Connect with us

News

SEC Partners NAICOM, CMOs in Enhancing Commodity Supply Contracts

Published

on

Kindly share this post

The Securities and Exchange Commission (SEC) has said it is planning to collaborate with the National Insurance Commission (NAICOM) and Capital Market Operators (CMOs) to enhance commodity supply contracts and eliminate disruptions in the commodities market.

Its Director General, Lamido Yuguda, stated this during the Post Capital Market Committee (CMC) meeting which held in Lagos on Friday.

Responding to questions from journalists, Yuguda stated that the commodities market is a market for contracts in the supply of commodities and exists because it facilitates the sale of commodities between producers of commodities, like agricultural commodities or mineral commodities, to the buyers.

He noted that there are risks associated with investments particularly in the commodities market and noted that to ensure active participation in the market, investors look to insurance to secure their investments.

“The role of insurance is key to the commodities market because it helps commodity suppliers to be able to perform under the contracts of supply and ensure that the market is not disrupted.

So, we have been working with NAICOM to get insurance companies to work with capital market operators, especially commodities exchanges to de-risk that segment of our economy that is the agricultural commodities segment. That is essentially where the link between the insurance and commodities segment is quite important”, Yuguda said.

He further noted that the ISA bill which has already passed 1st and 2nd Reading at the House of Representatives and 1st Reading at the Senate will hopefully be submitted to President Bola Tinubu for assent by the first quarter of 2024.

According to him, the ISA bill is capable of transforming Nigeria’s commodities market from a mono product economy to a more diverse and active economy. He also added that the bill will provide a better framework for sub-nationals and international organisations to borrow from the capital market as well as Federal government agencies.

He revealed that the SEC is working on developing Shariah-compliant liquidity instruments for the commodities market in collaboration with the Non-Interest Technical Committee and added that this includes plans for the creation of short-term Sukuk with the Debt Management Office.

Outlining SEC’s top priorities next year, Yuguda said that the goal of the commission for 2024 is to galvanize capital market money into financing infrastructure. According to him, this aligns with the broader goal of contributing to the growth of Nigeria’s economy and achieving a $1 trillion economy in the next two years.

The SEC DG expressed confidence in Nigeria’s economic potential, citing its large population as a significant advantage. He emphasized the need to rediscover and leverage the economic advantages the country possesses.

 


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

NIMMME Inaugurates Engr. Michael Orekyeh as 13th National Chairman in Abuja

Published

on

Kindly share this post

Nigerian Institution of Metallurgical, Mining and Materials Engineers (NIMMME or 3M), a vital division of the Nigerian Society of Engineers (NSE), has inaugurated Engr. Michael Ifeanyi Orekyeh, MNSE, as its 13th National Chairman in a colourful ceremony held on Wednesday, March 11, 2026, in Abuja.

NIMMME Inaugurates Engr. Michael Orekyeh as 13th National Chairman in Abuja

Engr. Michael Orekyeh

NSE President, Engr. Ali Alimasuya Rabiu, FNSE, MFR, who delivered the opening remarks through his Deputy, Engr. Valerie Ifeuko Agberagba, FNSE, described the event as a major milestone for engineers specialising in metals, mining and materials science – professionals whose expertise is crucial for constructing durable roads, factories, bridges and other infrastructure projects essential to Nigeria’s economic growth and industrialisation.

Engr. Rabiu warmly congratulated Engr. Orekyeh, a Senior Mechanical Engineer at the Federal Ministry of Works and Infrastructure, alongside his newly elected executive committee, for securing the confidence of their peers through a democratic election process.

He emphasised that the inauguration transcended a mere change of guard, positioning it as a renewed commitment to repositioning the 3M Institution for greater impact in addressing Nigeria’s developmental challenges.

These engineers are at the forefront of transforming raw natural resources extracted from the earth – such as iron ore, coal, limestone, gold and other solid minerals – into finished products like steel beams, construction aggregates and high-performance materials used in homes, industries and public infrastructure across the country.

The NSE President expressed profound gratitude to the outgoing National Chairman, Prof. Abdulrahman Asipita Salawu, FNSE, for his exemplary service during his tenure, while calling on all members to close ranks and provide unwavering support to the incoming leadership.

