NECA’s Network of Entrepreneurial Women (NNEW), Abuja Chapter, successfully hosted a high-impact virtual business dialogue titled “Protect Your Business Before It Costs You”, equipping women entrepreneurs with practical strategies to prevent financial fraud, reduce business leakages, and safeguard their enterprises through effective risk management.
The webinar brought together business owners from various sectors across Nigeria for an engaging learning session focused on one critical question: Where do businesses lose money without knowing it?
Strengthening businesses through better financial controls
Financial Management Coach Mr. Kesiena Okorho led the first session, highlighting the hidden operational weaknesses that often result in avoidable financial losses. He explained that fraud and profit leakages are frequently caused by weak systems rather than poor sales, urging entrepreneurs to build businesses with strong internal controls.
Participants learned practical measures including segregating financial responsibilities, verifying vendors, reconciling accounts regularly, implementing approval processes, and using surveillance and reporting systems to deter fraud. A key takeaway was the 10–80–10 Principle, which demonstrates how robust systems influence employee behavior and significantly reduce opportunities for misconduct.
Why every business needs a risk management plan
The second presentation, delivered by Mr. Muritala Hamed, CEO/MD of MICA Insurance Brokers, focused on protecting businesses against risks that cannot be prevented. He emphasized that events such as fire, burglary, employee dishonesty, and business interruption can threaten even successful businesses, making insurance an essential part of business sustainability.
He introduced affordable insurance solutions designed for SMEs, including fire and property insurance, business interruption cover, fidelity guarantee, professional indemnity, and agricultural insurance products, while addressing common misconceptions about insurance affordability and claims.
Interactive learning and practical solutions
The webinar concluded with an interactive question-and-answer session where participants sought guidance on insurance for agriculture, professional services, mixed-use properties, and other sector-specific business risks. The discussions reinforced the importance of combining sound financial management with appropriate insurance protection to build resilient enterprises.
As part of its ongoing commitment to supporting women-led businesses, NNEW Abuja Chapter will continue to provide capacity-building programmes, expert-led dialogues, and strategic resources that enable entrepreneurs to grow sustainable, profitable, and resilient businesses.
