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
Brent futures climbed $1.06 or 1.3 per cent to $83.55 a barrel on Friday amid ongoing uncertainty about the negotiations in progress that determine control of and reopening of the key shipping artery of the Strait of Hormuz.
In the same vein, the US West Texas Intermediate (WTI) futures finished at $78.18 a barrel after it chalked up 89 cents or 1.15 per cent.
Iran is reviewing a bill to ban American and Israeli vessels from the Strait of Hormuz, through which roughly a fifth of the world’s oil and liquefied natural gas normally passed before the war began at the end of February.
Market analysts noted that while this week’s signals on a potential deal have sent a roller-coaster ride in market sentiment, the market remains in the dark as to what needs to happen for the agreement to be clinched.
Part of the question being asked is whether the Iran-Oman agreement would allow a US-flagged vessel to transit the Strait of Hormuz or allow a vessel headed for an American port to go through.
Shipping through Hormuz remains heavily constrained as Middle East oil production is still well below pre-war levels while attacks on commercial vessels have continued even as negotiators discuss possible arrangements for the waterway.
Some also said that this week’s developments have signalled that hostilities between Iran and the US are not yet over. This is because the proposed deal is not easily workable because of sanctions and restrictive insurance clauses on any payments by the US government.
Iran is seeking fees of between 5 per cent and 7 per cent of the price of cargoes from ships using the strait, while Oman is discussing fees of about 3 per cent, while the Donald Trump administration wants no fees at all.
Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the war drags on and repeated attempts at a deal fail to restore normal oil flows through the strait.
The bank still expects the conflict to be resolved, but the five-month war has lasted longer than Citi anticipated and kept more geopolitical risk in crude prices. Citi left its fourth-quarter Brent forecast unchanged at $70 per barrel and still sees the benchmark averaging $65 in 2027.
By Adedapo Adesanya
Nigerian businessman and chief executive of Dangote Industries Limited, Mr Aliko Dangote, has unveiled plans for a new phase of investments and acquisitions as the conglomerate pushes towards its target of generating $100 billion in annual revenue by 2030.
Mr Dangote disclosed this while receiving a delegation of senior executives from global investment banking and financial services firm Goldman Sachs, led by co-chief executive of Goldman Sachs International and Global Co-Head of Investment Banking, Mr Anthony Gutman, during a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited complex in Lagos.
Speaking after the visit, Mr Dangote said the refinery and associated industrial facilities underscore the transformative impact of long-term investment in Africa, stressing that the group’s ambitions extend beyond its current strategic plan.
“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning. We need to look beyond 2030.
“The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he said.
He added that detailed internal modelling had reinforced management’s confidence that the Group’s target of generating $100 billion in annual revenue by 2030 was achievable.
According to him, the projections were based on conservative assumptions and had strengthened the company’s conviction to pursue an even more ambitious long-term growth strategy.
Mr Dangote also revealed that the strong participation of employees in the refinery’s recent private placement reflected growing internal confidence in the company’s long-term strategy and future prospects.
The Goldman Sachs delegation, after an extensive tour of the 700,000 barrels-per-day refinery, described the project as an extraordinary achievement.
“It is extraordinary what Mr Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive,” the executives said.
According to a statement issued by Dangote Group on Friday, the delegation was led by Mr Anthony Gutman and included Mr Adib N. Zouein, Co-Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking & Markets Public; Mr Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Mr Jimi Adesanya, Head of Sub-Saharan Africa Sales (excluding South Africa).
The visitors were received by Dangote; Group Vice President, Oil & Gas, Mr Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, Mr David Bird; Group Executive Director, Oil & Gas, Ms Fatima Aliko Dangote; Chief of Staff to the President/CEO, Ibrahim Dikko; Group Chief Branding and Communication Officer, Mr Anthony Chiejina; Group Chief Economist, Mr Hassan Mahmud; Group Chief Strategy Officer, Mr Aliyu Suleiman; and Head of Administration, Dangote Petroleum Refinery & Petrochemicals, Mr Musa Bala, among other senior executives.
By Adedapo Adesanya
The Senate Public Accounts Committee has heard that Nigeria spent N1.16 trillion on fuel subsidy in 2021, while N1.20 trillion was deducted from federation crude oil sales proceeds during the same period.
The disclosure came from the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Mohammed Bello Shehu, during the committee’s ongoing investigation into the 2021 to 2023 Nigeria Extractive Industries Transparency Initiative (NEITI) audit reports on the oil and gas sector.
According to the commission, crude and petroleum product losses cost N16.2 billion, pipeline repairs accounted for N22.05 billion, while strategic stock holding attracted N6.75 billion.
The revelations come against the backdrop of Nigeria’s long-running fuel subsidy regime, which successive governments maintained to keep the pump price of petrol artificially low despite mounting fiscal pressures.
Over the years, subsidy payments consumed trillions of Naira, significantly reducing revenues available to the three tiers of government and contributing to widening budget deficits.
The issue reached a turning point in May 2023 when President Bola Tinubu announced the removal of fuel subsidy during his inauguration speech, declaring that “fuel subsidy is gone.” The decision followed years of concerns over the rising cost of the programme, allegations of fraud, and repeated recommendations by fiscal authorities and international financial institutions that the subsidy had become unsustainable.
The removal triggered a sharp increase in the pump price of Premium Motor Spirit (petrol), leading to higher transportation and living costs across the country. In response, the federal government introduced a series of palliative measures, including cash transfers, support for mass transit, and wage-related interventions, while arguing that savings from the subsidy would be redirected to infrastructure, education, healthcare, and other critical sectors of the economy.
The commission also argued that the current method of calculating the 13 per cent derivation fund undermines the constitutional intention of the policy.
Meanwhile, the committee stood down the Niger Delta Development Commission’s presentation until next Wednesday to allow lawmakers review its submission.
The committee also expressed displeasure over the absence of the Auditor-General of the Federation, warning that he must appear before lawmakers next Tuesday or face compulsory appearance through the constitutional powers of the National Assembly.
