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This study investigated the hypoglycemic effect of M. fulvum on streptozotocin (STZ)-induced hyperglycemia in Wistar rats. The oxidative damage in the blood, liver, pancreas and kidney cells, hepatic enzyme activities and lipid profile of the Wistar rats were also ascertained. Rats were exposed to STZ alone at 160 mg/kg body weight for one week to induced hyperglycemia before treatment with M. fulvum at 83 and 113 mg/kg for 28 consecutive days. Results showed significant elevation in the levels of blood glucose level, amylase activity, serum lipid profile and serum renal markers (total protein, urea and creatinine) in the hyperglycemic rats. Moreover, streptozotocin-induced hyperglycemic rats showed significantly (p < 0.05) reduced antioxidant status (reduced levels of superoxide dismutase and catalase activities as well as decreased in reduced glutathione and increased level of malondialdehide). M. fulvum was able to demonstrate marked hypoglycemic effect and ameliorate the above mentioned biochemical markers. Streptozotocin-induced rats had significant histopathological damages found in the pancreas when compared with the control. The present study shows that M. fulvum possesses significant hypoglycemic, antihyperlipidemic and antioxidant effects in streptozotocin-induced hyperglycemic rats due to its ability to effectively reduce or ameliorate the increase in blood glucose levels, lipid profile and oxidative damages.