Economy
How Wills, Trust and Health Insurance Can Save Lives
By Gbolahan Oluyemi
In the past years, there has been a sharp rise in diagnosis for major diseases. The development led to an increase in the need for organ transplants by patients suffering from these diseases.
The dwindling medical equipment in public health institutions, systematic migration of health professionals and incessant strike action by public health care workers also worsened the situation.
Other than the institutional problems, most patients usually experience three common challenges when diagnosed with major diseases.
First is the availability of funds to cover the cost of medical treatment. Second is the availability of organs in cases where an organ transplant is required, and the last is the availability of necessary equipment and health care professionals with the needed expertise.
Amid these challenges, subscribing to health insurance, the existence of a health Trust fund and a growing Will writing culture are three tools that can save lives.
One major benefit of health insurance is that it guarantees access to health care irrespective of the current financial status of the patient.
Asides from guaranteeing access to health care, health insurance can indirectly prevent the prevalence of major diseases. This is because most people ignore health symptoms and self-medicate.
This act is attributed to either failure to prioritize health indicators, the cost associated with healthcare or in some cases, the preference for herbs.
Cost-free healthcare under health insurance will encourage people to seek help regarding their symptoms and enhance the early detection of diseases.
Further, health insurance absorbs a substantial part of the treatment cost in cases of major disease and may also cover post-treatment health expenses.
Another salient benefit of health insurance is that it protects patients from medical inflation. The cost of medications is rising, especially when there is a pandemic or increase in the number of persons contracting such disease. Health insurance ensures that Patients do not have to bear the brunt of inflation.
Lastly, reputable Health Insurers/HMOs educate their enrollees.
I personally use Leadway Health and I have been periodically educated on topics such as mental health, COVID -19 Vaccines and Aerobics vis-à-vis my health. This is in addition to the access to qualitative healthcare I enjoy being an enrollee.
Some patients also encounter difficulty in raising funds for their treatment. Sometimes, critically ill persons are constrained to seek financial help on social media platforms. Some patients are unlucky and may be unable to raise the needed fund till their demise.
From experience, Nigerians like to donate to such a life-saving cause. However, the activities of fraudsters and gain seeking individuals discouraged potential helpers from donating.
From experience, these doubts are reoccurring in the minds of donors when invited to support an unknown critically ill person.
The donor’s confidence will be boosted by setting up Charitable Trust with a reputable Trust company regulated by the Securities and Exchange Commission (SEC).
The Trust is funded by public donations and administered for the benefit of critically ill persons strictly on the recommendation of Medical Directors of designation public health institutions.
The residue of the fund can also be applied towards buying critical equipment for public health care institutions. Given the flexibility of Trust, the Corporate Trustee can on certain terms assist in seeking credit to fund pending treatments pending the receipt of donations.
If such an arrangement is in place, financially challenged ill persons will be referred to the Corporate Trustee for disbursement.
However, there is a need to have an organization saddled with the responsibility of publicizing the Trust and encouraging voluntary contributions to the Trust by the members of the public.
Will writing can also be used to save lives, especially regarding the donation of body organs and tissues for transplant. Before now, Nigerians were only accustomed to donating their chattels, shares, money and landed property in their Wills.
However, section 55 of the National Health Act expanded this by allowing persons to donate their body organs and tissues through a Will or document executed in a similar manner.
Every person who is competent to write a Will, may in the Will or a document signed in the presence of at least two (2) competent witnesses donate body organ or any specified tissue to be used after his/her death for training, health research and advancement and most importantly for therapy, including the use of tissue in any living person or production of a therapeutic, diagnostic or prophylactic substance.
This simple act of writing a Will and donating body organs can save lives and make organs available to many for transplant. However, this process should be with the guide of a Medical Practitioner.
This is to ensure the donated organ is timely removed and preserved for use. A Will takes effect from the death of the testator (i.e. the person writing the Will). At death, these organs are no longer useful to the deceased, but they could save a life, can keep a breadwinner alive, keep the candles of hope burning.