In a detailed charge to the new executives, Engr. Rabiu outlined key focus areas in straightforward terms: aggressive advocacy for policies that boost the metals, mining and materials sectors; development and enforcement of rigorous professional standards; expanded capacity-building programmes for members; upholding ethical leadership and integrity; fostering collaboration with other NSE technical divisions and branches; and proactive engagement with government agencies, private industries and the general public to drive tangible outcomes.

He underscored the urgency of these priorities amid Nigeria’s pressing national issues, including dilapidated road networks, high unemployment rates, inadequate industrial base and environmental degradation, urging engineers to forge stronger partnerships with policymakers, research institutions and the organised private sector.

“The challenges facing our country today demand stronger synergy between engineering professionals, policymakers and industry stakeholders,” Engr. Rabiu stated, reaffirming NSE’s overarching mission to promote engineering excellence that safeguards lives, property and the nation’s natural resources.

A standout feature of the event was the spotlight on a homegrown innovation in road construction tailored to Nigeria’s tropical climate characterised by year-round warmth and heavy torrential rains, in contrast to the frost-resistant designs prevalent in temperate Western countries.

Dubbed Cement-Stabilised Soil Pavement with Integrated Microsurfacing, the technology leverages abundant local soils like laterite as the base material, stabilised with cement and specialised additives in a central mixing plant to achieve uniform strength and superior water resistance.

This approach eliminates the inconsistencies of traditional in-situ mixing methods, delivering roads that are more durable, cost-effective and quicker to build while reducing dependency on imported asphalt.

The inauguration lecture, themed “Diversifying the Nigerian Economy through Metals and Solid Minerals Development,” resonated deeply with participants, highlighting Nigeria’s vast untapped reserves of over 40 commercially viable solid minerals spread across more than 500 locations nationwide. Engr. Rabiu reiterated NSE’s steadfast commitment to supporting federal and state governments with technical expertise, policy recommendations and innovative solutions to responsibly harness these resources for job creation, revenue generation and sustainable development without compromising ecological balance.

Delivering the keynote address, Mr. Vassily Oye Barberopoulos, Managing Director of Nigerian Foundries Group based in Ota, Ogun State, passionately advocated for replicating the successful Local Content policy from the oil and gas sector in the solid minerals industry.

He noted that mining operations demand a wide array of components – from castings and forgings produced in foundries to fabricated parts – yet foreign mining firms predominantly import these, stifling local manufacturing. Mr. Barberopoulos called for robust legislation championed by the National Assembly, Ministry of Solid Minerals Development, Manufacturers Association of Nigeria (MAN) and NIMMME to mandate local sourcing, mirroring the transformative impact of the Nigerian Content Development and Monitoring Board (NCDMB) in petroleum, which unlocked billions in opportunities for indigenous firms.

Guest Lecturer, Engr. Ebosie Ezeoke, Executive Chairman of Anambra State Materials Testing Laboratory (ASMTL), enlightened the audience on an eco-friendly, low-cost cold paving technology for road construction.

He described the method as revolutionary, being five times stronger and far more durable than conventional flexible asphalt pavements, while slashing costs and minimising environmental impact through reduced energy use and emissions during production and application – ideal for Nigeria’s constrained budgets and harsh weather conditions.

Engr. Michael Orekyeh, also linked to Anambra State’s ICT Agency initiatives, was formally sworn in by the immediate past Chairman, Prof. Abdulrahman Asipita Salawu, FNSE, represented by Prof. Aje Tokan, a former National Chairman of the institution.

In his acceptance speech, the new helmsman unveiled an ambitious strategic roadmap centred on maximising member participation in specialised committees and Strategic Sector Groups (SSG); deepening partnerships with government ministries, agencies and private sector players; rolling out comprehensive training schemes to upskill 3M professionals; and introducing a modernised certification framework to enhance credibility and employability in the global marketplace.

The well-attended ceremony drew an array of high-profile dignitaries, reflecting the event’s national significance and the broad support for advancing Nigeria’s engineering landscape.

