Safeguarding Your Investments During Protests

 Omolabake Fasogbon

Although an expression of citizens’ democratic rights to voice their grievances, public demonstration several times comes with prices that are not so cheap, especially when it is far from being peaceful. 

These prices including death and financial loss, have posed a great risk to global economic performance, while recovery does not come so soon. 

From economic lens, Nigeria has had its fair share of public demonstrations, affecting players in both public and private sectors. 

In the aftermath of 2020 #EndSARs protests, the organised private sector had put the total value of financial losses due to the action at N5 trillion. 

Narrowing it further to individual loss, Nigeria’s geopolitical intelligence platform, SBM Intelligence had reported that 43 per cent of small businesses in Lagos State lost over N1 million each to looting during the #EndSARS protest.

The above shows the extent to which protest can wreak havoc, forcing many to start all over.

Lessons from past protests locally and internationally, including recent outrage in Kenya, yet highlights the need for business owners to have a separate emergency plan to protect their investments during crisis like public demonstration, just in case of eventuality. 

This, the Managing Director of Safety Consultants and Solutions Provider Limited(SCSP), Antonia Beri, believes could either prevent or reduce associated loss, ensure business continuity and the well-being of employees and customers.

Like the motto of the Boys Scout, Beri stressed the need for preparedness for business owners to be able to withstand shock. 

She said ongoing hunger protests in the country provided enough early signals and time for investors to maintain a tight grip. 

 She said, “ For instance, the tag on the protest, ‘Days of Rage’ by a certain group, more so, the projection by Centre for the Promotion of Private Enterprise (CPPE) that the country risk losing N400 billion daily to the protest is simply  alerting owners of investment  to sit tight and not to take risk with their hard earned asset.” 

Beri, emphasised an existing proactive safety measures, whereby organisations can then pull the trigger during period of uncertainty. 

According to the risk management expert, “a comprehensive approach should involve preparing for all possible scenarios, securing physical assets, and maintaining communication channels with employees, customers, and local authorities.”

Specifically, she posited that physical and automated security measures must always be on ground. 

“Installing robust security systems, such as surveillance cameras, alarm systems, and reinforced locks can deter potential vandalism and theft. Businesses should also consider securing windows and doors with protective shutters or barriers.

“In addition, hiring professional security personnel or partnering with local law enforcement can provide an added layer of protection. 

“These measures not only help prevent damage but also ensure a swift response in case of emergencies.”

At a critical period like this, Beri maintained that business owners must be abreast of media report on both traditional and social platforms.

She stated that this was important in case event gets out of hand, and may likely alter initial preparations and strategies. 

“Monitoring media report is important to determine time, schedule and routes of protesters to be able to direct safety plans. A thorough risk assessment identifying potential vulnerabilities is also sacrosanct here.

“This involves analysing business location, nature of operations, as well as political and social climate of business area,” she advised. 

Beri, again cautioned against keeping valuable in business premises. As par companies in high risk area, she raised the urgency of developing security plan, including protocols for locking down the premises when need arise. 

“As part of securing inventory, she added, “ maintaining an updated inventory list and keeping copies of important documents offsite or in the cloud can aid in recovery efforts if losses occur.” 

Of importance too, according to the safety expert is establishing clear lines of communication and designating crisis management team to be in charge of quick decisions and respond to unfolding events.

She also recognised the place of a comprehensive insurance policy that covers protest-related damage. In light of this, Beri recognised the need for businesses to review current policies and consider additional coverage options, such as business interruption insurance that can guarantee financial options should operations suffer a stop. 

“Proper documentation is essential for filing insurance claims and assessing the full extent of any damage sustained,” she added. 

The safety guru further urged imbibing positive reputation necessary to foster good community relations. 

“Businesses that engage with local communities, support social causes, and maintain open dialogues with local organisations are often less likely to be targeted during protests.” 

She mentioned that this was the case in a community in Lekki, Lagos as well as another in Jos where community leaders, business owners, and youth groups collaborated to prevent potential damages during 2020 protest. 

“Another popular case was the police station in Fegge, Onitsha that escaped being raged by angry mob during EndSARs protest in 2020. It was reported that the Divisional Police Officer, Rabiu Garba had an existing relationship with host community and every other stakeholder, hence the safe. 

“This approach not only minimise potential losses but also strengthen sense of unity and cooperation within a community, demonstrating the effectiveness of a proactive, community-centered approach to protest loss prevention”, she stated.