Lack of Funds and Poor Welfare
It is believed that the issue of funding is very critical for the functionality of private security companies. It is one of the areas that have encouraged unhealthy rivalry and competition amongst private security companies. This is because in an effort to keep afloat in the security market economy, some of the private security companies have reduced their market worth by accepting contracts requiring the payment of less than ₦10,000 or $28.6 US dollar per month as guard’s salary thereby depriving others of an expected potential profitable contract. This is a confirmation of Ekhomu (2005) and Abrahamsen and Williams (2005), who observed that in spite of high cost of living, many security guards earn salaries as low as ₦6,000 or $17.1 US dollar per month. This is not healthy for the growth of the private security sector. The result is that some of the security guards in such companies end up engaging in criminal activities in order to augment their pay. This has also resulted in the bad image associated with the activities of private security companies, and most trending reason that majority of the public have great disdain and reservation in the participation of PSCs in crime control in the country.