Governor
of Lagos State, Mr. Babatunde Fashola has said that individuals have a responsibility
to manage risks for the betterment of their lives.
Fashola
said that people should have the awareness of the existence of risk as a
natural phenomenon to human existence.
He
said, “We are often impervious to the risks we face on a daily basis. Risk here
is the probability or the threat of damage, loss, injury or any other negative
occurrence that is caused by external or internal vulnerabilities, the
consequences of which may be avoided through preemptive action.
“In
other words, it can simply be described as the
probability of losing something
of value for example physical health, property or social status. Risk
management refers to the steps we take to mitigate or eradicate the risk.”
Fashola
said that as a government, they are responsible for the wellbeing and welfare
of the people they serve, stating, “We have a responsibility to provide social
security for both the young and the elderly; a responsibility to provide
security of lives and property and also a responsibility to ensure that the
infrastructures put in place are properly maintained in a way and manner that
the State can be described as having a developed economy status.
According
to him, where they fail to take pre-emptive steps to attend to the risks that
come with the responsibilities that have been placed on them, they would be
perceived as a failed Government.
Fashola
said that the youths and the elderly are exposed to social protection risks
which if not addressed could result in poverty, and a resultant security hazard
in the community, adding that risks of danger to lives and property of the
citizens exist where, due to fraudulent practices on the part of those involved
in construction, substandard materials are used in construction.
According
to him, the business of insurance is to ensure that full or partial financial
compensation is made for loss or damage caused by events beyond the control of
the insured.
Vanguard
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