Connect with us

Feature/OPED

Risk Management for Businesses: A Lesson from #ENDSARS

Published

on

Timi Olubiyi SMEs foreign investments

By Timi Olubiyi, PhD

Angry Nigeria’s youth found their voice with a street protest against police brutality, #EndSARS. The youth demanded that the police unit known as the Special Anti-Robbery Squad (SARS) be disbanded among other demands.

Undeniably, these youths are under the age of 35 and they make up more than 50 per cent of Nigeria’s population according to statistics. Sadly, these energetic youth are faced with chronic unemployment, and with that, they usually have ample time which recently included the protest movement that lasted for about two weeks in October 2020.

However, the protest was hijacked by another set of youth (hoodlums) after a gruesome shooting at Lekki toll gate on October 20, 2020. The aftermath of the shooting was accompanied by several lootings and vandalism at several shopping malls in some cities in Nigeria particularly in Lagos State, which included Lekki Shoprite Mall, Circle Mall, Surulere Shoprite Mall, Montaigne Mall, Lagos City Mall, Lagos High Court building, and many business premises and departmental stores in the State.

Some facilities including public-owned buildings were also vandalized and some razed with fire among these are the Lekki Toll Gate, and several police stations in the state and across the country, local government councils, public transportation infrastructure particularly the buses (BRT) and other meaningful facilities by hoodlums who are said to have hijacked the peaceful protests and created chaos across major cities in Nigeria.

The unforgettable occurrence involved inconvenience curfews, loss of lives, loss of government and business revenues, destruction of properties and loss of court and crime records due to the blazing fire, and ultimately loss of means of many livelihoods.

It will be difficult to generally quantify the value of the losses since it involved loss of lives. However, this unforeseen circumstance is the reason why insurance policy must be in place for government, businesses and high net worth individuals to cover these insurable losses.

As explained by authoritative and genuine sources, it is significant to state that business insurance is a risk management tool that enables businesses to transfer the risk of a loss to an insurance company.

In fact, running a successful business always comes with inherent risks and one of such was the #ENDSARS aftermath.

Unequivocally, business insurance can be a helpful policy to protect financially, from some of these needless losses and consequences. World over, one major role insurance provides is security against risk and uncertainty.

More so, business insurance usually covers and protects businesses from losses due to events that may occur during the normal course of business.

For individuals, life insurance is also recommended, which is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries when the insured dies.

Life insurance is also a form of protection and can help keep loved ones financially afloat. The insurance company promises a death benefit in exchange for premiums paid by the policyholder.

In the case of a business or company, it is important to have business insurance because the financial consequences of a potential mishap could easily wipe out the assets of the firm particularly Small and Medium Enterprises (SMEs).

An unforeseen event like the #ENDSARS aftermath can adversely impact businesses if the company does not have an insurance policy to help protect against such an event or lack adequate capital to restore any loss. Significantly, it may lead to the end of a business if not properly managed.

However, business liability insurance can help to minimize risks so that the business continues to operate and grow. Largely, in an event where business hits severe misfortunes, it may not be able to solely afford the cost of getting back on track and running again. However, in the case of an insured business, the risk is shared between the company and the insurance company.

So, the essence of this piece is to stress the importance and benefits of having a business insurance policy in place as part of the strategy for the smooth running of business operations. When a company makes losses, the insurance company is there to come to the rescue, if an insurance policy is in place.

Upon having a business insurance policy in place, these are some of the benefits to a business, which are: the minimization of financial losses in case of any eventualities, the insurance company can provide property damage coverage as well, especially the liabilities from accidents, natural disasters, or even lawsuits and settlements.

These benefits help promote the business continuity of any company once an insurance policy is in place. Some of the available specific insurance policies are general liability, professional liability, property insurance, vehicle insurance, directors’ and officers’ liability insurance among others.

In practice, business insurance shows prospective clients and customers that a business is secured and that can help build trust. Just in case anything goes wrong, the respite is that insurance is there to compensate against any loss. When an insurance policy is in place, the policyholder can immediately approach the insurance company in case of any experience of an insurable loss.