Prominent among them were the Royal Father of the Day, Igwe Dr. Michael C. Idigo (Ezeudo), Igwe Aguleri; Special Guest of Honour, Mr. Obi Asika, Director-General of the National Council for Arts and Culture (NCAC), Abuja; Keynote Speaker Mr. Vassily Oye Barberopoulos; Guest Lecturer Engr. Ebosie Ezeoke; Director-General of the Mining Cadastral Office (MCO), Engr. Obadiah Nkom (represented by Engr. A. Habila); President of the Association of Professional Women Engineers of Nigeria (APWEN), Engr. Chinyere Nnenna Igwegbe; Chairman of the Nigerian Institution of Petroleum Engineers (NIPE), Dr. Yetunde Aladeitan; past 3M National Chairman, Prof. Aje Tokan; and Managing Director of Geocardinal Engineering, Engr. Jacob Adeyemo.


Kindly share this post
Continue Reading

News

NLNG Advances Media Excellence with Change Your Story Workshop

Published

on

Kindly share this post

NLNG has demonstrated its dedication to media development in Nigeria through the successful completion of the second edition of the #NLNGChangeYourStory workshop for 2026, which took place in Lagos.

The workshop convened 40 participants representing diverse media outlets to examine the changing landscape of journalism shaped by artificial intelligence and digital communication. Discussions centered on how new media technologies can support real-time reporting, extend audience reach across borders, and foster deeper, more effective engagement on digital platforms.

Speaking at the event, the General Manager, External Relations and Sustainable Development at NLNG, Sophia Horsfall, described the workshop as part of the company’s broader effort to strengthen engagement with the media while supporting professional excellence in journalism. She noted that the initiative reflects NLNG’s belief that well-informed reporting plays an important role in shaping public understanding of critical sectors such as energy, economic development, and sustainability.

She encouraged participants to leverage the insights and practical knowledge gained during the workshop to elevate the quality, depth, and credibility of their reporting.

“NLNG views this engagement as a strategic partnership. We provide the energy that powers nations and generates revenue for our nation; you provide the information that powers our minds. We have been proud to host you, but our pride will only be justified when we see the ‘New Standard’ in your next feature, your next broadcast, and your next investigative report.

As you head back to your various stations, I urge you to take the spirit of this workshop with you.”

The programme combined expert-led discussions with hands-on learning. Digital communication specialist Dan Mason guided participants through key aspects of digital storytelling, while veteran journalist Taiwo Obe led a practical Journalism Clinic. Together, the sessions equipped participants with practical skills in data visualisation, online verification, audience engagement, and managing a strong digital presence.

Through the workshop, NLNG reiterated its commitment to promoting journalistic excellence and supporting the media industry’s digital transformation. The #NLNGChangeYourStory programme has now empowered over 400 journalists with enhanced digital communication and social media skills across its various editions.


Kindly share this post
Continue Reading

News

FG Approves First National Policy on Cosmetic Safety, Health

Published

on

Kindly share this post

Cosmetic products are widely used in Nigeria, but many consumers remain unaware of the chemicals they may contain.

FG Approves First National Policy on Cosmetic Safety, Health

Federal government has therefore approved the first national policy on cosmetics safety and health after nearly two decades of stalled attempts.

The policy was launched at the Sixty sixth National Council on Health in Calabar.

It establishes a clear system to regulate how cosmetic products are manufactured, imported, sold, used and disposed of.

The new policy supports major government priorities.

It aligns with the National Strategic Health Development Plan II, the National Chemical Safety Policy and the National Environmental Health Action Plan.

It also advances the Nigeria Health Sector Renewal Investment Initiative and strengthens the country’s commitments under the International Health Regulations and the Minamata

Convention on Mercury.

By improving regulation and surveillance, the policy strengthens health security, protects consumers and supports economic diversification.

It also responds to state level priorities, since implementation will take place across all thirty six states and the Federal Capital Territory.

Everyday products, real health risks

Cosmetics are part of daily life for millions of Nigerians, but many people do not know what is inside the products they use.

Amina Yusuf, a shop attendant in Tarauni local government area, Kano State, said she developed skin irritation after using a product sold as a “natural toning oil”.

“I thought it was safe because it was called organic,” Yusuf said. “But my skin became sensitive, and small cuts took longer to heal.”

A health worker later explained that the product likely contained harmful chemicals.

In Kura local government area, community members described how some traders repackage creams without labels. One resident said a neighbour developed rashes after using a mixture bought at a weekly market.

“People buy what they can afford,” she said.

“Most of us do not have access to formally regulated shops.”

In Sabon Gari market, Kano State, an expectant mother, Gloria Okafor, learned during an antenatal visit that a cream she used for stretch marks might contain heavy metals.

