted that there has been a lot of slow self-poisoning going on in Nigeria for many years as regard getting inadequate information and education on what is consumed.
The Mycotoxin handbooks, according to China, were donated to assist the country in her efforts to achieve food safety.
Mr Ogbeh stated that the “book will help to avert the dangers inherent in the food we eat in the country and promote export of Nigeria’s food and agricultural products.”
He described the handbook as a very vital publication, which should be used for massive education and training of farmers, extension workers/agents, food vendors, processors, consumers, market men and women, as well as agricultural value chain actors to propagate the message and information in the handbook.
The Minister directed that copies of the handbook should also be made available to all agricultural institutions and other relevant stakeholders in the country to help spread the message in the handbook, adding that, “It is better to prevent the ailment than to cure it.”
He thanked the Asian country, the embassy of China in Nigeria, the authors of the handbook and all those who contributed to putting the handbook together.
In his welcome address at the handover ceremony, Permanent Secretary of the Ministry, Dr Shehu Ahmed, who was represented by Dr Gidado Mohammed, informed that detection of mycotoxin in agricultural commodities usually leads to rejection, destruction and wastage, which inherently leads to reduced income, loss of foreign exchange earnings and poor image of the country.
He urged all relevant Government agencies, non-governmental organizations, development partners and other agricultural and food value chain actors to emulate the kind gesture of China so that the book can reach numerous actors in the agricultural and food value chains, with a view to mitigate the mycotoxin menace.
While presenting the handbooks to the Minister, Ambassador of China in Nigeria, Dr Zhou Pingjian informed that China stands ready to continue cooperation with the Nigerian Government and people to implement the outcome of President Buhari’s visit to China earlier this year. He added that the production/donation of the handbooks is one of the steps towards assisting Nigeria to achieve her food safety objectives.
The handbook, according to the Coordinating Director, Nigeria Agricultural Quarantine Service, Dr Vincent Isegbe, addresses simple ways of identifying and understanding mycotoxin as they affect human lives on daily basis. The book is also intended to protect human and animal health, enhance agricultural development, facilitate trade and overall improved human and animal health, reduced economic losses and enhance national economic growth and prosperity.
The educational handbook was written by Dr Maimuna Habib of the Nigeria Agricultural Quarantine Service and Dr Anthony Negedu of the Raw Materials Research and Development Council, both in Abuja.
Mycotoxins are poisonous chemical substances produced naturally by certain strains of some fungal species growing on agricultural and agro-allied commodities, which have been shown to be the number one threat among food contaminants.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited tumbled by 1.12 per cent on Wednesday as a result of selling pressure in three of the five key sectors of the bourse.
Yesterday, the insurance space rose by 0.71 per cent and the energy counter appreciated by 0.02 per cent. But these gains were erased by the three other sectors, with the consumer goods index down by 4.93 per cent, the industrial goods sector down by 0.42 per cent, and the banking segment down by 0.30 per cent.
Consequently, the All-Share Index (ASI) receded by 2,756.48 points to 243,967.09 points from 246,723.57 points, and the market capitalisation dropped by N1.762 trillion to close at N157.494 trillion compared with Tuesday’s N159.256 trillion.
The worst-performing stock for the day was BUA Foods, which lost 10.00 per cent to trade at N760.60. Unilever Nigeria shed 9.97 per cent to close at N131.40, John Holt depreciated by 9.90 per cent to N9.10, AVA Capital declined by 9.50 per cent to N8.10, and Austin Laz crashed by 8.81 per cent to N2.90.
The best-performing stock for the session was International Energy Insurance, which chalked up 10.00 per cent to quote at N4.40. Ecobank gained 9.93 per cent to settle at N71.40, Trans-Nationwide Express expanded by 9.77 per cent to N2.36, CWG grew by 9.74 per cent to N21.40, and Cornerstone Insurance improved by 6.80 per cent to N5.50.
Yesterday, 1.5 billion shares were sold for N20.9 billion in 39,085 deals compared with the 3.9 billion shares worth N32.4 billion exchanged in 45,608 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 61.54 per cent, 35.49 per cent, and 14.30 per cent, respectively.
