Category: Nigerian Tribune

A sudden job loss, medical bill, urgent home repair or unexpected family responsibility can wreck a carefully planned budget. In Nigeria, rising living costs can make the situation worse because the money saved months earlier may no longer cover the same expenses.

That is why building emergency fund Nigeria inflation strategies require more thought than simply putting money into a savings account.

An emergency fund is cash deliberately set aside for unexpected expenses or a loss of income. The Consumer Financial Protection Bureau (CFPB) recommended having money available for emergencies such as medical bills, repairs and income disruptions because even a relatively small financial shock can become expensive debt when there is no cash reserve.

The objective isn’t to predict every crisis. It is to make sure an unexpected problem does not immediately become a financial disaster.

Why inflation matters when building an emergency fund

A commonly used rule is to keep three to six months of essential expenses. That is a useful benchmark, but it should not be treated as a universal formula.

Your emergency fund should reflect your household’s actual financial position and the cost of maintaining your basic needs.

Nigeria’s current economic data also shows why this needs regular review.

Tribune Online reports that the Nigerian Bureau of Statistics reports an inflation rate of 15.43% and a Monetary Policy Rate of 26.5%.

When prices change, a reserve that once covered six months of expenses may eventually cover fewer months.

That does not mean putting emergency savings into risky investments simply to chase inflation-beating returns. An emergency fund has a different purpose from long-term wealth-building. Liquidity and preservation of capital should come first.

Calculate your target from essential expenses

Start with what your household needs to survive, not what you normally spend on everything.

Add up rent, food, utilities, transportation, essential insurance, debt obligations and other unavoidable expenses. Leave holidays, entertainment and other discretionary purchases outside the initial calculation.

For example, if essential expenses amount to N350,000 monthly, three months would equal N1.05 million, while six months would equal N2.1 million.

Those figures are not a recommendation for every household. A salaried employee with a stable income may need a different reserve from a freelancer, commission-based worker or business owner whose earnings fluctuate.

A single-income household may also want a larger cushion because the loss of that income can affect the entire family.

Similarly, the CFPB advises people to consider their personal circumstances and previous unexpected expenses when determining how much emergency savings they need.

Keep emergency money separate

An emergency fund becomes easier to spend when it sits in the same account used for everyday purchases.

Create a separate savings arrangement for emergencies. The purpose is not to make the money inaccessible; it is to make the distinction between ordinary spending and genuine emergencies clear.

The CFPB recommends keeping emergency savings somewhere safe and accessible, while also choosing a place where you are less tempted to spend the money unnecessarily.

For Nigerian savers, examine the account’s withdrawal conditions, fees, accessibility and applicable protections before choosing where to keep the reserve.

Don’t sacrifice liquidity for higher returns

An emergency fund should not be treated like an investment portfolio.

A financial product may advertise a better return, but that does not automatically make it suitable for emergency savings. If accessing the money takes too long, involves significant penalties or exposes your principal to substantial market risk, it may fail the most important test: being available when you need it.

The right question is simple: Can I access this money quickly if my income stops tomorrow?

This is why emergency savings are generally better suited to liquid arrangements than assets designed for long-term growth.

Understand deposit protection in Nigeria

Where you keep your emergency fund matters. The Nigeria Deposit Insurance Corporation (NDIC) provides deposit insurance for eligible deposits in covered institutions, subject to applicable limits and conditions.

NDIC says maximum coverage was increased to N5 million for deposit money banks and N2 million for microfinance banks, while primary mortgage banks, payment service banks and certain mobile-money arrangements have their own applicable limits.

Do not assume that every financial product is covered simply because you purchased it through a financial institution. Deposit insurance applies according to the relevant rules and eligible deposit categories.

Before placing a large emergency reserve anywhere, confirm the institution’s regulatory status and understand what protection applies to the particular product.

Build the fund in stages

A six-month emergency fund can sound impossible if you are currently struggling to save N20,000.

