Compliance Officer: Legal Nuggets on Regulatory Compliance

Tolu Oni

Introductory Piece

Most businesses in Nigeria are aware of the need to comply with regulations applicable to their industry. Many businesses have gotten their fingers severely burnt for non-compliance. Given the country’s current economic terrain, the saying “prevention is better than cure” ought to be every company’s new mantra. The consequences of non-compliance may sometimes cripple the business.

It is important for every business to begin to move towards compliance and in no time, you will realize that your company is robust on all fronts of corporate governance. Oh Yes! Little drops of water do make a mighty ocean. In addition, your business will enjoy other advantages of being ready when due diligence is to be conducted for business opportunities. Little wonder we see seemingly less competent counterparts in an industry being awarded more contracts simply because it meets the pre-qualification criteria set in place while the all competent professional whose adoption of best international practices is second to none gets knocked off at the first stage of a bid.

To start with Did You Know?

Ø  That Lagos State has a Unified Local Government Levy Rate

Ø  That every business has the right not to pay above the amount contained in the Unified Local Government Rate

Ø  That you need not pay Radio and T.V rates if you do not have a Radio or T.V in your business premises

Ø  That the Local Government cannot seal your business premises except they have a Court order to that effect

In this section, I will be bringing your way legal nuggets on regulatory compliance. Watch Out for this space.

Tolu Oni (bluecrestsolicitors@gmail.comis Head Legal at Health Plus Limited.

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