On top of the activity chart was Fortis Global Insurance, with a turnover of 853.2 million units sold for N2.6 billion. Universal Insurance exchanged 251.8 million units worth N214.1 million, Chams transacted 40.0 million units valued at N181.0 million, First Holdco traded 28.3 million units worth N3.9 billion, and Access Holdings sold 25.4 million units valued at N702.4 million.
By Aduragbemi Omiyale
As part of the implementation of the T+1 settlement cycle in the Nigerian capital market, the Securities and Exchange Commission (SEC) has fixed 5:00 pm on the first business day after a transaction (T+1) as the settlement deadline for equities and commodities traded and settled through the Central Securities Clearing System (CSCS).
In a circular on Wednesday to capital market operators and other market participants, the capital market regulator noted that all transactions in the affected securities must be fully paid by 5:00 pm T+1 to ensure compliance with the standard Delivery versus Payment (DvP) settlement procedure.
It warned that where a broker/dealer’s trading account is not adequately funded to meet its settlement obligation within the prescribed period, the default would be managed in line with the CSCS Default Management Procedure and the applicable transaction settlement guidelines of the relevant exchange.
The commission also clarified that foreign portfolio investors are not required to prefund their accounts for trades in the Nigerian capital market.
However, it said capital market operators facilitating transactions on behalf of foreign portfolio investors must establish and maintain appropriate controls and processes to ensure timely funding and completion of settlements within the prescribed timeframe.
The clarification follows earlier SEC circulars on the implementation of the T+2 settlement cycle for equities transactions, issued on June 3, 2025, and the transition to the T+1 settlement cycle, issued on May 15, 2026.
The T+1 cycle means that eligible securities transactions are settled one business day after the trade date, reducing the period between execution and final settlement.
The SEC said the transition represents a significant milestone in its efforts to build a more efficient, resilient and internationally aligned trading and post-trade environment, adding that the shorter settlement cycle would improve settlement efficiency, reduce counterparty risk, enhance liquidity and strengthen the competitiveness of the Nigerian capital market.
According to the agency, the reforms would ultimately improve the attractiveness of the Nigerian market to both domestic and international investors.
By Adedapo Adesanya
Oil prices slightly rose on Wednesday as attacks on ships in the Middle East continued and talks to end the Iran war hit an impasse.
Brent futures gained 7 cents to trade at $88.98 a barrel, while the US West Texas Intermediate (WTI) crude increased by 7 cents to $83.27 per barrel.
The US and Yemen’s Iran-aligned Houthis reported separate attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait on Tuesday, two crucial export routes for Middle Eastern oil and gas in addition to the Suez Canal.
Reuters reported that there continued to be no discussions between Iran and the US to extend their ceasefire because, from Iran’s perspective, the deal had no start date and so there was nothing to extend.
Shipping data showed the number of vessels transiting the Strait of Hormuz fell to a one-week low of eight on Tuesday. Before the war, 125 to 140 vessels passed through the crucial waterway each day.
The US military, meanwhile, said an American Navy MH-60 helicopter fired two Hellfire missiles to disable the steering gear of a Panama-flagged cargo ship.
The ship ignored repeated warnings to stop violating a naval blockade on Iranian ports, the US Central Command said.
Forecasters including the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Administration (IEA) revised down their oil demand outlooks as US-Iran talks stall.
OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day, it said in its monthly oil market report.
The International Energy Agency cut its 2026 demand projections and now expects a 1.6 million barrels per day contraction this year. However, the Paris-based agency is also predicting a 4.3 million barrels per day drop in supply this year, and an overall 2026 deficit of around 1.27 million barrels per day.
According to the IEA, Middle East oil flows briefly returned to pre-war levels in early July, with loadings reaching 20 million bpd, before falling to 12 million bpd later in the month. Middle East production remained 8.3 million barrels per day below pre-war levels in July.
The IEA cited the Hormuz shutdown, the US blockade of Iranian exports, attacks in the Bab el-Mandeb Strait and reduced Kazakh CPC Blend exports among the forces keeping global supply below demand.