Don’t let the final target prevent you from starting.

Build the reserve gradually. Your first goal might be a small buffer capable of handling an urgent expense without borrowing. From there, work toward one month of essential expenses, then three months and eventually a larger reserve if your income or family circumstances require it.

The CFPB notes that even small amounts can provide some financial security and recommends developing consistent savings habits.

The important thing is to create a system rather than waiting for a large amount of spare cash to appear.

Automate your contributions

If you earn a regular salary, transfer a fixed amount into your emergency savings shortly after payday.

People with irregular income can use a percentage instead. For instance, a freelancer might direct a predetermined share of every payment into the reserve.

The amount should be realistic enough to maintain. A savings target that forces you to borrow money before payday is not a sustainable strategy.

Windfalls can also accelerate the process. A bonus, unusually profitable month or other unexpected income can provide an opportunity to strengthen the fund without increasing your regular monthly burden.

Review the target as your expenses change

An emergency fund should evolve with your life. If your rent increases, your household grows or transportation costs rise, recalculate your essential monthly expenses. A reserve based on N250,000 monthly spending will not provide the same six-month cushion if essential expenses later reach N350,000.

Review the fund periodically rather than assuming the original target will remain adequate forever.

At the same time, don’t make the target so ambitious that you stop saving altogether. Financial resilience is built through consistency.

Set clear rules for using the money

An emergency fund needs boundaries. An unexpected medical expense, sudden loss of income, urgent essential repair or serious unplanned household cost can qualify. A new phone, vacation or impulse purchase does not become an emergency simply because you want it immediately.

The CFPB recommends establishing personal guidelines for what qualifies as an emergency and rebuilding the fund after it has been used.

And don’t be afraid to use it when a genuine crisis occurs. That is precisely why you saved it.

Once the emergency has passed, rebuilding the reserve should become a priority.

Balance emergency savings with expensive debt

Saving and debt repayment can compete for the same money. If you have high-interest debt, consider establishing a basic emergency buffer while directing significant attention toward reducing the expensive debt. Otherwise, an unexpected expense could force you to borrow again.

The right balance depends on your income stability, debt cost and household obligations. There is no need to choose between having zero emergency savings and saving indefinitely while costly debt continues accumulating.

Build financial breathing room

No emergency fund is completely bulletproof. A prolonged period without income or a major crisis can exhaust even a substantial reserve.

But a well-designed fund can prevent a temporary setback from becoming a long-term financial problem.

For Nigerian households facing changing prices, the strategy is straightforward: calculate the reserve from essential expenses, keep the money accessible, use appropriate regulated institutions, review the target as costs change and replenish the fund whenever you draw from it.

Most importantly, don’t wait until you can save millions. The first ?10,000 will not protect you from every crisis, but it begins something important: financial breathing room. With consistent contributions, that small reserve can eventually become the difference between handling an emergency and going into debt to survive it.

Stanbic IBTC Insurance has said its successful verification under the new N10 billion minimum capital requirement marks the beginning of a new phase of growth, as the company seeks to leverage its stronger financial position in an insurance industry undergoing major regulatory and structural changes.

Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance, said the company’s compliance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 should not be viewed as the end of the recapitalisation process but as a new baseline for sustainable operations.

‘This confirmation is a moment worth marking, but it is not the finish line. NAICOM has set a new baseline for what it means to operate responsibly in this industry and meeting that baseline required real discipline across our organisation,’ Orimolade said.

His comments followed confirmation by the National Insurance Commission (NAICOM) that Stanbic IBTC Insurance had met and been verified as compliant with the new minimum capital requirement for life insurers.

Under NIIRA 2025, life insurance operators are required to maintain a minimum capital base of N10 billion, up from the previous N2 billion threshold. The new requirement forms part of the regulator’s wider recapitalisation exercise aimed at strengthening insurers’ financial capacity and improving their ability to underwrite larger risks and meet policyholder obligations.

