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Exploring the Disconnected Employee and COVID-19
About 97% of organisations are not addressing employees’ psychological stress. As global supply chains are disrupted, the International Monetary Fund (IMF) has predicted the worst Nigerian recession in 30 years.
Studies suggest, that areas most topical for Nigerian businesses are liquidity and lay-offs. Board rooms up and down the country are desperately trying to figure out how long the recovery will take and the impact on their cash flow.
However, a recent pcl. study indicates that the well-being of employees must also feature highly on the executive agenda.
From our experience, negative impacts on employee well-being can be protracted and long-lasting, often leading to a psychological disconnection between the employee and the organisation.
With a recession looming, if this disconnection is not tackled head-on, organisations will witness low employee productivity, resulting in a slower-than-expected business recovery in a COVID-19 new normal.
Most Business Continuity Plans (BCP) appeared to place a premium on the provision of hard infrastructure to guarantee business operations.
Therefore, even though 65% of organisations in Nigeria implemented work from home policies during the lockdown, 94% of employees were not provided with Working From Home (WFH) guidelines and best practices.
Nevertheless, WFH was a welcome development, as 65% of employees in Nigeria aimed to use the lockdown as an opportunity to enjoy time with family and pursue personal development objectives.
The question is, should organisations place more emphasis on developing the softer components of the recovery, in a bid to reinforce the psychological contract between the employer and employee?
Our experience suggests that such contracts are critical for developing employee well-being, a consequence of which is improved organisational performance through deeper business connectivity.
For example, despite the organisational focus on hard infrastructure, 60% of employees on average are experiencing electricity and internet challenges while working remotely.
Whilst higher than expected usage by employees was foreseeable, many organisations did not make financial provisions for the additional data that was consumed or provide power banks to cope with electricity fluctuations. This small but meaningful oversight was a common source of an anecdotal employee complaint.
The numbers suggest a broader challenge of organisations failing to align modern digital technologies to firm business commitments pertaining to personal development, continuous learning, cross-functional collaboration and innovation.
With 65% of employees aiming to pursue personal development objectives during the lockdown, merely 7% of organisations prioritised staff training during the lockdown, and only 16% of companies were open to virtual learning.
Furthermore, 64% of employees are still using WhatsApp as the primary business tool while WFH. However, along with standard cybersecurity concerns, as a tool for managing business communications and driving high performing teams, WhatsApp still has several limitations.
But, do the numbers identify a failure to use technology effectively or do they harbour a more profound concern which suggests that organisations are failing to grapple with anticipated seismic shifts in the ‘future of work’?
With the long-term possibility of business uncertainty and disruption in ways of working, technology aligned business objectives are critical for providing employees with the tools essential for empowerment, self-management and personal accountability.
A focus on employee well-being, i.e. team engagement, personal development, social support, and work motivation, is critical at the best of times.
But more so in a time of employee isolation, social distancing, home schooling, financial strain, housing and food insecurity, job anxiety and most importantly, the potential loss of family and loved ones.
Such pressures acutely align with the physiological needs identified by the psychologist Abraham Maslow in his paper “A Theory of Human Motivation”. If an employee is hungry, it will be hard to focus on anything other than food. Predictably, the brunt of the discomfort will fall on those in the medium to low-income bands. According to the National General Household Survey that was conducted in 2019; 32% of Nigerian households experienced food shortages.
This might explain why 41% of employees are admitting to low work motivation, and 75% are struggling with home confinement. Consequently, even though 51% of organisations claimed to possess senior management channels for employee engagement, going forward, we must consider the frequency and commitment to using those channels for discussing issues of well-being.
There are several early warning signs for identifying disconnected employees. Key performance indicators include increased absenteeism, increased number of sick days, lateness to the office, higher staff turnover, low employee engagement, and reduced productivity.
However, a considered approach to driving employee intimacy can shift corporate culture to ensure human capital remains a key lever for performance.
With the uncertainty and complexity of things to come, employee well-being must be front and centre of the recovery process for Nigerian organisations. 57% of employees are expecting wage cuts in the next 1-3 months, so, it would be foolhardy to infer that tough, unpopular decisions do not lie ahead.
But it is also worth noting that decisions that impact employee well-being will have socio-economic outcomes that extend far beyond the organisation and into the broader realms of society (The unintended consequence of change).
The ability of an organisation to remain connected with employees, strengthen the psychological contract and prioritise areas of well-being, are critical to ensuring superior performance and accelerated COVID-19 recovery. Not just for organisations, but the country as a whole.
By Aduragbemi Omiyale
The co-founder of Guaranty Trust Bank (GTBank) Limited, Mr Fola Adeola, has been appointed by President Bola Tinubu as chairman of the newly formed Presidential Petroleum Reform and Value Optimisation task force.
