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Steps to get your start-up on track

Steps to get your start-up on track From fledgling startups to well-established ventures, companies today need to be ready to pivot as unpredictable markets could demand a shift in a business model. At times, it can seem difficult (even impossible) to weather these extraneous forces -- especially ... Read More

Outrageous Compliance

OUTRAGEOUS COMPLIANCE; RCSA   Risk & Control Self-Assessments (RCSA) have become a handy tool to communicate to management, regulators and others that an organization has conducted an analysis of their risks to understand both the severity and likelihood of the occurrence of an event.  Each ... Read More

Technology in Small Business

Today’s small business operate within the fastest moving commercial environment in history. While startups are in their early stages, the demand for technology are typically relatively basic. However these needs can expand quickly as the business starts to get traction and founders ... Read More

Effect of Human Resources Software on Your HR Department

    Human resources software is one of the most powerful tools that you can invest in for your business. Functions range from the very basic to the incredibly complex, and no matter the type or size of your company you'll be able to find human ... Read More

Amendments to IFRS for Small and Medium-sized Entities (SMEs)

The IASB has issued amendments to the IFRS for Small and Medium-sized Entities (IFRS for SMEs), after completing its first comprehensive review of the standard. The objective of the review was to consider implementation experience and developments in full IFRS since IFRS for SMEs was issued in 2009 and make ... Read More

Using Risk Management to Respond to CRISIS

    When a crisis hits your organisation, how will you find out about it as a board member? Through employees, customers, or maybe virally through social media? Hopefully though, your organisation has a well-prepared and well-rehearsed crisis plan, in which case you will most likely learn about the facts of the crisis ... Read More

Risk managers, CIBN partner on certification

    FROM next year, the Risk Managers Association of Nigeria (RIMAN), partnering the Chartered Institute of Bankers of Nigeria (CIBN), will be awarding Risk Management Certification to practitioners and others aiming to build a career in the field. This followed the signing of ... Read More

Corporate governance for NGOs not for tax purposes, says FRC

  The Financial Reporting Council (FRC) of Nigeria has affirmed that the inclusion of not-for-profit Non Governmental Organisations(NGOs) in the National Code of Corporate Governance (NCCG) in the country is not for taxation purposes. Speaking at the public hearing in Lagos on the NCCG for NGOs over the weekend, the Chairman of ... Read More

Automating Regulatory Risk Compliance

      No one organisation exists in a vacuum, rather they exist and interact with other similar and different organisation within the same business and regulatory environment.  This relationship triggered by the fallout of the global financial crisis has brought the importance of ... Read More

Corporate Risk Management; Nigerian Perspective

Corporate Risk Management; Nigerian Perspective Nigeria is not exempted from the current volatility, uncertainty, complexity and ambiguity in the world today and the importance of risk management cannot be over emphasized especially with the consequences of deficit economy that we are currently ... Read More

Steps to get your start-up on track

NOTIFICATION OF CHANGE OF PARTICULARS
When Do You Need to File a Notification?
Life and business move fast. You must notify the tax authorities if any of the
following occur:
For Individuals
Change of Name: Usually due to marriage or legal deed poll.
Change of Address: Moving your primary residence (this may affect which
State Internal Revenue Service you pay your PAYE or personal income tax
to).
Change of Employment: Transitioning from an employee (PAYE) to a
self-employed person or business owner.
Contact Information: Updates to your phone number or the email address
linked to your NIN/TIN.
Change in Business Name: If the company rebrands or changes its
registered name with the CAC.
Change in Registered Office: Moving the physical headquarters or principal
place of business.

Changes in Directorship: When directors resign or new ones are appointed.

Nature of Business: If a company shifts from, for example, "General
Contracts" to "Oil and Gas Services" (this often changes the tax rate or
applicable incentives). -
Cessation of Business: If the business stops operating entirely, you must
notify the NRS to prevent continuous "Best of Judgment" (BOJ)
assessments.

  1. Why It Matters
    Failing to update your records is more than a clerical error; it carries real-world
    consequences: - - - -
    Invalid Tax Clearance Certificates (TCC): If your records on the NRS portal
    don't match your current CAC status, your TCC application will likely be
    rejected.
    Missed Legal Notices: The law considers a notice "served" if it is sent to
    your last known address on file. If you’ve moved and don't receive an audit
    notice, the NRS can proceed with legal action in your absence.
    Penalty Accumulation: In the case of business cessation, if you don't
    officially notify the NRS that you've closed, they will assume you are still
    earning income and continue to charge late filing penalties.
    Bank Account Freezes: With the 2026 integration of NIN-TIN-BVN,
    discrepancies in your data across different agencies can trigger automated
    "Red Flags," leading to temporary restrictions on your bank accounts.
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