Orimolade said the next stage of the industry’s development would be defined by operators’ ability to deploy their stronger capital positions effectively.

‘Nigeria’s insurance industry is entering a phase where scale, governance and financial strength will separate the operators built for the long term from those simply built for today,’ he said.

He added that Stanbic IBTC Insurance would focus on building an institution that customers and stakeholders could rely on as the sector continues to evolve.

The company’s compliance comes as NAICOM completes a major recapitalisation exercise that has already begun reshaping Nigeria’s insurance landscape. In August, the regulator confirmed that 43 insurance and reinsurance companies had met the new capital requirements, while additional operators remained subject to final verification.

The exercise is expected to produce a more capitalised and resilient insurance industry, with operators possessing greater capacity to absorb risks, honour claims and participate in financing large-scale economic activities.

Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said the confirmation also demonstrated the wider group’s approach to capital planning and governance.

‘Across the Stanbic IBTC group, we take a long view of capital, one that puts our subsidiaries in a position to meet regulatory change from strength rather than scramble to catch up to it,’ Nwokocha said.

According to him, the insurance subsidiary’s compliance reflected the financial discipline and governance standards maintained across the group.

The development is particularly significant for life insurers, given the sharp increase in the regulatory capital threshold. Under NIIRA 2025, the minimum capital requirements are N10 billion for life insurers, N15 billion for non-life insurers, and N35 billion for reinsurers.

The higher thresholds are expected to intensify competition and accelerate consolidation as insurers reassess their scale, capital adequacy and long-term business models.

For Stanbic IBTC Insurance, the successful verification provides a stronger platform to pursue growth opportunities while maintaining its capacity to meet policyholder commitments.

The company said the recapitalisation should ultimately be viewed as a foundation for the next phase of the industry, rather than simply a regulatory hurdle, with stronger operators expected to play a greater role in expanding insurance penetration and supporting Nigeria’s economic development. This lead gives Stanbic’s reaction the first and strongest voice, while the second paragraph immediately establishes the regulatory news and the N10bn significance.

President Bola Ahmed Tinubu has described Vice-President Kashim Shettima as ‘a trusted ally, a patriot whose life has been defined by service, commitment and sacrifice for worthy causes’.

Tinubu made the remarks in a congratulatory message he personally signed and issued to State House correspondents on the occasion of the Vice-President’s 60th Birthday.

Tinubu, who recalled his deputy’s life trajectory as a career banker, two-term governor of Borno, and presently as Vice-President of Nigeria, maintained that.

‘Kashim has demonstrated courage, diligence, compassion and an abiding commitment to improving the lives of the people.’

President Tinubu also acknowledged Senator Shettima’s support and partnership in the fulfillment of the party programmes to Nigerians as enshrined in its Renewed Hope blueprint.

The statement read: ‘Today, I warmly congratulate Vice President Kashim Shettima, my brother and partner in steering the ship of our state, on his 60th birthday on September 2. I rejoice with his wife, Nana, children, family, and political associates on this important milestone.

‘Kashim is not just a trusted ally or a valued colleague, but also a patriot whose life has been defined by service, commitment, and sacrifice for worthy causes.

‘In celebrating Kashim, we celebrate his distinguished banking career and exemplary record of service to Borno State and Nigeria.

‘Shettima’s unwavering commitment to our nation’s progress and unity is particularly worthy of mention.

‘I commend him for his years of dedicated public service, first as Governor of Borno State and subsequently as Vice-President of the Federal Republic of Nigeria.

‘In both capacities, Kashim has demonstrated courage, diligence, compassion and an abiding commitment to improving the lives of the people.

‘I acknowledge, in particular, Vice-President Shettima’s loyalty to the All Progressives Congress (APC), support for the administration and his unwavering dedication to the success of the Renewed Hope Agenda.

‘As Chairman of the National Economic Council, Shettima has provided purposeful leadership in coordinating economic policy and fostering collaboration among the Federal Government and the sub-nationals.