Putting good use to health insurance, Trust and Will writing can save numerous patients deprived of treatment due to lack of funds or unavailability of funds. These days, the people are losing confidence in the ability of the government and its institutions to guarantee affordable and qualitative health care. Hence, people must be creative and explore other alternatives to staying alive.
I am available for a discussion on how health insurance, Trust and Wills via [email protected].
By Adedapo Adesanya
President Bola Tinubu has called on the World Bank to support Nigeria’s ongoing economic reforms, with a focus on agriculture, youth employment, and private sector growth.
The president sought this assistance when he received a delegation from the World Bank led by Anna Bjerde, Managing Director of Operations, at the State House, Abuja on Tuesday, noting that the bank’s support will boost his administration’s strategy to strengthen the economy and expand opportunities for Nigerians.
“Since we went into this tunnel of reform, we have our hands on the power and we’re never going to look back. Initially, it was painful and difficult, but those who win are not the ones who give up in difficult times,” Mr Tinubu said.
The president highlighted the importance of mechanization and modernization of agriculture to increase productivity and create opportunities for Nigeria’s large young population.
“We have mechanization centers to help farmers with improved seedings and fertilizers to enhance their programs. The goal is to move farmers from small-scale holders to large cooperatives that can create opportunities for Nigerians,” he explained.
Mr Tinubu also pointed to the petrochemical sector and other domestic industries as areas where the government is working to improve outputs and strengthen local markets. He stressed that reforms are continuous and must be grounded in transparency, accountability, and stability.
“The first reaction to reforms was high inflation, but it has come down dramatically, and the Naira is now stable. We want to help investors operate with ease, reduce bureaucracy, and develop the skills of our people,” he said.
On her part, Ms Anna Bjerde commended the administration for its consistent and steady approach to reforms over the past two years. She highlighted that Nigeria has become a global example of reform implementation, giving confidence to investors and policymakers worldwide.
“The results achieved in the last two years are commendable. Your steady communication of the importance of reforms has given confidence and clarity, and there is no turning back,” Ms Bjerde said.
She emphasized the importance of job creation, particularly for Nigeria’s youth, noting that Africa’s young population is growing rapidly and that SMEs are central to employment generation.
“Agriculture is a huge part of the economy and a major employer. Innovations in mechanization, cooperatives, value-chain development, and infrastructure can be scaled to create more opportunities,” Ms Bjerde said.
She also highlighted the World Bank’s financial support for Nigeria, including public sector financing of $17 billion, private sector support of $5 billion through the International Finance Corporation (IFC), and investment guarantees exceeding $500 million. These instruments are aligned with Nigeria’s reforms, including trade, digital initiatives, and inflation management, to stimulate private sector growth and human development.
“We want to work with Nigeria to accelerate growth, improve access to finance for SMEs, and support early childhood development as part of a comprehensive human development strategy,” she added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.96 per cent on Tuesday, February 3, boosting the Unlisted Security Index (NSI) by 34.54 points to 3,641.30 points from the 3,606.76 points it ended a day earlier.
Equally, the market capitalisation of the trading platform was up during the session by N20.67 billion to end N2.178 trillion from the N2.158 trillion it ended on Monday.
The expansion witnessed by the OTC securities exchange yesterday was buoyed by the gains printed by four stocks on the bourse, with Central Securities Clearing System (CSCS) Plc up by N4.00 to sell at N44.00 per unit versus the previous day’s N40.00 per unit.
Further, Air Liquide Plc increased by N1.86 to end at N20.49 per share compared with Monday’s closing price of N18.63 per share, Afriland Properties Plc appreciated by 35 Kobo to N14.00 per unit from N3.65 per unit, and UBN Property Plc added 1 Kobo to settle at N2.20 per share, in contrast to the preceding day’s N2.21 per share.
