The UK-Nigeria Tech Hub, Viaduct Design and Creativity Foundation, and Golborne Road Advisory (GRA) are pleased to announce the successful conclusion of the first phase of the Regulatory and Compliance School Project which held on Tuesday August 6, 2024 at Victoria Island, Lagos, This important initiative is designed to bolster the regulatory and compliance capacities of Nigerian tech startups, equipping them to navigate the complexities of the local business environment.
Regulatory compliance presents significant challenges for many Nigerian fintech startups, particularly in light of evolving regulations such as the Nigeria Data Protection Bill, 2023. The Regulatory and Compliance School Project was conceived to address these challenges by imparting essential knowledge and skills. The first phase of the program provided comprehensive training through a series of intensive workshops, covering critical areas such as general compliance, taxation, data privacy, anti-money laundering, and fintech licensing. These sessions were led by Temitope Adenaike, Company Secretary & General Counsel at Coronation Group and Faruq Abbas, Managing Partner at Abdusalaam Abbas & Co., who shared deep insights and practical case studies tailored to the specific needs of Nigerian tech startups.
In addition to covering broad regulatory themes, the workshops provided detailed guidance on specific obligations such as annual returns filings, pension remittances, and expatriate quota returns. The facilitators offered clear and actionable advice on these responsibilities under Nigerian law, delving into the intricacies of the Employee Compensation Scheme, Industrial Training Fund (ITF), and anti-money laundering compliance, all of which are critical for startups striving to meet statutory requirements effectively.
The first phase saw participation from twenty-two startups across diverse sectors, with a significant portion (55%) of participants being fintech companies. Others represented sectors such as insurance tech, health tech, logistics, SaaS, edtech, e-commerce, and legal tech. The diversity in both industry representation and stages of development—from pre-incorporation startups to those with up to 5 years of operation—underscored the comprehensive nature of the training, which addressed regulatory issues including data protection and privacy, licensing and permits, financial reporting and taxation, and labour laws.
According to Kayode Adegbola, Lead Advisor at Golborne Road Advisory, “we are pleased to be the chosen partner of UK-Nigeria Tech Hub to deliver this impactful project to Nigerian companies, aligning with our mission of advising startups on government relations, regulatory issues, and compliance in Nigeria and across Africa.”
Feedback from participants has been overwhelmingly positive, with many highlighting the practical applicability of the knowledge gained and the clarity provided on navigating complex regulatory requirements. Faruq Abbass, one of the facilitators, emphasized the critical importance of regulatory compliance for startups, noting, “Regulatory compliance goes beyond ticking boxes to satisfy statutory requirements, particularly for startup companies desirous of remaining going concerns. Failure to maintain a track record of regulatory compliance tends to adversely affect early-stage startups as it can hinder their ability to raise capital via loans, grants, or venture capital, as investors in the startup ecosystem globally and locally have begun to prioritize detailed due diligence checks on the startups they intend to invest in.” Temitope Adenaike further underscored the relevance of staying informed about new regulations, particularly for privately owned tech and fintech companies, in light of recent SEC guidelines regarding share issuance and allotment.
With the foundation now firmly established, the program will proceed to its second phase, which will delve into specialised regulatory topics such as cybersecurity, consumer protection, and intellectual property rights. The program will culminate with a closing event after three months of free compliance clinics with GRA.
Oyinkansola Akintola-Bello, Director, UK-Nigeria Tech Hub remarked
“This session proved the importance of compliance and regulation for startups, and we are excited to see the ecosystem response to the initiative and are proud to be supporting the free clinics with GRA for startups”.
This initiative has been made possible through the generous support of the UK-Nigeria Tech Hub, which remains committed to fostering sustainable growth within Nigeria’s tech ecosystem. By empowering startups with the tools to meet regulatory demands, the Regulatory and Compliance School Project is not only enhancing the resilience of individual businesses but also contributing to the stability and growth of the broader ecosystem. For further details on how to participate in the upcoming cohorts, interested startups are encouraged to fill out a questionnaire available on our website atwww.gra.africa/complianceschool. For additional inquiries, please email [email protected].
UK-Nigeria Tech Hub is an initiative by the UK Government to support the growth of the Nigerian tech ecosystem.
Golborne Road Advisory is a boutique advisory firm dedicated to helping startups and companies in Africa to navigate the regulatory environment.
Viaduct Design and Creativity Foundation is a non-governmental organisation which carries out support initiatives to founders and creatives in Nigeria.
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