‘His respect for constitutional governance, democratic institutions, and dialogue and consultation has helped strengthen good governance.

‘As a trusted partner, his loyalty, wisdom, and sense of duty have remained invaluable to the administration.

‘I must thank Vice President Shettima for his steadfast support and partnership as we continue to join hands in delivering the promises of Renewed Hope to Nigerians.

‘I am confident that working together, we will continue to make meaningful progress in building the Nigeria of our dreams.

‘On behalf of the Federal Government, I again congratulate Vice President Shettima on this milestone, and I pray that Almighty Allah will continue to guide, protect, and strengthen him. May Munificent Allah grant him wisdom and good health, and bless him with many more years of purposeful service to Nigeria.’

The UK has been urged to lead global debt reform ahead of its 2027 G20 Presidency, with the AIDS Healthcare Foundation (AHF) warning that the growing sovereign debt crisis is undermining health, education, social protection and economic stability across Commonwealth countries.

The call came ahead of the Commonwealth Heads of Government Meeting (CHOGM), scheduled to hold in Antigua and Barbuda in November, as the UK prepares to assume the G20 Presidency next year.

AHF said the UK has a unique opportunity to drive concrete reforms in the international financial system, noting that one in three Commonwealth countries is currently in debt distress, while a majority of global debt contracts are governed by UK law.

The organisation further said 3.4 billion people globally live in countries that spend more on debt servicing than on health and education combined.

According to AHF, developing countries also face borrowing costs two to 10 times higher than those of wealthier nations, while 21 Commonwealth countries spend at least 14 per cent of their government revenue on debt repayments.

AHF President, Michael Weinstein, said the global debt crisis was sustained by an inequitable financial architecture that continues to disadvantage countries in the Global South.

‘The global debt crisis is upheld by a financial architecture that is inequitable, extractive, and rooted in colonial legacy,’ Weinstein said.

He urged the UK to demonstrate leadership by championing systemic reforms that would enable Commonwealth countries to achieve sustainable prosperity.

Weinstein also called on the British government to protect borrowing countries from private creditors who, he said, exploit the UK legal system to force repayments and undermine debt relief efforts.

He advocated legislation to curb predatory lending practices and prevent creditors from frustrating debt relief initiatives.

The call also follows the UK Foreign, Commonwealth and Development Office’s announcement of plans to slash UK aid funding by up to 90 per cent for some countries, including Malawi and Mozambique.

AHF said the proposed reductions could further deepen the fiscal pressures facing countries already struggling to finance social protection and essential public services.

AHF Executive Vice President, Dr Penninah Iutung, said the debt crisis had moved beyond being a purely financial concern, describing it as a major security and development challenge.

‘We cannot say we are a Commonwealth of Nations when many member states are trapped in a debt cycle that impoverishes them and destabilizes their economies,’ Iutung said.

She called for greater unity among countries of the Global South in sustaining pressure for comprehensive debt reform, drawing on the ideals of independence and anti-colonial movements.

In June, AHF and its partners launched the Freedom from Debt campaign, which seeks to mobilise global action to address structural problems in sovereign debt financing.

The campaign is calling for the acceleration of the Borrowers’ Forum to strengthen the collective negotiating position of countries in the Global South.

It is also advocating automatic, interest-free debt repayment pauses in lending agreements whenever countries face public health or climate crises.

Another proposal is a one per cent global AI Solidarity Levy on the capital investments and revenues of leading artificial intelligence companies, with the funds to be used for debt relief and essential public goods in developing countries.

AHF said bold action was required to reform the global financial system and ensure that countries were able to invest adequately in health, education and development.

The foundation urged the UK to use its forthcoming G20 Presidency to place debt reform firmly on the international agenda and translate its leadership role into concrete measures capable of delivering greater economic stability and prosperity for countries in the Global South.

Vice President Kashim Shettima has asked Nigerians to mark his 60th birthday with prayers and acts of kindness rather than gifts, advertisements or other material celebrations.