With the proper business insurance, business owners can achieve peace of mind and focus their attention on what they do best-operating a productive, profitable, and personally rewarding business.

Pleasingly, when more large firms and SMEs in the country engage the services of insurance companies it will eventually provide employment opportunities for some of the teeming youths. How? Because it will encourage the entry of private insurers and more insurance companies thereby increasing employment opportunities.

Eventually, when the insurance landscape evolves in Nigeria, it will further provide a sense of livelihood to those who might otherwise not have an income source right now- graduates, unemployed professionals, retired people, etc because they will be able to work as agents and equally earn commissions.

Recall, insurance companies similarly pay taxes out of profits earned, therefore this can be an important revenue source to the government as well if policy responses and economic palliatives are channelled towards the development and growth of the insurance sector in the country.

For emphasize insurance funds can be made available for economic development particularly for the development of infrastructure and social sectors. Since insurance companies are strong players in the financial sector, their insurance funds could be an important source for infrastructure finance for projects (roads, power, water supply, etc.).

Research and data corroborate the evidence that insurers and insurance companies desire to invest in infrastructure investments. They look for opportunities to invest in lower-risk infrastructure projects with sustainable returns across longer periods. This suggests that the government can make use of this platform adequately and reasonably for infrastructure development.

Irrespective of all the highlighted benefits and importance of insurance to government, business, and people, in summary, no one can adequately predict the future. Therefore, it is imperative to have an insurance cover to keep business up and running and life insurance cover for an individual’s protection against risk. Good luck!

How may you obtain advice or further information on the article?

Dr Timi Olubiyi is an Entrepreneurship and Small Business Management expert with a PhD in Business Administration. He is a prolific investment coach, business engineer, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and a financial literacy specialist. He can be reached on the Twitter handle @drtimiolubiyi and via email: dr***********@***il.com, for any questions, reactions, and comments.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Feature/OPED

How Christians Can Stay Connected to Their Faith During This Lenten Period

Published

on

Lenten Period

It’s that time of year again, when Christians come together in fasting and prayer. Whether observing the traditional Lent or entering a focused period of reflection, it’s a chance to connect more deeply with God, and for many, this season even sets the tone for the year ahead.

Of course, staying focused isn’t always easy. Life has a way of throwing distractions your way, a nosy neighbour, a bus driver who refuses to give you your change, or that colleague testing your patience. Keeping your peace takes intention, and turning off the noise and staying on course requires an act of devotion.

Fasting is meant to create a quiet space in your life, but if that space isn’t filled with something meaningful, old habits can creep back in. Sustaining that focus requires reinforcement beyond physical gatherings, and one way to do so is to tune in to faith-based programming to remain spiritually aligned throughout the period and beyond.

On GOtv, Christian channels such as Dove TV channel 113, Faith TV and Trace Gospel provide sermons, worship experiences and teachings that echo what is being practised in churches across the country.

From intentional conversations on Faith TV on GOtv channel 110 to true worship on Trace Gospel on channel 47, these channels provide nurturing content rooted in biblical teaching, worship, and life application. Viewers are met with inspiring sermons, reflections on scripture, and worship sessions that help form a rhythm of devotion. During fasting periods, this kind of consistent spiritual input becomes a source of encouragement, helping believers stay anchored in prayer and mindful of God’s presence throughout their daily routines.

To catch all these channels and more, simply subscribe, upgrade, or reconnect by downloading the MyGOtv App or dialling *288#. You can also stream anytime with the GOtv Stream App.

Plus, with the We Got You offer, available until 28th February 2026, subscribers automatically upgrade to the next package at no extra cost, giving you access to more channels this season.

Continue Reading

Feature/OPED

Turning Stolen Hardware into a Data Dead-End

Published

on

Apu Pavithran Turning Stolen Hardware

By Apu Pavithran

In Johannesburg, the “city of gold,” the most valuable resource being mined isn’t underground; it’s in the pockets of your employees.

With an average of 189 cellphones reported stolen daily in South Africa, Gauteng province has become the hub of a growing enterprise risk landscape.

