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Phillips Consulting reviews the socio-economic impact of cancer in Nigeria

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Phillips Consulting reviews the socio-economic impact of cancer in Nigeria

In 2018 Phillips Consulting (PCl), examined the socio-economic impact of cancer in an extensive study. Responses were gathered from thousands of Nigerian Cancer victims or caregivers, family and friends.

In Nigeria, the general media are most often overwhelmed with reports of cancer victims alongside impassioned solicitations for funds for treatment abroad. Today In major cities of Nigeria, it is not no longer a strange sight to see caregivers soliciting alms from the general public for people living with this deadly disease.

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Several health management organisations in Nigeria do not cover Cancer treatments; neither does The Nigerian National Health Insurance Scheme (NHIS).

The cost of cancer treatments in Nigeria ranges from N850,000 ($2,361) and $10,000 (N3,600,000). Due to the masses not able to afford these costs, the number of people resorting to public intervention has constantly increased over the years; this is intuitive evidence of the great socioeconomic burden faced by cancer patients and their caregivers.

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The PCL research showed that every year, Tens and Thousands of Nigerians troop abroad in search of the best and most affordable medical treatments and health care services. Destinations such as The Middle East, India, Turkey, United States of America and Europe thrive on Nigerian medical tourists.

Cancer patients spend astronomical amounts of money seeking treatment abroad, up to $60,000, excluding other associated financial costs such visa fees, flight tickets, logistics, hotel accommodation and upkeep for the patient and their caregiver. The high amount of capital flight suggests opportunities for investment along the value chain of cancer management in Nigeria.

The PCL survey showed that Nigerian women and low-income earners were the most affected by cancer, but Irrespective of one’s socio-economic status, the emotional and financial burden of fighting cancer is excruciating.

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According to the Global Burden of Disease Study 2015, total deaths caused by Cancer rose by 17% between 2005 and 2015. By 2030, cancer incidence worldwide is projected to rise by 68% to 23.6 million new cases every year. Cancer was estimated to have caused 8.8 million deaths (one in every six deaths) globally in 2015 and cost the world, in 2010, the best part of US $1.16trillion. Cancer is one of the leading causes of death in the world and the most prevalent cause of NCD (non-communicable disease) death after cardiovascular disease.

In 2012, Cancers caused 3% of over two million deaths recorded in Nigeria. Guided by insights from the combined health industry, government, NGOs, researchers of all stripes and other interested corporate bodies must provide the basis for effective actions against Cancer.

Ultimately, the task of beating cancer requires the combined efforts of all stakeholders.

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“We will not only direct our significant research capabilities towards plotting the way forward; we are also prepared to support stakeholders in ensuring the effectiveness of cancer management through the effective project management of palliative programs and initiatives. Our extensive knowledge of the local environment also ensures that we are equipped to help local and international organisations deliver sustainable outcomes in their efforts towards combating cancer. Though an enormous challenge, our commitment to that task at Phillips Consulting is unflinching” Consultant at Phillips Consulting, Victor Mba

Patricia

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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NSITF board to investigate suspended MD and others over financial misconduct

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NSITF, FG moves to scrap hazard allowances earned by State Governors

The board of directors of the Nigerian Social Insurance Trust Fund (NSITF) has revealed that it will investigate the activities of the suspended Managing Director, 3 Executive Directors, and 8 other senior management staff over financial breaches and gross misconduct.

This was disclosed by the Chairman of the board of NSITF, Mr. Austin Enajemo-Isire, in a statement in Enugu on Sunday July 5, 2020.

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Enajemo-Isire said that the Managing Director and other top management staff of the organization would have the opportunity to clear themselves of any wrongdoing with the probe panel which was being set up.

READ MORE: Ecobank appoints Aissatou Djiba Diallo to oversee its fintech initiatives 

While reacting to claims that the suspension did not follow due process as President Muhammadu Buhari did not approve it, Enajemo-Isire said that the approval for the suspension of the affected staff had been conveyed to the Labour Minister in a correspondence referenced SGF. 47/511/T/99 of June 30, 2020.

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According to the Chairman, “The minister has conveyed this approval and directives to me for necessary action in terms of setting up a board-driven investigative panel.

READ MORE: Nigeria’s debt rises to $79.5 billion, as debt to revenue ratio worsens

“This is to give the affected officers the opportunity to clear themselves of the financial and procurement breaches and acts of gross misconduct and other infractions that gave rise to their prima facie indictment.