Shettima made the appeal in a statement shared on X on Tuesday, September 1, 2026, ahead of his 60th birthday on Wednesday.

The vice president urged friends, supporters, associates and well-wishers who intended to honour him to instead direct whatever money they planned to spend towards a charity, a cause or an individual in need anywhere in Nigeria.

He said reaching 60 had strengthened his resolve to discourage material celebrations around his birthday, stressing that the milestone should be a period for reflection, gratitude and consideration of what one has contributed to society.

According to him, acts of generosity towards people in need would be a meaningful way of honouring his birthday, particularly in a country where many people depend on the support and kindness of others.

Shettima also called on Nigerians to pray for him and the country, including for peace in communities, prosperity for citizens, wisdom among leaders and the realisation of Nigeria’s potential.

He described Nigeria as a country with an industrious population, strong entrepreneurial spirit and a youthful population whose talent, ambition and creativity remain important national assets.

The vice president said his journey to 60 had been shaped by the support and goodwill of family members, friends, teachers, colleagues, supporters, well-wishers and strangers.

He said he therefore considered extending kindness to others as a fitting way of reciprocating the goodwill he had received over the years.

Shettima also expressed appreciation to Nigerians for the loyalty, friendship, affection and prayers that had accompanied him throughout his life.

The statement reads, ‘What I Ask For at Sixty. Tomorrow, by the grace of God, I turn sixty.

‘I am aware that some of you already know this, and that this requires no announcement from me. Consider this, therefore, a reminder and, if you would permit me, a request made before the goodwill of tomorrow begins to arrive.

‘Over the years, I have been deeply humbled by the affection, prayers and goodwill that have accompanied my birthdays. Such occasions leave one grateful for the friendships, fellowships and bonds accumulated across the years. Yet there is one appeal I have consistently made to my friends, supporters, well-wishers, associates and admirers, far and near: please do not spend a kobo on a gift for me, nor undertake any venture of material consequence in my honour.

‘This year, as I turn sixty, I am even more resolute about that request. Sixty is an age at which our people expect a man to have exchanged impulse for reflection, vanity for gratitude, and the desire to accumulate for the wisdom to give. It is an age that asks fewer questions about what one has gathered and far more searching questions about what one has contributed. I therefore appeal once again to everyone who wishes me well not to spend money marking my day, but to channel whatever resources they may have intended for such gestures to a charity, cause or person of their choice anywhere in our country.

‘A nation is ennobled by the care it extends to those who need the strength of others. Our means may differ, but generosity is not measured only by the size of what we give. Sometimes the smallest kindness arrives at precisely the moment another person needs to be reminded that humanity has not forgotten them. For me, such an act is among the most eloquent prayers anyone can offer on my behalf.

‘None of us arrives at sixty, or indeed at any meaningful station in life, entirely by our own strength. We are all beneficiaries of the kindness of family, friends, teachers, colleagues, supporters, well-wishers and, sometimes, strangers who had nothing to gain from extending a hand to us. It is only fitting that we repay such debts in the currency in which they were incurred: by extending kindness to those who may never be in a position to repay us. Every hand that lifts another somewhere in Nigeria tomorrow will be a candle lit for me.

‘What I ask for, in place of advertisements, gifts and celebrations, is prayer. Pray for me, and pray for Nigeria. Pray for the peace of our communities, the prosperity of our people, the wisdom of our leaders and the fulfilment of the immense promise of this nation. Ours is a country blessed with an industrious people, an extraordinary instinct for enterprise, a generosity that travels easily across family and community, and a youthful population whose imagination, talent and ambition remain among our greatest national assets. Our diversity is a vast inheritance, our cultures are reservoirs of strength, and our capacity to find fellowship across difference is one of the enduring beauties of the Nigerian spirit.

‘Thank you for your understanding over the years, and for the loyalty, affection, friendship and prayers that have accompanied me this far. I wish you long life, good health, fulfilment in all that is noble, and the quiet joy of being useful to someone who may never be able to repay you.’

