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 om****************@***il.com.
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has warned that Nigeria’s economic recovery could come under renewed pressure from persistently high borrowing costs and inflation despite stronger crude oil production and ongoing economic reforms.
In its July Monthly Oil Market Report, OPEC said Nigeria’s near-term economic outlook remains positive, supported by higher oil production, improving macroeconomic stability, stronger business activity and continued reform efforts, but cautioned that inflationary pressures and expensive credit continue to pose significant risks to sustained growth.
According to the report, Nigeria’s economy expanded by 3.9 per cent year-on-year in the first quarter of 2026, marginally below the 4.0 per cent recorded in the final quarter of 2025, indicating that growth has remained close to recent highs.
“Overall, Nigeria’s near-term outlook remains positive, supported by oil production, reform progress, infrastructure investment and stronger business activity, but high inflation, elevated borrowing costs and the need to preserve exchange-rate stability remain important challenges,” OPEC stated.
The organisation noted that the non-oil sector remained the principal driver of economic expansion, with agriculture, manufacturing, construction, trade, finance and insurance contributing significantly to growth.
It added that improved crude oil production had strengthened government revenues, boosted foreign exchange inflows and reinforced the country’s external reserves.
“The non-oil economy continues to provide the main support, with activity driven by agriculture, manufacturing, construction, trade, and finance and insurance, while higher oil output has improved fiscal revenues, foreign-exchange inflows and external buffers. Survey indicators also point to continued near-term momentum,” the report added.
OPEC also pointed to private sector data showing continued expansion in business activity. It said the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) moderated slightly to 53.4 in June from 54.1 in May but remained above the 50-point threshold, indicating sustained growth in economic activity.
According to the report, stronger output, increased new orders and resilient consumer demand continued to support business expansion, although manufacturing activity softened slightly during the review period.
The oil producers’ group further noted that increased domestic refining capacity, particularly the improved fuel supply from the Dangote Refinery, is expected to strengthen energy availability and ease pressure on imports.
“Higher domestic refining capacity, including improved fuel supply from the Dangote refinery, should continue to support energy availability and reduce some import-related pressures,” OPEC said.
Despite the positive outlook, the organisation expressed concern over rising consumer prices, noting that Nigeria’s inflation rate increased to 15.9 per cent in May from 15.7 per cent in April as food prices continued to weaken household purchasing power.
“Inflation rose further to 15.9 per cent year-on-year in May, up from 15.7 per cent in April, with food prices still putting pressure on household purchasing power. This means that monetary policy is likely to remain cautious, despite improved exchange-rate stability and stronger oil-related inflows,” the report stated.
OPEC said the persistence of inflation is likely to keep monetary policy tight, meaning borrowing costs may remain elevated even as improved oil earnings continue to strengthen Nigeria’s fiscal position and external reserves, adding that balancing price stability with economic growth will remain a key challenge for policymakers in the months ahead.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc bested three price decliners to lift the NASD Over-the-Counter (OTC) Securities Exchange by 0.05 per cent on Thursday, July 16.
The securities depository company gained N2.29 during the trading day to close at N92.64 per share compared with the previous day’s price of N90.35 per share.
As a result, the market capitalisation of the bourse grew by N1.42 billion to N2.592 trillion from N2.590 trillion, while the NASD Security Index (NSI) improved by 2.36 points to 4,318.87 points from 4,316.51 points.
The three price losers yesterday were led by 11 Plc, which shed N10.00 to end at N240.00 per unit versus Wednesday’s closing value of N250.00 per unit, FrieslandCampina Wamco Nigeria Plc lost N2.34 to finish at N147.66 per share compared with the N150.00 per share it closed at midweek, and Food Concepts Plc depleted by 7 Kobo to settle at N2.42 per unit, in contrast to the preceding day’s N2.49 per unit.
A look at the activity chart showed that during the session, the value of transactions soared by 43.3 per cent to N104.1 million from the preceding session’s N65.2 million, and the number of deals jumped by 39.3 per cent to 39 deals from the 28 deals completed a day earlier, while the volume of trades contracted by 75.7 per cent to 1.2 million units from 4.8 million units.
When trading activities ended for the day, Great Nigeria Insurance (GNI) Plc led the activity chart as the most active stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 74.9 million units exchanged for N5.3 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Naira further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, July 16, by 65 Kobo or 0.04 per cent to sell for N1,381.53/$1, in contrast to Wednesday’s closing value of N1,382.18/$1.
This was buoyed by improved FX liquidity to absorb the high demand for Dollars during the trading session.
However, the local currency depreciated against the Pound Sterling in the official market yesterday by N9.48 to close at N1,866.17/£1 versus the preceding day’s N1,856.69/£1, and lost N2.99 against the Euro to quote at N1,582.68/€1 compared with the midweek rate of N1,576.69/€1.
At the parallel market, the Nigerian currency maintained stability against its United States counterpart at N1,405/$1, and at the GTBank FX desk, it remained unchanged at N1,389/$1.
On Thursday, data from the Central Bank of Nigeria (CBN) showed a surge in interbank FX turnover and deal count. Interbank FX activities at the NFEM window increased sharply by 69 per cent to $205.366 million from $121.727 million reported the previous day.
Nigeria’s gross external reserves continue to rise, supported by steady foreign exchange inflows from hydrocarbon receipts, remittances and foreign portfolio investments, boosting market confidence. It settled at $51.893 billion from $51.867 billion the previous day.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
In an operational guidance issued on July 15 to authorised dealer banks and licensed BDCs, the CBN introduced the FX BDC Purchase Tracker (FXBT), a centralised electronic portal that will monitor foreign exchange purchases by BDCs from the point of request through approval, settlement and eventual sale.
As for the crypto market, prices were down as the markets weighed fresh US airstrikes on Iran that boosted risk sentiment, with Ethereum (ETH) down by 4.7 per cent to $1,829.37.
Solana (SOL) decreased by 3.6 per cent to $77.49, Dogecoin (DOGE) depreciated by 3.1 per cent to $0.0718, Cardano (ADA) also crashed by 3.1 per cent to $0.1588, Bitcoin (BTC) slumped by 2.9 per cent to $62,820.21, Ripple (XRP) dipped by 2.6 per cent to $1.08, Binance Coin (BNB) fell by 2.3 per cent to $569.02, and TRON (TRX) shrank by 0.8 per cent to $0.3219, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