For IT leaders across the continent, a “lost phone” is rarely a matter of a misplaced device. It is frequently the result of a coordinated “snatch and grab,” where the hardware is incidental, and corporate data is the true objective.

Industry reports show that 68% of company-owned device breaches stem from lost or stolen hardware. In this context, treating mobile security as a “nice-to-have” insurance policy is no longer an option. It must function as an operational control designed for inevitability.

In the City of Gold, Data Is the Real Prize

When a fintech agent’s device vanishes, the $300 handset cost is a rounding error. The real exposure lies in what that device represents: authorised access to enterprise systems, financial tools, customer data, and internal networks.

Attackers typically pursue one of two outcomes: a quick wipe for resale on the secondary market or, far more dangerously, a deep dive into corporate apps to extract liquid assets or sellable data.

Clearly, many organisations operate under the dangerous assumption that default manufacturer security is sufficient. In reality, a PIN or fingerprint is a flimsy barrier if a device is misconfigured or snatched while unlocked. Once an attacker gets in, they aren’t just holding a phone; they are holding the keys to copy data, reset passwords, or even access admin tools.

The risk intensifies when identity-verification systems are tied directly to the compromised device. Multi-Factor Authentication (MFA), widely regarded as a gold standard, can become a vulnerability if the authentication factor and the primary access point reside on the same compromised device. In such cases, the attacker may not just have a phone; they now have a valid digital identity.

The exposure does not end at authentication. It expands with the structure of the modern workforce.

65% of African SMEs and startups now operate distributed teams. The Bring Your Own Device (BYOD) culture has left many IT departments blind to the health of their fleet, as personal devices may be outdated or jailbroken without any easy way to know.

Device theft is not new in Africa. High-profile incidents, including stolen government hardware, reinforce a simple truth: physical loss is inevitable. The real measure of resilience is whether that loss has any residual value. You may not stop the theft. But you can eliminate the reward.

Theft Is Inevitable, Exposure is Not

If theft cannot always be prevented, systems must be designed so that stolen devices yield nothing of consequence. This shift requires structured, automated controls designed to contain risk the moment loss occurs.

Develop an Incident Response Plan (IRP)
The moment a device is reported missing, predefined actions should trigger automatically: access revocation, session termination, credential reset and remote lock or wipe.

However, such technical playbooks are only as fast as the people who trigger them. Employees must be trained as the first line of defence —not just in the use of strong PINs and biometrics, but in the critical culture of immediate reporting. In high-risk environments, containment windows are measured in minutes, not hours.

Audit and Monitor the Fleet Regularly

Control begins with visibility. Without a continuous, comprehensive audit, IT teams are left responding to incidents after damage has occurred.

Opting for tools like Endpoint Detection and Response (EDR) allows IT teams to spot subtle, suspicious activities or unusual access attempts that signal a compromised device.

Review Device Security Policies
Security controls must be enforced at the management layer, not left to user discretion. Encryption, patch updates and screen-lock policies should be mandatory across corporate devices.

In BYOD environments, ownership-aware policies are essential. Corporate data must remain governed by enterprise controls regardless of device ownership.

Decouple Identity from the Device
Legacy SMS-based authentication models introduce avoidable risk when the authentication channel resides on the compromised handset. Stronger identity models, including hardware tokens, reduce this dependency.

At the same time, native anti-theft features introduced by Apple and Google, such as behavioural theft detection and enforced security delays, add valuable defensive layers. These controls should be embedded into enterprise baselines rather than treated as optional enhancements.

When Stolen Hardware Becomes Worthless

With POPIA penalties now reaching up to R10 million or a decade of imprisonment for serious data loss offences, the Information Regulator has made one thing clear: liability is strict, and the financial fallout is absolute. Yet, a PwC survey reveals a staggering gap: only 28% of South African organisations are prioritising proactive security over reactive firefighting.

At the same time, the continent is battling a massive cybersecurity skills shortage. Enterprises simply do not have the boots on the ground to manually patch every vulnerability or chase every “lost” terminal. In this climate, the only viable path is to automate the defence of your data.