Born on September 2, 1966, Shettima is a former governor of Borno State and currently serves as Vice President of the Federal Republic of Nigeria.

The Nigerian Defence Academy (NDA) has released the admission list for the 78th Regular Combatant Course (78RC), containing successful and reserve candidates selected for admission into the Academy.

The successful candidates are expected to report to the NDA Ribadu Campus (Old Site), Kaduna, on Saturday, September 12, 2026, after completing the Armed Forces Selection Board exercise conducted from July 4 to August 19, 2026.

The Academy announced the admission list in a statement signed by its Registrar, Brigadier General OA Ogunleye, and published on its X handle on Wednesday.

According to the NDA, only candidates who were offered admission are expected to report at the Drill Shed, NDA Old Site, Ribadu Cantonment.

Candidates must complete their reporting by Monday, September 14, 2026, as the Academy warned that anyone who fails to meet the deadline ‘will forfeit his or her place.’

Candidates placed on the reserve list will not report at this stage. The NDA said they ‘may be called as the need arises through their registered e-mails and phone numbers.’

Successful candidates are required to arrive with the original copies of their academic and personal documents.

The documents include the First School Leaving Certificate, Primary School Testimonial, WAEC/NECO results, Senior Secondary School Testimonial, Birth Certificate or Declaration of Age, and Letter of State of Origin.

Candidates must also present the ‘original copy of duly endorsed Parent/Guardian Consent Form.’ The Academy said photocopies of the required documents would not be accepted.

‘Any candidate who fails to present originals of the stated documents will not be accepted into the Academy,’ the notice stated.

The NDA has also directed successful candidates to report with specified clothing, footwear, sportswear, bedding and other personal items required for their training.

The items include black and white trousers, a dark-coloured lounge suit, national dress, black cover shoes, white and brown canvas shoes, football boots, a hockey stick, white shirts, socks, bed sheets and a pressing iron.

Female candidates are required to additionally bring black low-heel cover shoes, dark-coloured lounge skirts, black or blue short tights and trouser suits.

Before reporting to the Academy, all selected candidates must upload their O’Level results on the JAMB portal and accept their admission through the JAMB Central Admissions Processing System (CAPS).

Candidates who were not offered their preferred academic department have also been directed to use the JAMB portal to make the necessary change.

The NDA further warned that successful candidates would not be permitted to receive visitors or leave the Academy during their first three months of training.

‘Selected candidates and their parents are to please note the above for strict compliance,’ the notice stated.

The Federal Capital Territory Administration (FCTA) has officially launched an investigation into the recent severe flooding along the Airport Road axis and Lokogoma District to determine the root causes and implement lasting solutions.

Speaking during his routine media chat on Wednesday, the FCT Minister, Barr. Nyesom Wike, revealed that a high-level task force led by the Executive Secretary of the Federal Capital Development Authority (FCDA) and the Director of Development Control was immediately dispatched to conduct on-the-ground assessments across affected communities, including Lugbe and Lokogoma.

‘When I heard of the incident, the Executive Secretary of the FCDA and the Director, Development Control had to go to the place, not only at the airport road but also in Lokogoma,’ the Minister stated.

‘The one that is man-made, we can solve the problem; the one that is natural, there is nothing we can do-it becomes a natural disaster. So, it’s something that we have to investigate’.

While acknowledging that recent torrential downpour in the nation’s capital has reached unprecedented levels, the Minister stressed that preliminary findings point to long-standing violations of the FCT masterplan, where structures have been erected across natural waterways and designated road corridors without valid approvals.

He vowed that the administration will take all necessary steps to correct abuse of the Abuja masterplan along the airport road axis and will not hesitate to bring down any structure found along waterways.

According to him, ‘From our studies, Lugbe has always been violating the Abuja masterplan… All over the years, you see people building without approval and blocking where is supposed to be a roadway. As an administration, we are not taking it lightly’.

