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Risk Management for Businesses: A Lesson from #ENDSARS

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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: [email protected], for any questions, reactions, and comments.

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Guide to Employee Training That Reinforces Workplace Safety Standards

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Workplace Safety Standards

Workplace safety is not sustained by policies alone. It is built through consistent training that shapes daily behaviour, decision-making, and accountability across every level of an organisation. When employees understand not only what safety rules exist but why they matter, they are far more likely to follow them and intervene when risks arise. Effective safety-focused training protects workers, strengthens operations, and reduces costly incidents that disrupt productivity and morale.

As industries evolve and workplaces become more complex, employee training must go beyond basic orientation sessions. Reinforcing safety standards requires an ongoing, structured approach that adapts to new risks, changing regulations, and real-world job demands. A thoughtful training strategy helps create a culture where safety is a shared responsibility rather than a checklist item.

Establishing a Foundation of Safety Awareness

The first purpose of workplace safety training is awareness. Employees cannot avoid hazards they do not understand. Comprehensive training introduces common workplace risks, clarifies acceptable behaviour, and sets expectations for personal responsibility. This foundational knowledge empowers employees to recognise unsafe conditions before incidents occur.

Safety awareness training should be tailored to the specific environment in which employees work. Office settings require education on ergonomics, electrical safety, and emergency evacuation procedures, while industrial workplaces demand detailed instruction on machinery risks, protective equipment, and material handling. When training reflects actual job conditions, employees are more engaged and better equipped to apply what they learn.

Clear communication is essential during this stage. Using plain language and real examples helps employees connect training concepts to daily tasks. When safety awareness becomes part of how employees think and talk about their work, it begins to shape behaviour consistently across the organisation.

Integrating Safety Training into Daily Operations

Safety training is most effective when it is integrated into everyday work rather than treated as a one-time event. Ongoing reinforcement ensures that safety standards remain top of mind as tasks, equipment, and responsibilities change. Regular training sessions create opportunities to refresh knowledge, address new risks, and correct unsafe habits before they lead to injury.

Incorporating short safety discussions into team meetings helps normalise these conversations. Supervisors play a critical role by modelling safe behaviour and reinforcing expectations during routine interactions. When employees see safety emphasised alongside productivity goals, it reinforces the message that both are equally important.

Hands-on training also strengthens retention. Demonstrations, practice scenarios, and real-time feedback allow employees to apply safety principles in controlled settings. This experiential approach builds confidence and reduces hesitation when employees encounter hazards in real situations.

Aligning Training with Regulatory Requirements

Workplace safety training must align with applicable regulations and industry standards to ensure legal compliance and worker protection. Laws and regulations change frequently, making it essential for organisations to keep training materials updated. Failure to do so can expose employees to unnecessary risk and organisations to legal consequences.

Training programs should clearly explain relevant safety regulations and how they apply to specific roles. Employees are more likely to comply when rules are presented as practical safeguards rather than abstract mandates. Documenting training completion and maintaining accurate records also demonstrates organisational commitment to compliance.

Many organisations rely on support from compliance training companies to navigate complex regulatory landscapes and design programs that meet both legal and operational needs. These partnerships can help ensure training remains accurate, consistent, and aligned with evolving requirements without overwhelming internal resources.

Encouraging Participation and Accountability

Effective safety training depends on active participation rather than passive attendance. Employees should be encouraged to ask questions, share concerns, and contribute insights based on their experiences. When workers feel heard, they become more invested in maintaining a safe environment.

Creating accountability is equally important. Training should clarify individual responsibilities and outline the consequences of ignoring safety standards. Employees need to understand that safety is not optional or secondary to performance goals. Reinforcement from leadership ensures that unsafe behaviour is addressed consistently and constructively.

Peer accountability also strengthens safety culture. When training emphasises teamwork and shared responsibility, employees are more likely to watch out for one another and intervene when they see risky behaviour. This collective approach reduces reliance on supervision alone and builds resilience across the workforce.

Adapting Training for Long-Term Effectiveness

Workplace safety training must evolve alongside organisational growth and workforce changes. New hires, role transitions, and technological updates introduce risks that require refreshed instruction. Periodic assessments help identify gaps in knowledge and opportunities for improvement.