Modern mobile device management (MDM) platforms provide this automation layer.

In field operations, “where” is the first indicator of “what.” If a tablet assigned to a Cape Town district suddenly pings on a highway heading out of the city, you don’t need a notification an hour later—you need an immediate response. An effective MDM system offers geofencing capabilities, automatically triggering a remote lock when devices breach predefined zones.

On Supervised iOS and Android Enterprise devices, enforced Factory Reset Protection (FRP) ensures that even after a forced wipe, the device cannot be reactivated without organisational credentials, eliminating resale value.

For BYOD environments, we cannot ignore the fear that corporate oversight equates to a digital invasion of personal lives. However, containerization through managed Work Profiles creates a secure boundary between corporate and personal data. This enables selective wipe capabilities, removing enterprise assets without intruding on personal privacy.

When integrated with identity providers, device posture and user identity can be evaluated together through multi-condition compliance rules. Access can then be granted, restricted, or revoked based on real-time risk signals.

Platforms built around unified endpoint management and identity integration enable this model of control. At Hexnode, this convergence of device governance and identity enforcement forms the foundation of a proactive security mandate. It transforms mobile fleets from distributed risk points into centrally controlled assets.

In high-risk environments, security cannot be passive. The goal is not recovery. It is irrelevant, ensuring that once a device leaves authorised hands, it holds no data, no identity leverage, and no operational value.

Apu Pavithran is the CEO and founder of Hexnode

Continue Reading

Feature/OPED

Daniel Koussou Highlights Self-Awareness as Key to Business Success

Published

on

Ambassador Daniel Kossouno

By Adedapo Adesanya

At a time when young entrepreneurs are reshaping global industries—including the traditionally capital-intensive oil and gas sector—Ambassador Daniel Koussou has emerged as a compelling example of how resilience, strategic foresight, and disciplined execution can transform modest beginnings into a thriving business conglomerate.

Koussou, who is the chairman of the Nigeria Chapter of the International Human Rights Observatory-Africa (IHRO-Africa), currently heads the Committee on Economic Diplomacy, Trade and Investment for the forum’s Nigeria chapter. He is one of the young entrepreneurs instilling a culture of nation-building and leadership dynamics that are key to the nation’s transformation in the new millennium.

The entrepreneurial landscape in Nigeria is rapidly evolving, with leaders like Koussou paving the way for innovation and growth, and changing the face of the global business climate. Being enthusiastic about entrepreneurship, Koussou notes that “the best thing that can happen to any entrepreneur is to start chasing their dreams as early as possible. One of the first things I realised in life is self-awareness. If you want to connect the dots, you must start early and know your purpose.”

Successful business people are passionate about their business and stubbornly driven to succeed. Koussou stresses the importance of persistence and resilience. He says he realised early that he had a ‘calling’ and pursued it with all his strength, “working long weekends and into the night, giving up all but necessary expenditures, and pressing on through severe setbacks.”

However, he clarifies that what accounted for an early success is not just tenacity but also the ability to adapt, to recognise and respond to rapidly changing markets and unexpected events.

Ambassador Koussou is the CEO of Dau-O GIK Oil and Gas Limited, an indigenous oil and natural gas company with a global outlook, delivering solutions that power industries, strengthen communities, and fuel progress. The firm’s operations span exploration, production, refining, and distribution.

Recognising the value of strategic alliances, Koussou partners with business like-minds, a move that significantly bolsters Dau-O GIK’s credibility and capacity in the oil industry. This partnership exemplifies the importance of building strong networks and collaborations.

The astute businessman, who was recently nominated by the African Union’s Agenda 2063 as AU Special Envoy on Oil and Gas (Continental), admonishes young entrepreneurs to be disciplined and firm in their decision-making, a quality he attributed to his success as a player in the oil and gas sector. By embracing opportunities, building strong partnerships, and maintaining a commitment to excellence, Koussou has not only achieved personal success but has also set a benchmark for future generations of African entrepreneurs.

His journey serves as a powerful reminder that with determination and vision, success is within reach.

Continue Reading

Trending