Beyond structural enforcement, the Minister disclosed that the FCTA is also taking stern administrative action against officials within the administration who facilitate illegal encroachments into green areas and waterways.

He revealed that a government Director was recently suspended under civil service rules for issuing unauthorized ‘temporary approvals’ to commercial operators on designated green zones, while another official faced disciplinary sanctions for illegally reallocating park lands under the guise of security clearing.

On allegations that some of the structures marked for demolition held prior government approvals, the Minister reiterated that illegal approvals obtained through undue influence would not serve as a shield against enforcement.

‘You got approval to do something wrong, sometimes, it’s under influence. Government policy is that nobody should do anything on green areas. Now you go with the spirit that nothing will happen, and then when we come to enforce, you say you have approval. It is not going to be accepted,’ he clarified.

OUTBREAK of Diphtheria has claimed the lives of 23 people and 143 others suspected to have contacted the disease in Jos North Local Government Area of Plateau State.

The development has caused serious concerns among health officials in the state, who have stepped in to limit the spread of the disease.

The Commissioner for Health, Dr Nicholas Ba’am-Nigerian ristos, said the outbreak of the disease is mainly in Jos North Local Government, adding that the government is making efforts to prevent the spread to neighbouring local governments.

‘There is actually an outbreak of Diphtheria in the state. As of today, we have 143 suspected cases and we have lost 23 patients. Some of the patients are receiving treatment at the Jos University Teaching Hospital (JUTH) and Plateau State Specialist Hospital,’ he said.

‘We have made a lot of effort to stabilise the situation and to prevent further escalation. Rikkos community is majorly affected.. The most unfortunate is that there’s no anti-toxin for treatment, so we use antibiotics. It spreads through coughing, sneezing and contact with the person that is affected,’ he said.

Earlier, the Disease Surveillance and Notification Officer for Jos North Local Government, Baks Bulus, said 15 deaths occurred within three days of the outbreak of the disease, and warned that additional cases may arise if urgent preventive measures are not adopted.

He said the development came barely two days after a family in Jos reportedly lost two children to the suspected infection.

Explaining the mode of transmission, Bulus said Diphtheria is a bacterial infection that can spread rapidly from one person to another, particularly among close contacts.

He added that people sharing personal items such as utensils and towels with infected persons were at risk of contracting the disease.

‘It keeps spreading when people come in close contact with an infected patient,’ he said.

‘For children, who have been vaccinated, the effects may not be much and may not lead to death. But for a child, who has not been vaccinated or has not completed the required doses, it can be deadly,’ he said.

He urged residents, particularly those in affected communities to maintain good personal hygiene and report suspected symptoms at government health facilities.

‘People should maintain good personal hygiene and avoid overcrowded places. We advise residents to visit the nearest health facility because early detection is key to saving lives,’ he said.

He, however, said health personnel from the local government had been deployed to the affected communities to intensify surveillance and sensitise residents on measures to prevent further spread of the disease.

Central Securities Clearing System Plc (CSCS) has announced sweeping reductions and outright removal of selected fees, in a move aimed at lowering the cost of investing and easing transaction barriers across Nigeria’s capital market.

Under the revised pricing framework announced on Tuesday, CSCS cut lien fees for retail investors by 50 percent, from 0.25 percent to 0.125 percent, while nominal transfer fees for qualifying transfers between immediate family members have been completely scrapped.

The market infrastructure operator also removed broker code creation and renewal fees as well as eligibility fees payable by brokers across the exchanges serviced by CSCS.

The fee review comes as the Nigerian capital market seeks to deepen retail participation, improve liquidity and make market access more affordable for investors and intermediaries.

Commenting on the development, the Managing Director/Chief Executive Officer of CSCS, Shehu Yahaya Shantali, said the company was responding to the evolving needs of investors and market participants by reducing areas of friction in the investment process.

‘As Nigeria’s capital market continues to grow and evolve, we believe its infrastructure must continually respond to the needs of investors and market participants,’ Shantali said.