Data from incident reports, near misses, and employee feedback provides valuable insight into training effectiveness. Adjusting content based on real outcomes ensures that training remains relevant and impactful. Organisations that treat training as a dynamic process are better equipped to respond to emerging risks.

Long-term effectiveness also depends on reinforcement beyond formal sessions. Visual reminders, updated procedures, and accessible reporting tools help sustain awareness. When safety standards are supported through multiple channels, employees receive consistent cues that reinforce training messages daily.

Conclusion

Reinforcing workplace safety standards through employee training requires intention, consistency, and adaptability. Training that builds awareness, integrates into daily operations, aligns with regulations, and encourages accountability creates a safer environment for everyone involved. When employees understand their role in maintaining safety, they are more confident, engaged, and prepared to prevent harm.

A strong training program is not simply a compliance exercise. It is an investment in people and performance. Organisations that prioritise meaningful safety training protect their workforce while fostering trust, stability, and long-term success.

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Debt is Dragging Nigeria’s Future Down

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By Abba Dukawa 

A quiet fear is spreading across the hearts of Nigerians—one that grows heavier with every new headline about rising debt. It is no longer just numbers on paper; it feels like a shadow stretching over the nation’s future. The reality is stark and unsettling: nearly 50% of Nigeria’s revenue is now used to service debt. That is not just unsustainable—it is suffocating.

Behind these figures lies a deeper tragedy. Millions of Nigerians are trapped in what experts call “Multidimensional Poverty,” struggling daily for dignity and survival, while a privileged few continue to live in comfort, untouched by the hardship tightening around the nation. The contrast is painful, and the silence around it is even louder.

Since assuming office, Bola Ahmed Tinubu has embarked on an aggressive borrowing path, presenting it as a necessary step to revive the economy, rebuild infrastructure, and stabilise key sectors.

Between 2023 and 2026, billions of dollars have been secured or proposed in foreign loans. On paper, it is a strategy of hope. But in the hearts of many Nigerians, it feels like a gamble with consequences yet to unfold.

The numbers are staggering. A borrowing plan exceeding $21 billion, backed by the National Assembly, alongside additional billions in loans and grants, signals a government determined to keep spending and building. Another $6.9 billion facility follows closely behind. These are not just financial decisions; they are commitments that will echo into generations yet unborn.

And so, the questions refuse to go away. Who will bear this burden? Who will repay these debts when the time comes? Will it not fall on ordinary Nigerians already stretched thin to carry the weight of decisions they never made?

There is a growing fear that the nation may be walking into a future where its people become strangers in their own land, bound by obligations to distant creditors.

Even more troubling is the sense that something is not adding up. The removal of fuel subsidy was meant to free up resources, to create breathing room for meaningful development.

But where are the results? Why does it feel like sacrifice has not translated into relief? The silence surrounding these questions breeds suspicion, and suspicion slowly erodes trust.  As of December 31, 2025, Nigeria’s public debt has risen to N159.28 trillion, according to the Debt Management Office.

The numbers keep climbing, but for many citizens, life keeps declining. This disconnect is what hurts the most. Borrowing, in itself, is not the enemy. Nations borrow to grow, to build, to invest in their future. But borrowing without visible progress, without accountability, without compassion for the people, it begins to feel less like strategy and more like a slow descent.

If these borrowed funds are truly building roads, schools, hospitals, and opportunities, then Nigerians deserve to see it, to feel it, to live it. But if they are funding excess, waste, or luxury, then this path is not just dangerous—it is devastating.

Nigeria’s growing loan profile is a double-edged sword. It can either accelerate development or deepen economic challenges. The key issue is not just borrowing, but what the country does with the money. Strong governance, transparency, and investment in productive sectors will determine whether these loans become a foundation for growth or a long-term liability. Because in the end, debt is not just an economic issue. It is a moral one. And if care is not taken, the price Nigeria will pay may not just be financial—it may be the future of its people.

Dukawa writes from Kano and can be reached at [email protected]

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Nigeria’s Power Illusion: Why 6,000MW Is Not An Achievement

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Nigeria Electricity Act 2023

By Isah Kamisu Madachi

For decades, Nigeria has been called the Giant of Africa. The question no one in government wants to answer is why a giant cannot keep the lights on.

Nigeria sits on the largest proven oil reserves in Africa, holds the continent’s most populous nation at over 220 million people, and commands the fourth largest GDP on the continent at roughly $252 billion. It possesses vast deposits of solid minerals, a fintech ecosystem that accounts for 28% of all fintech companies on the African continent, and a diaspora that remits billions of dollars annually.