On the flip side, there were two price losers led by FrieslandCampinaWamco Nigeria Plc, which shed 4 Kobo to close at N63.50 per unit compared with the previous day’s N63.54 per unit, and Geo-Fluids Plc lost 3 Kobo to finish at N6.81 per share compared with the N6.84 per share it traded in the preceding session.
Data showed that the volume of securities bought and sold by investors grew by 82.5 per cent to 7.0 million units from 3.9 million units, and the value of securities jumped by 5.2 per cent to N37.9 million from N36.0 million, while the number of deals decreased by 15 per cent to 34 deals from 40 deals.
CSCS Plc remained the most active stock by value (year-to-date) with 15.9 million units sold for N649.0 million, the second spot was taken by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.9 million, while the third position was occupied by Geo-Fluids Plc with the sale of 11.1 million units for N73.1 million.
The most traded stock by volume (year-to-date) was still CSCS Plc with 15.9 million units exchanged for N649.0 million, followed by Mass Telecom Innovation Plc with 12.7 million units sold for N5.1 million, and Geo-Fluids Plc with 11.1 million units traded for N73.1 million.
By Adedapo Adesanya
The Naira firmed up against the US Dollar in the various segments of the foreign exchange (FX) market on Tuesday, February 3, 2026, on the back of improved forex liquidity.
In the black market window, the local currency improved its value against the Dollar during the session by N10 to sell for N1,455/$1 compared with the previous day’s rate of N1,465/$1, and at the GTBank FX counter, it gained N33 gain to close at N1,386/$1 versus Monday’s closing value of N1,419/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency appreciated against the greenback by N17.45 to trade at N1,372.91/$1, in contrast to the preceding session’s N1,390.36/$1.
In the same vein, the Nigerian currency chalked up N21.92 against the Pound Sterling yesterday in the official market to quote at N1,877.59/£1 compared with the N1,899.51/£1 it was exchanged a day earlier, and gained N24.76 against the Euro to settle at N1,619.76/€1 versus N1,644.52/€1.
The appreciation seen indicates that available supply is mopping up demand even without any intervention from the Central Bank of Nigeria (CBN) in recent weeks, showing that market-driven currency framework is driving a stronger Naira.
Enhanced price discovery following plans by the apex bank to undertake a comprehensive revamp of the FX manual is acting as a pillar of support.
At a recent forum, the Deputy Governor, Economic Policy, CBN, Mr Muhammad Sani Abdullahi, disclosed that the bank was revamping the manual, a key regulatory document used by banks for export proceeds and other foreign trade-related transactions.
According to him, the document was already undergoing significant reforms aimed at aligning market operations with current economic realities.
Mr Abdullahi explained that the revised manual would introduce clearer rules, stronger oversight and improved processes to support transparency and efficiency in the FX market.
He said the reforms are expected to close loopholes, reduce uncertainty for market participants, and support a more orderly functioning of the foreign exchange system.
Also, Nigeria’s external reserves, which provide the CBN with the capacity to support the Naira, have continued to rise, reaching $46.59 billion as of 2 February 2026, according to CBN data.
In the cryptocurrency market, most prices still remained down as sentiment among short-term traders remaining cautious after thin liquidity and heavy liquidations pushed prices sharply lower.
Global crypto investment products saw $1.7 billion in outflows last week, marking the second consecutive week of heavy redemptions, with Solana (SOL) down by 5.2 per cent to $98.41.
Further, Bitcoin (BTC) depreciated by 2.4 per cent to $76,638.44, Binance Coin (BNB) slumped by 2.0 per cent to $761.78, Ethereum (ETH) dropped by 1.9 per cent to $2,277.16, Ripple (XRP) declined by 0.6 per cent to $1.60, and the US Dollar Tether (USDT) lost 0.1 per cent to sell at $0.9985.
However, Dogecoin (DOGE) improved by 1.7 per cent to $0.1084, Cardano (ADA) expanded by 1.2 per cent to $0.2868, and Litecoin (LTC) increased by 0.9 per cent to $60.63, while the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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