By Henry Uche [email protected],
By Henry Uche
The security and political risks associated with the forthcoming general elections could be unprecedented if not checked. Already businesses across board are feeling the impact (negatively). With heightened tension and palpitations over the fate of Nigerians in the nearest future, risk managers and analysts are worried over assurances and readiness of insurance companies, INEC, security agencies, the media and Civil Society Organisations towards Nigerian economy.
In this interview with Daily Sun, President/Chairman of governing board, Risk Managers Society of Nigeria (RIMSON), Mr. Gus Wiggle, spoke on the roles of insurance companies, NAICOM, INEC, security agencies and others towards mitigating risks associated with current political storms as it affects the economy among others.
Excerpts.
Political, security risks individuals and businesses face ahead of 2023 general elections.
The major threats the country faces include threat to life and businesses. The gradual increase in political violence as the campaign for the 2023 elections reaches its peak cannot be ignored. Incidences of politically motivated assassinations are gradually entering the media space. Businesses are at risk of disruptions linked to attack on the supply chain, power supply, destruction of business centres, injuries to workers and loss of lives. The impact on businesses can take days, weeks, months or even years for recovery, depending on the severity and magnitude.
How political, security risks will impact economy, and way out
Economic stability is an important factor in any society because when the economy is stable and predictable, it fosters trust and growth. The security interdependent between politics and economics cannot be overemphasized. A potential political risk could lead to economic instability, labor problems and safety of lives and property. The result or consequences of these events may lead to change in both the micro and macro-economic stability -both are less desired as they can lead to instability and unrest.
So what’s the way out?
The only way out is to avoid what will lead to these envisaged events.
We all should be concerned as it should not be left to any individual or group of people but all citizens.
What are some of the red flags already flying in the air?
The increasing and unusual immigration of multitudes fueled not only by economic reasons, but more from the possibility of violence linked to the coming elections is a major red flag that cannot be ignored. The proliferation of false and inciting information, proliferation of light arms and attacks on political parties’ campaigns and offices of the National electoral body in different parts of the country are some of the red flags.
How do we mitigate these risks associated with politics?
The identified security risk linked to the forthcoming elections with some peculiarities associated with our society due to the lack of strong structure that enforces the laid down laws and regulations are some of the major barriers in mitigating these risks. Lack of political will and independence of various arms of government also contributes to this. A major effective mitigant to security risk is a decisive response by a well-coordinated Security forces deploying state-of-the-art technologies against every identified threats especially in intelligence gathering.
Prompt and decisive execution of unbiased judgement will also serve as a very strong deterrent in mitigating these threats from any individual or body planning to unleash violence or cause chaos in the country. A robust awareness and educative drive by the National Orientation Agency (NOA) and other Non-Governmental Organizations should be deployed as a core part of the National Risk Management Strategy to forestall violence linked to elections. This should be targeted at the most vulnerable age groups, communities and unions whose members are mainly recruited for elections-related crisis.
The awareness and ongoing efforts to curb illegal funding of political parties and vote-buying are highly commendable, but the execution to be more effective must be without any partiality. Thus, the need for more political-independent law enforcement agencies.
Who are responsible for quelling these risks?
Generally, we all are responsible for quelling these risks in our individual spheres of influence. But specifically, from a Risk Management professional perspective, the main drivers of an efficient and effective Security Risk Management architecture include the three arms of Government constitutionally empowered to carry out their primary responsibilities which includes safeguarding the lives of the citizens and the nation’s territorial integrity. The awareness of this responsibility must be amplified, vigorously pursued with adequate funding, and consistently monitored for effectiveness. This, among others must be the critical Key Performance Index (KPI) for any government.
Do insurance companies have any role to play in times like this?
Yes. Insurance is one of the viable risk treatment options available to individuals and corporate entities and government agencies.
Deploying the appropriate insurance product always contribute to safeguarding lives, assets, and business operations. It also provides a robust platform for business productivity, resilience and continuity regardless of present and emerging local and global challenges.
More work still needs to be done in creating adequate awareness and in educating the populace on the importance of risk management and insurance as a viable risk treatment option. For it to be embraced by greater portion of the population. Without this concerted effort, insurance penetration will remain low in Nigeria.
Role of Risk Managers Society of Nigeria (RIMSON) in ensuring Risk Management is implemented as a core part of national strategy
Risk Managers Society of Nigeria (RIMSON) being the pioneer Risk Management body in Nigeria has been at vanguard of advocacy for the promotion of Risk Management awareness and education for nearly four decades.
Its efforts have impacted diverse sectors of the economy and have started yielding positive results in the nation’s socio-economic landscape with the greater acceptance of Risk Management by individuals, corporate organisations and government agencies. More work still needs to be done until Risk Management is fully incorporated into all spheres of Government policies, corporate and individual lives and our nation’s full potential is fully maximised.
What assurances would INEC give Nigerians now as a cover (insurance) for credible, free and fair general elections?
Wish we can speak for INEC, but the Press Release and updates they have been issuing gives hope that they prepared for this election and will wish for a credible, free and fair general election, as to the type of insurance cover for this assurance, I am not sure any insurance company have the cover for it.
What is the role of security agencies.
Just like the response I gave for the INEC, same should apply for the security agencies except they have been over stretched over the years with all the insurgences, banditry, kidnapping etc they have been containing with in the past 7-8 years.
What assurance would the Media & Civic Society Organizations give Nigerians now as a cover (insurance) for 2023 a credible, free & fair general elections?
I want to believe the umbrella body of the media BON and the Civil Society Organizations have put in place mechanism to track three main issues – hate speech, polarizing or inflammatory language to create intentionally divisive rhetoric that promote extremism and exaggeration, distorted facts and falsehood in the respective media houses and allow only campaign materials that will be educative and informative to the public will be allowed.
The President has all the apparatus to make this election count and register his name as the President who conducted the most credible, free and fair election ever in Nigeria.
What role can foreign bodies & observers play to mitigate the political and security risks of 2023?
I guess they are already playing that role to ensure they identify the potential flashpoints and defining specific indicators of early warning signs and monitors, identify high-risk geographic areas and developing an observation methodology and deploy strategy that takes all of this into account.