According to him, the review is designed to improve accessibility and support greater participation while maintaining the security, resilience and efficiency of the infrastructure underpinning the market.

He added that CSCS would continue to invest in technology and capabilities while working with stakeholders to ensure that the post-trade infrastructure remains responsive to market needs.

The reductions are expected to particularly benefit retail investors and market intermediaries by lowering transaction-related costs and creating greater room for brokers, fintech companies and other market participants to develop products aimed at expanding investor access.

The removal of the family-transfer charge could also make the transfer of eligible securities within immediate families significantly cheaper, potentially supporting greater intergenerational ownership and transfer of investments.

For brokers, the scrapping of code creation and renewal charges, alongside eligibility fees across CSCS-serviced exchanges, reduces some of the operational costs associated with market participation.

CSCS said the revised pricing forms part of its broader strategy to enhance investor experience, encourage retail participation, promote innovation and contribute to the development of a deeper and more inclusive capital market.

The company, which serves as Nigeria’s central securities depository and provides clearing and settlement infrastructure, has played a key role in the market’s transition to electronic and dematerialised securities.

Its services cover equities, commercial papers, corporate bonds, sub-national bonds, selected sovereign bonds, exchange-traded funds, real estate investment trusts, mutual funds and commodities.

The latest intervention comes against the backdrop of ongoing efforts by market regulators and infrastructure providers to reduce barriers to investment and improve the efficiency of Nigeria’s capital market.

CSCS said it would continue to work with regulators, exchanges, market operators and other stakeholders to identify further opportunities to improve market efficiency and strengthen the infrastructure supporting sustainable growth.

The Yoruba movie industry has suffered another loss following the death of Nollywood actress Atinuke Remilekun Kareem, who died after battling breast cancer.

Kareem’s death comes barely two weeks after the passing of veteran actor Taiwo Hassan, popularly known as Ogogo, who also reportedly died after battling cancer.

The actress’ death was announced on Tuesday by the Ogun State chapter of the Theatre Arts and Motion Pictures Practitioners Association of Nigeria (TAMPAN) through its Executive Governor, Owolabi Ajasa.

Before her death, Kareem had publicly appealed for financial assistance to enable her continue treatment for breast cancer.

In a video released alongside the announcement, the actress spoke about the financial burden her illness had placed on her family and appealed to members of the public to support her treatment.

‘I’m a breast cancer patient. It has been going on for a while. My family has spent a lot of money; I’ve come to seek help. The association I belong to, TAMPAN, has tried too, but it’s not enough,’ she said.

Appealing for further assistance, Kareem said she had two young children and urged Nigerians to support her with whatever they could afford.

‘Don’t allow me to die this way; I have two young children. Nigerians, please help me with any amount you can use to help,’ she said.

Confirming her death, TAMPAN Ogun State appreciated individuals who contributed financially, offered prayers, and provided encouragement and other forms of support during her illness.

In a statement signed by the association’s Public Relations Officer, Femi Solaja, on behalf of Ajasa, TAMPAN acknowledged the support extended to Kareem and her family.

‘We sincerely appreciate everyone who contributed financially, offered prayers, encouragement, and support towards the treatment of our dear colleague, Atinuke Remilekun Kareem,’ the statement said.

The association described the contributions as significant to the actress and her family during her period of illness.

‘Your kindness and sacrifice during her difficult moment meant so much to her family and all of us. We are deeply grateful,’ it added.

TAMPAN said Kareem eventually succumbed to the illness despite efforts to support her treatment.

‘Sadly, despite all our efforts and prayers, Atinuke has passed on and answered the final call,’ the statement said.

The association condoled with Kareem’s family, colleagues, and loved ones, while praying for strength for them to cope with the loss.

‘We cannot question the Almighty God. We can only submit to His will and pray that He grants her eternal rest and gives her family, colleagues, and loved ones the strength to bear this painful loss,’ it added.