On Tuesday, August 6, 2024, the UK-Nigeria Tech Hub, Viaduct Design and Creativity Foundation, and Golborne Road Advisory (GRA) successfully concluded the first phase of the Regulatory and Compliance School Project. This initiative, which took place in Victoria Island, Lagos, is aimed at strengthening the regulatory and compliance skills of Nigerian tech startups, helping them better navigate the local business environment.
For many Nigerian fintech startups, regulatory compliance can be a significant challenge, especially with the introduction of new regulations like the Nigeria Data Protection Bill, 2023. The Regulatory and Compliance School Project was created to address these challenges by providing essential training and knowledge to tech startups. During the first phase of the program, participants received comprehensive training through intensive workshops that covered crucial topics such as general compliance, taxation, data privacy, anti-money laundering, and fintech licensing.
Leading these workshops were Temitope Adenaike, the Company Secretary & General Counsel at Coronation Group, and Faruq Abbas, the Managing Partner at Abdusalaam Abbas & Co. They shared valuable insights and practical case studies tailored to the specific needs of Nigerian tech startups. The workshops not only covered broad regulatory themes but also provided detailed guidance on specific obligations like annual returns filings, pension remittances, and expatriate quota returns. The facilitators also offered actionable advice on compliance with the Employee Compensation Scheme, Industrial Training Fund (ITF), and anti-money laundering laws, all of which are crucial for startups aiming to meet statutory requirements effectively.
The first phase of the project saw participation from 22 startups across various sectors. While 55% of the participants were fintech companies, others represented industries such as insurance tech, health tech, logistics, SaaS, edtech, e-commerce, and legal tech. The diverse range of industries and the different stages of development—ranging from pre-incorporation startups to those with up to five years of operation—highlighted the comprehensive nature of the training. The program addressed a wide range of regulatory issues, including data protection and privacy, licensing and permits, financial reporting and taxation, and labor laws.
Kayode Adegbola, Lead Advisor at Golborne Road Advisory, expressed satisfaction with the partnership, stating, “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 appreciating the practical applicability of the knowledge gained and the clarity provided on navigating complex regulatory requirements. Faruq Abbas, one of the facilitators, emphasized the importance of regulatory compliance for startups, noting that failing to maintain a strong track record in this area can hinder a startup’s ability to raise capital, as investors increasingly prioritize due diligence checks.
Temitope Adenaike further stressed the importance of staying informed about new regulations, especially for privately owned tech and fintech companies, in light of recent guidelines from the Securities and Exchange Commission (SEC) regarding share issuance and allotment.
With the first phase complete, the program will move into its second phase, which will focus on specialized regulatory topics such as cybersecurity, consumer protection, and intellectual property rights. The program will conclude with a closing event after three months of free compliance clinics with GRA.
Oyinkansola Akintola-Bello, Director of the UK-Nigeria Tech Hub, remarked, “This session highlighted the importance of compliance and regulation for startups, and we are excited by the ecosystem’s response to the initiative. We are proud to support the free clinics with GRA for startups.”
This initiative has been made possible by the UK-Nigeria Tech Hub, which is committed to supporting the sustainable growth of Nigeria’s tech ecosystem. By empowering startups with the tools to meet regulatory demands, the Regulatory and Compliance School Project is enhancing the resilience of individual businesses and contributing to the stability and growth of the broader tech ecosystem. Startups interested in participating in upcoming cohorts can find more details and fill out a questionnaire on the GRA website at www.gra.africa/complianceschool. For additional inquiries, email [email protected].
