The saying, ‘every problem is an opportunity in disguise,’ was made popular by Adam Smith, the Scottish economist and philosopher, and it is very true with the security challenges in Nigeria. The threat to the security of lives and property is ominous but therein also lies an opportunity to intervene and create wealth.
Governments at all levels are unable to cope with the challenges so the private sector can make out something decent from investing. From the insurgence of Boko Haram, to the terrors of Fulani herdsmen, the dreadful acts of armed robbers and assassins, kidnappers and other forms of violence, well thinking Nigerians are ready to pay to secure their lives and property. There is so much distrust that businesses are also wary of losing goods and equipment to employees and pilferers.
Security in its simplest form means putting measures in place to protect individuals, homes or business premises. Given the rising insecurity in the country, individuals and corporate organizations alike require the services of private security personnel to complement the general security provided by the Nigeria Police, Department of State Security or the Nigerian Security (DSS) and Civil Defence Corps (NSCDC).
One other reason people prefer to engage private security companies is that they provide a more direct security which is responsible majorly to their clients, unlike the other regular government security personnel that owe allegiance to the government.
Setting up a private security firm therefore meets many needs, including protecting residential estates, industrial complexes, individuals, events, neighborhoods and many other alternatives. Cyber security is also an emerging field with growing need.
To provide security service, you may have to register your security outfit and the registration is done by the Nigerian Security and Civil Defense Corps(NSCDC) and the National Association of Security Companies(NASCO). The former has to give you a license to enable you operate.
The Nigerian Security and Civil Defense Corps (NSCDC) is also responsible for the licensing, monitoring and the supervision of private guards’ companies in Nigeria. There is a department of Private Guards Companies popularly known as the PGC and it is directly responsible for the affairs of Private Guards Companies.
It should be noted that until a license is granted by the NSDC, the company cannot begin security operations. Registration requirement is on the NSCDC website and fees may range from five hundred thousand to one million naira.
However, the NSCDC may only grant licenses to companies registered by the Corporate Affairs Commission. The popular type of security service is setting up a company to recruit, train, and deploy security guards to industrial and residential areas.
Due to the high level of insecurity in the country, most estates and offices require their environment to be manned by trained security guards with track record. The guards are issued uniforms and other equipment like baton and handcuffs to keep their beats.
Usually, the security company sets the amount to pay each guard and the client pays directly to the outfit. But the security outfit pays the guards, less commission and office expenses, and makes a profit on each guard.
Though the profit is good, it could also turn risky and messy if you hire the wrong personnel, as most clients would like to claim any loss against the security outfit where such occurs. So it is important to train the security personnel and do adequate background check before recruiting them.
There are many other aspects of security to venture into and another common area of focus is the popular residential/corporate security consulting. This service includes providing office and home security advise and installation of alarm systems, creating security zones within the home, security lighting, reinforcing doorjambs, upgrading window, and so on.
It also includes installation of CCTV surveillance, door locks and other security gadgets. The increasing rate of the crime is the major reason for the growing demand for this type of service.
Nigerians like to use bodyguards for their businesses like bars and clubs, events like weddings, birthdays, coronations and so on. Some just like to have the hefty guys around them and usually are prepared to pay a premium for such services.
You can make money by enrolling and recruiting muscular guys for the role and making profit from every event where they are used. An entrepreneur can do this business as a self-employed person or as a company. However, running it in a company name usually gives more legitimacy to the business.
It is not only individuals, residential areas and offices that require security. Security for automobiles are increasingly popular these days, so you can train to install car alarms. Basically, car alarms are electronic devices installed in a vehicle to discourage theft of the vehicle, contents, or both.
Car alarms work by emitting high-volume sound and sometimes light. The device therefore alerts the owner of any danger like attempt to break into the car, and other hazards. Some individuals also install bullet proof windows, tracking systems and other gadgets.
Cyber security is everyone’s concern in the digital era, and entrepreneurs can provide different types of specialized services to forestall cybercrime. You require training in information technology to understand the threats and solutions, but you can start by working with experts while you market the service and learn in the process.
Entrepreneurs can also engage in sales, service and installation of security equipment like CCTV, firearms, security doors and vaults, safe box manufacturing, guns and gunpowder for hunting and sales of other security equipment. You can also manufacture and sell security uniforms, wears and fittings.
Training in various aspects of security is another important area to make money. You can setup a centre to train guards in self-defense, use of firearms and side arms, guard dogs, and general security awareness. Some companies, residential estates, churches, and so on require trainers on security from time to time and you can make money from giving a talk or conducting a session.
There are also other services to market and sell such as polygraph service, which is a device used to detect lies. It is a highly effective investigative tool and proven to have an accuracy rate of over 98%. Running a private investigative company can also be very rewarding especially when you are engaged by a generous client.
Another growing area is doing background checks on individuals, especially staff, to authenticate information that they provide. People pay to get information on personnel, especially domestic staff, drivers, and security personnel.
Security, is evidently a vast industry to be explored by entrepreneurs and there are many aspects to look into, even without much capital. However, most of the business prospects require some form of registration and accreditation, so it is good you engage the right government agency for license to operate.