If potential were electricity, Nigeria would have been powering half the world. Instead, an immediate former minister is boasting about 6,000 megawatts.

Adebayo Adelabu resigned as Minister of Power on April 22, 2026, citing his ambition to contest the Oyo State governorship election. In his resignation letter, he listed among his achievements that peak generation had increased to over 6,000 megawatts during his tenure, supported by the integration of the Zungeru Hydropower Plant. It was presented as a great crowning legacy. The claim deserves scrutiny, and the numbers deserve context.

To begin with, the context. Ghana, Nigeria’s neighbour in West Africa, has a national electricity access rate of 85.9%, with 74% access in rural areas and 94% in urban areas. Kenya, with a 71.4% national electricity access rate, including 62.7% in rural areas, leads East Africa. Nigeria, by contrast, recorded an electricity access rate of just 61.2 per cent as of 2023, according to the World Bank. This is not a distant or poorer country outperforming Nigeria. Ghana’s GDP stands at approximately $113 billion, less than half of Nigeria’s. Kenya’s economy is around $141 billion. Ethiopia, which has invested massively in the Grand Ethiopian Renaissance Dam and is already exporting electricity to neighbouring countries, has a GDP of roughly $126 billion. All three are doing more with far less.

Now to examine the 6,000-megawatt, Daily Trust obtained electricity generation data from the Association of Power Generation Companies and the Nigerian Electricity Regulatory Commission, covering quarterly performance from 2023 to 2025 and monthly data from January to March 2026. The data shows that in 2023, peak generation was approximately 5,000 megawatts; in 2024, it reached approximately 5,528 megawatts; in 2025, it ranged between 5,300 and 5,801 megawatts; and by March 2026, available capacity had declined to approximately 4,089 megawatts. The grid never recorded a verified peak of 6,000 megawatts or higher. Adelabu had, in fact, set the 6,000-megawatt target publicly on at least three separate occasions, missing each deadline, and later admitted the target was not achieved, attributing the failure to vandalism of key transmission infrastructure.

In February 2026, Nigeria’s national grid produced an average available capacity of 4,384 megawatts, the lowest monthly average since June 2024. For a country with over 220 million people, this means electricity supply remains far below national demand, with the grid delivering only about 32 per cent of its theoretical installed capacity of approximately 13,000 megawatts. To put that in sharper comparison: in 2018, 48 sub-Saharan African countries, home to nearly one billion people, produced about the same amount of electricity as Spain, a country of 45 million. Nigeria, the continent’s most resource-rich large economy, is a significant part of that embarrassing equation.

The tragedy here is not just technical. It is a governance failure with compounding human costs. An economy that cannot provide reliable electricity cannot competitively manufacture goods, cannot industrialise at scale, cannot attract the volume of foreign direct investment its endowments warrant, and cannot build the digital infrastructure that would allow it to lead on artificial intelligence, data governance, and the emerging critical minerals economy where Africa’s next great opportunity lies. Countries with a fraction of Nigeria’s mineral wealth and human capital are already debating those frontiers. Nigeria is still campaigning on megawatts.

What a departing minister should be able to say, given Nigeria’s endowments, is not that peak generation touched 6,000 megawatts at some unverified moment. He should be saying that Nigeria now generates reliably above 15,000 megawatts, that rural electrification has crossed 70 per cent, and that the country is on a credible trajectory toward the kind of energy sufficiency that unlocks industrial growth. That is the standard Nigeria’s size and resources demand. Anything below it is not an achievement. It is an apology dressed in a press release.

The power sector has received billions of dollars in investment across multiple administrations. The 2013 privatisation exercise, the Presidential Power Initiative, the Electricity Act of 2023, and successive reform promises have produced a sector that still, in 2026, cannot guarantee eight hours of reliable supply to the average Nigerian household. That a minister exits that ministry citing a megawatt figure that fact-checkers have shown was never actually reached, and that even if reached would be unworthy of celebration given Nigeria’s potential, captures the full depth of the problem. The ambition is too small. The accountability is too thin. And the country deserves better from those who are privileged to manage its extraordinary, squandered potential.

Isah Kamisu Madachi is a policy analyst and development practitioner. He writes via [email protected]

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