News
SEC Partners SON to Determining Quality, Value of Commodities
The Securities and Exchange Commission (SEC) and the Standards Organisation of Nigeria (SON) are set to take their collaboration on Commodities Trading Ecosystem a step further with the hosting of a Commodities Standards Sensitisation Workshop.
The workshop scheduled in Lagos this week, expected in attendance are Processors, Farmer Groups, Exporters, Farmer Co-operatives, Merchants/off takers as well as Agric Extension Officers.
The Commodities Trading Ecosystem Report had identified standards and grading as essential to determining the quality and value of commodities.
The effective use of these standards is guaranteed to eliminate substandard agricultural commodities and enhance domestic and international trade in commodities originating from Nigeria.
The Commodities Trading Ecosystem Implementation Committee comprising key stakeholders has been working on development of grading and standardization system in line with International best practice.
Consequently, the Securities and Exchange Commission, Standards Organisation of Nigeria, and registered Commodities Exchanges, are organizing a Stakeholders Sensitization Workshop on Agricultural Commodity Standards.
The workshop would bring together stakeholders such as government agencies, farmer groups, processors, Agric commodity exporters, merchants/off-takers, collateral managers, development partners and Agric experts, amongst others to provide feedback on the commodity standards to be considered at the event.
Recently, Mr. Lamido Yuguda, Director General of the SEC, stated that as part of its implementation of the 10-year Capital Market Master Plan, the commission constituted a Technical Committee on commodities Trading Ecosystem whose mandate was to identify challenges of the existing framework and develop a roadmap for a vibrant ecosystem.
“A committee comprising various stakeholders including the SON was set up to drive the implementation of the report. One of the recommendations in the report identified development of grading and standardisation system in line with international best practice,” he said.
Yuguda stated that it is globally recognised that a unique feature of a commodities exchange is the standardisation of the commodities traded on its platform.
“However, the determination of these grades and standards is dependent upon approved local standards which should take into cognisance internationally accepted standards. Imbibing international standards for export commodities cannot be compromised if the exchanges have to play a pivotal role in export promotion,” he said.
He noted that the establishment of relevant standards would be transformational for the Nigerian commodities trading ecosystem.
“Standards provide consumers with an assurance of fitness of purpose, processors with commodities specifications, and serves as reference point against which features of commodities can be compared.
Other benefits include increase in value to smallholder farmers due to premium paid on high quality commodities, reduction of post-harvest losses due to standard post-harvest handling, packaging and storage, as well as increased employment opportunities through the setup of warehouses and assaying companies to provide quality assurance services,” he said.
On his part, the DG of SON, Mallam Farouk Salim said the agency is excited to collaborate with the SEC as it seeks to develop the capital market in Nigeria and the Nigerian economy at large.
“We are committed to helping our people especially the farmers and support them to attain food sufficiency. If there is standardisation, the banks will be willing to finance the farmers and the commodities can be exported for the much needed foreign exchange to boost our economy,” he said.
Presidents John Dramani Mahama of Ghana and Bola Ahmed Tinubu of Nigeria have celebrated the Chairman of Globacom, Dr. Mike Adenuga Jr., on the occasion of his 72nd birthday.
In congratulatory messages, both leaders praised Dr. Adenuga’s outstanding contributions to the economic development and growth of both Ghana and Nigeria. They commended his remarkable entrepreneurial spirit, resilience, and commitment to excellence.
President Mahama described Dr. Adenuga’s life as “a shining example of vision, resilience, and extraordinary accomplishment.” He noted that through his entrepreneurial endeavors, Dr. Adenuga has not only built enduring businesses but also contributed significantly to the socio-economic advancement of the African continent.
He noted that Dr. Adenuga’s leadership and philanthropic endeavour remain a beacon of inspiration for generations across Africa.
Also President Tinubu stated that Dr. Adenuga’s humility and diligence have enabled him to succeed in various sectors, including banking, telecommunications, oil, and gas. He praised Dr. Adenuga’s innovative approach to business, citing Globacom’s pioneering per-second billing, which expanded telephony and digital access to millions of Nigerians.
“In addition, Conoil has proven that an indigenous firm can compete with international oil companies, fostering energy independence and security for our country.” He added.
President Tinubu who expressed the gratitude of Nigerians to Dr. Adenuga for his immense contributions to the country’s progress and prosperity, also commended him for extending his investments to other African countries and Europe, “a bold effort which earned you well-deserved honours as Commander of the Legion of Honour (France) and Ghana’s Companion of the Star of Ghana”.