The team has Mofoluwasho Fadayomi as secretary, while the members are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella.
A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Friday disclosed that the task force would be responsible for the next phase of structural reforms in Nigeria’s petroleum sector.
The initiative, the statement said, reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development.
It will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.
The task force will report directly to Mr Tinubu and provide monthly progress memoranda. An interim report will be submitted after three months, while the final outputs are expected within six months of inauguration, and he expects the team to deliver three major reform blueprints.
One of the deliverables is the Implementation Toolkit for Immediate Structural Fixes – including draft legislative amendments, executive instruments, and institutional restructuring proposals.
The second deliverable is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5–10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
The third blueprint will focus on the National Energy Transformation Strategy – a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.
As constituted, the taskforce is a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination. It will automatically dissolve upon submission and acceptance of its final report.
President Tinubu has directed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support to the Taskforce and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
In furtherance of this directive, he has also directed all existing committees, teams, and working groups established under various reform initiatives within the sector to align their activities, reporting structures, and work programmes with the new taskforce.
The streamlining will ensure coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture.
Mr Tinubu has also directed that all relevant documentation, institutional knowledge, and ongoing workstreams should be made available to the task force to support the development and implementation of its comprehensive reform framework.
By Aduragbemi Omiyale
The appointment of Mr Wilson Agu to the board of Wema Bank Plc as an independent non-executive director has been approved by the Central Bank of Nigeria (CBN).
In a statement signed by the company secretary, Mr Johnson Lebile, it was disclosed that the appointment became effective on Tuesday, March 3, 2026.
The board welcomed Mr Agu into its fold, noting that it “looks forward to the valuable contributions his extensive experience in engineering, technology, and project development will bring to the bank.”
The new board member is a distinguished polymath and serial entrepreneur with over 35 years of professional experience spanning engineering consultancy, information technology, cybersecurity, and business development.
He earned a bachelor’s degree in Civil/Structural Engineering from the University of Nigeria, Nsukka in 1990. His engineering career includes notable leadership roles, particularly as Partner and Resident Engineer at Project Development Consortium (PDC) between 1993 and 2007, where he managed major projects, including the structural design for Orient Bank and the National Maritime Resource Centre.
In 2000, he founded I-Sixty Nigeria Limited, a diversified enterprise that has delivered several landmark projects, including the NIMASA Maritime Museum, the Nigerian Navy Dockyard Museum, and the beautification of eleven renovated airports across Nigeria.
Mr Agu has also contributed significantly to Nigeria’s technology governance ecosystem, especially during his service on the Governing Board of the National Information Technology Development Agency (NITDA) from 2013 to 2015, where he chaired the Committee on Standards, Guidelines and Regulations and supported the implementation of the National IT Policy and COBIT 5 framework.
He later collaborated with Precise Financial Systems (2018–2020) on banking automation solutions. He currently leads Eagle Industrial and Energy Limited, focused on industrial parks and free trade zone infrastructure, including the Enugu Tech Market project.
In recognition of his contributions to corporate and public administration, he was awarded a Professional Fellowship Doctorate (PFD) by the Institute of Corporate and Public Administration of Nigeria in 2021. He is also a member of the Institute of Software Practitioners of Nigeria (ISPON).
By Aduragbemi Omiyale
One of the most reputable rating agencies in Africa, GCR Ratings, has appointed Mr Saul Sassoon as its interim group chief executive.
In a statement on Friday, it was disclosed that Mr Sassoon will be in charge of the organisation after the exit of Mr Marc Joffe at the end of this month.
Mr Joffe is stepping down from the role after 25 years with the company, having joined GCR in 2001.
Over the past two decades, he has overseen the firm’s transformation into Africa’s leading credit rating agency, recognised for its deep market expertise and commitment to strengthening financial markets across the continent.
His tenure included landmark achievements such as the sale of GCR to Moody’s Corporation, positioning the company for sustainable long-term growth across Africa.
“Leading GCR Ratings has been a privilege. I am incredibly proud of what we have achieved as a truly pan-African rating agency.
“I step down with profound gratitude, respect, and lasting appreciation for the trust, support, and collaboration of colleagues and stakeholders throughout this journey, and am confident in GCR’s future,” he stated.
The board thanked him for his exceptional leadership and vision, noting his role in building GCR’s reputation as the undisputed leader in African credit ratings.
It also welcomed the interim CEO into his new role, expressing confidence in his ability to guide the organisation through this transition period.
Mr Sassoon, who before his appointment served as Chief Financial Officer (CFO) of the organisation, is expected to drive GCR’s growth, extensive capital markets expertise, and deep relationships with its customers and investors during this transition period.
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