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“It is in this light that I have decided to call a virtual meeting of the management board on Tuesday, July 7, 2020, to consider the modalities for our action.”

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He, therefore, appealed to staffers of NSITF and their social partners to keep calm and exercise restraint.

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A few days ago, Nairametrics reported the suspension of the Managing Director and some senior management staff over corruption allegations. However, the management in its reaction debunked that claim and said that the President did not approve their suspension but that rather, it was the sole decision of the Labour Minister, Chris Ngige, who they said was overreaching himself.

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Nigerian Content Intervention Fund increased to US$350 million

The fund expansion was one of the decisions taken at the board’s recent meeting.

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intervention fund, NCDMB, output cut, Petroleum Industry Bill to be passed by mid-2020, says Sylva, FG discovers crude oil in north, says there’s more , OPEC, non-OPEC countries to meet as Saudi, Russia price war affects Nigeria’s budget, FG considers fuel price reduction, OPEC deal: Nigeria to generate additional $2.8 billion revenue as FG reacts

The governing council of the Nigerian Content Development and Monitoring Board (NCMB) announced on Sunday that it has approved a $150 million expansion of the Nigerian Content Intervention Fund, raising it from $200 million to $350 million.

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The fund expansion was one of the decisions taken at the board’s recent meeting on June 16, 2020, chaired by Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, who is also the Chairman of the Council.

READ ALSO: Nigeria to attract $48.4 billion out of Africa’s $194 billion oil and gas investments

The board said that $100 million from the additional fund would be used to boost five existing loan products, which include manufacturing in the oil and gas industry, asset acquisition of rigs, marine vessels, contract financing for Nigerian oil service providers, contract financing for oil and gas community contractors, and loan refinancing with Nigerian banks.

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The council also announced that $20 million and $30 million would be used for 2 newly developed loan product types (the Intervention Fund for Women in Oil & Gas and PETAN Products) which include Working Capital loans and Capacity Building loans for PETAN member companies.

Started in 2017, the Nigerian content Intervention fund was developed as a $200 Million fund managed by the Bank of Industry, to facilitate on-lending to qualified stakeholders in the Nigerian oil and gas industry on five loan product types.

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The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF), aggregated from the one percent deduction from the value of contracts executed in the upstream sector of the oil and gas industry.

According to the NCMB, “About 94 percent of the NCI Funds has been disbursed to 27 beneficiaries as at May 2020.”

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Seplat gives notice of board meeting, to consider Q2 financial result

The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer.

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Seplat Plc, Seplat gives notice of board meeting, to consider Q2 financial result

The indigenous oil and gas firm, Seplat Petroleum Development Company Plc has given notice of its board of director meeting which has been scheduled for Tuesday, July 28, 2020 through a teleconference in Lagos between 10 am and 3 pm.

This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE) on July 3, 2020 and signed by the oil firm’s Company Secretary, Edith Onwuchekwa.

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The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer, in this case, Seplat, to notify the Exchange at least 14 days ahead of the due date and time when the board of directors hopes to meet to discuss its financial results.

The notification from Seplat states, ‘’In line with the rules of the NSE on the obligation of the Issuer to notify the Exchange at least 14 days in advance, in respect of the date and time when the board of directors will meet to discuss its Q2 2020 Financial Results, we wish to state the meeting details as follows,’’

‘’Date: Tuesday 28th July 2020, Venue: Via Teleconference, Lagos, Time: 10.00am – 3.00pm’

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(READ MORE: Fidelity Bank announces closed period ahead of H2 financial statements release)

Seplat, in its statement, also said they were going to notify the Exchange of the details of the Board’s decision on the 2020 second-quarter financial results immediately after the meeting as required by the rules.

Nairametrics had earlier reported that following the global oil crisis triggered by the coronavirus pandemic, the oil and gas firm, in its released financial statement, announced that revenue declined from $159.5 million in Q1 2019 to $130.5 million in Q1 2020. That represented an 18.2% drop.

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The gross profit dropped from $81.4 million in Q1 2019 to $33.1 million in Q1 2020. This shows a drop of 59.3%. The profit before deferred tax showed a loss of $105.8 million in Q1 2020 as against the profit before deferred tax of $35.8 million that was achieved in Q1 2019. This represented a huge drop of 395.5%.

The company’s CEO, Austin Avuru, said that as part of its strategy, Seplat was shifting focus to its gas business which is less exposed to the oil price drop which is currently ravaging the upstream sector.

The current share price of Seplat on the Nigerian Stock Exchange is N386 per share as at July 3, 2020.

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