Most online services and apps require the user to create a password. Chances are many of those passwords are not being used daily and due to this overabundance, there’s a high probability that many of the passwords are being reused.
Poor password management is compounded by a reliance on common combinations of names, dictionary words and numerals. Not only are these passwords relatively easy to decipher, but if a cybercriminal gains access to a password on one site, that could result in access to a plethora of other sites.
People are urged to create unique, random passwords to counter the vulnerability posed by using the same password multiple times. However, password creation and management can be an arduous task.
To tackle the burden of password creation and management, people might be tempted to use large language models (LLMs) like ChatGPT, Llama or DeepSeek to generate their passwords.
The appeal is clear. Rather than struggling to come up with a strong password, users can simply ask AI, “Generate a secure password” and get an instant result.
AI produces strings that look random, which helps avoid the human tendency to create predictable, dictionary-based passwords. But appearances can be deceptive, AI-generated passwords may not be as secure as they appear.
Alexey Antonov, Data Science Team Lead at Kaspersky, tested this by generating 1,000 passwords using some of the more prominent and trusted LLMs including ChatGPT (from OpenAI), Llama (model from Meta group), DeepSeek (newcomer from China).
“All of the models are aware that a good password consists of at least 12 characters, including uppercase and lowercase letters, numbers and symbols. They report this when generating passwords,” says Antonov.
“In practice, though, the algorithms often neglected to insert a special character or digits into the password: 26% of passwords for ChatGPT, 32% for Llama and 29% for DeepSeek. While DeepSeek and Llama sometimes generated passwords shorter than 12 characters.”
In 2024, Alexey Antonov developed a machine learning algorithm to test password strength and found that almost 60% of passwords can be cracked in under an hour using modern GPUs or cloud-based cracking tools.
When applied to AI-generated passwords, the results were alarming, they were far less secure than they appeared: 88% of DeepSeek and 87% of Llama generated passwords were not strong enough to withstand attack from sophisticated cyber criminals. While ChatGPT did a little better with 33% of passwords not strong enough to pass the Kaspersky test.
“The problem is LLMs don’t create true randomness. Instead, they mimic patterns from existing data, making their outputs predictable to attackers who understand how these models work,” notes Antonov.
National Bureau of Statistics (NBS) has introduced a crowd-sourcing initiative aimed at providing more accurate statistical information and data to policymakers and the general public.
According to a statement issued by Folorunso Alesanmi, head of Public Relations, the initiative, which commenced several months ago, involves compiling daily price data from a wide range of sources.
These include open markets, supermarkets, neighbourhood shops, bulk and discount stores, street outlets, and large retail shops.
Data collection has been conducted across all 36 States, the Federal Capital Territory (FCT), and every senatorial district.
However, the Bureau clarified that price data gathered through crowd-sourcing differs from the data used in computing the Consumer Price Index (CPI).
While CPI data is collected at specific, pre-determined outlets during the second and third weeks of each month, crowd-sourced price data is gathered randomly from different respondents daily.
By leveraging the power of crowd-sourcing, the Bureau has been able to gather a vast amount of data that offers a more nuanced picture of price trends in the economy.
“We are thrilled to release our first price data compiled through crowd-sourcing. This initiative represents a major step forward in our efforts to harness the power of technology and innovation to improve the quality and timeliness of our statistical data,” said Prince Semiu Adeyemi Adeniran, Statistician-General of the Federation and NBS CEO.
The newly released data offers insights into the prices of essential food items commonly consumed by Nigerians, such as local rice, white beans, white maize, garri, yam, and more. It provides a daily snapshot of food costs.
The NBS plans to update this data on a daily basis, offering entrepreneurs, policymakers, and researchers a valuable tool for monitoring price fluctuations and making informed decisions.
The data is accessible to the public through a dedicated dashboard, where users can view, analyze, and download it in real-time—enhancing transparency and accessibility.
“To this end, the agency has implemented a range of quality control measures, including data validation and verification processes, to ensure that the data is reliable and trustworthy,” the statement added.
The release of this crowd-sourced price data underscores the NBS’s commitment to innovation and collaboration.
By working with citizens and embracing technology, the Bureau aims to provide more timely and accurate statistics to drive economic growth and development
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