“I was careful with food and medicine during pregnancy,” Okafor said. “I never imagined body cream could be a risk.”

These experiences reflect wider challenges: limited consumer awareness, informal distribution systems and economic pressures that make unregulated products common.

The scale of the problem

Recent national and global assessments highlight both the scale and the safety concerns within Nigeria’s cosmetics sector.

Nigeria’s cosmetics industry has grown into a dynamic and increasingly sophisticated sector, with a market valuation exceeding US$ 7.8 billion¹.

Globally, the cosmetics market is valued at over US$ 429.2 billion², presenting both economic opportunity and regulatory challenges, particularly in low  and middle income countries (LMICs) such as Nigeria.

Since 2022, Nigeria has registered close to 9 000 cosmetic products that meet national regulatory requirements under the oversight of the National Agency for Food and Drug Administration and Control³, reflecting strengthened compliance efforts.

However, toxicological evidence remains concerning. Globally, over 100 known carcinogens and at least 15 endocrine disrupting chemicals have been identified in cosmetic formulations². In Nigeria, a study conducted in Anambra State found lead contamination in 62% of tested cosmetic products, with concentrations ranging from 0.10 to 42.12 mg/kg⁴ (exceeding the World Health Organization permissible limit of 10 mg/kg). Additional investigations in Ibadan and Lagos confirmed cadmium, lead and nickel levels above international safety limits in personal care products⁵⁻⁶.

These findings underscore the urgent need for strengthened surveillance, consumer awareness and enforcement to protect public health.

Why regulation matters

Studies in Nigeria have found high levels of lead, cadmium and other harmful substances in some cosmetic products.

These chemicals can cause kidney problems, skin damage and complications during pregnancy.

Market surveillance efforts in Kurmi market, Kano Municipal local government area, reveal widespread mislabelling and repackaging practices.

According to Audu Tanimu, National Agency for Food and Drug Administration and Control officer, “Some products are intentionally labelled to avoid suspicion, but laboratory testing shows restricted substances. Enforcement efforts are ongoing, yet informal supply chains continue to complicate traceability.”

Turn the vision to reality

After years of Nigeria’s vision to develop a cosmetic policy, World Health Organization (WHO) worked with the Federal Ministry of Health and Social Welfare, the National Agency for Food and Drug Administration and Control, the Nigeria Economic Summit Group, state governments, Resolve to Save Lives (RTSL), civil society and industry groups in 2025 to turn this into reality.

It provided technical guidance, reviewed evidence, supported meetings with partners and helped strengthen surveillance and reporting systems.

This support built on years of collaboration to improve chemical safety and International Health Regulations core capacities.

This work was supported by funding from the Foreign, Commonwealth and Development Office (FCDO) and RTSL.

What will change

The new policy introduces three main areas of action:

  • Regulatory oversight and governance — A unified national system will ensure all cosmetic products meet safety and quality standards and improve coordination across agencies.
  • Cosmetics vigilance and health intelligence — A national early warning system will help detect harmful products faster and support quicker public health responses.
  • Strengthening the cosmetics value chain — The policy supports safer manufacturing and responsible trade. It also aligns with African Continental Free Trade Area opportunities, helping local industries grow while protecting workers and consumers.

These changes are expected to reduce exposure to harmful chemicals, lower the number of cosmetic related health complications and improve consumer confidence.

A collective effort

Implementation will begin across all states and the Federal Capital Territory.

The Federal Ministry of Health and Social Welfare, the National Agency for Food and Drug Administration and Control, the Nigeria Economic Summit Group, state governments, civil society and private sector actors will lead the rollout. WHO and Resolve to Save Lives will continue supporting government efforts to strengthen surveillance, raise awareness and promote safer markets.

This milestone reflects the combined efforts of government, regulators, communities and partners working toward a shared goal: protecting Nigerians from harmful exposures and strengthening national health security.

A call to action

  • Political and financial commitment from government counterparts at all levels to prioritise implementation of the policy.
  • Consumers should choose labelled and registered cosmetic products to safeguard their health.
  • Industry actors should follow national safety standards.
  • Health workers play a critical role in identifying cosmetic related health effects early and responding appropriately.
  • Everyone should help raise awareness about the health effects of cosmetics and protect communities from preventable harm.

Kindly share this post
Continue Reading

Trending