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.
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.
Internal Control over Financial Reporting (ICFR) is a fundamental component of sound corporate governance for Public Interest Entities (PIEs). It provides reasonable assurance that financial transactions are accurately recorded, authorized, and reported in accordance with applicable accounting standards and regulatory requirements. By embedding effective preventive and detective controls throughout financial processes, ICFR strengthens the integrity, completeness, and accuracy of financial statements, thereby reducing the risk of material misstatements arising from error or fraud.
Driving Investor Confidence and Stakeholder Trust
Reliable financial reporting is critical to maintaining the confidence of investors, regulators, creditors, and other stakeholders. An effective ICFR framework demonstrates management's commitment to transparency, accountability, and financial discipline. This enhances the credibility of published financial information, supports informed decision-making by capital market participants, and reinforces the reputation of PIEs as responsible stewards of public and shareholder resources
Mitigating Regulatory and Compliance Risk
Given the heightened regulatory oversight applicable to Public Interest Entities, robust ICFR plays a vital role in ensuring compliance with financial reporting obligations and governance requirements. Well-designed and effectively operating controls enable organizations to identify and address deficiencies proactively, reduce the likelihood of regulatory breaches, financial penalties, and reputational damage, and support timely remediation where control weaknesses are identified. Ultimately, a strong ICFR framework promotes operational resilience, strengthens governance, and contributes to the long-term sustainability of the organization.
Navigating Nigeria's ICFR Requirements
The Financial Reporting Council (FRC) of Nigeria issued the Guidance on Management Report on Internal Control over Financial Reporting (ICFR) in November 2022, pursuant to Section 7(2)(f) of the Financial Reporting Council of Nigeria Act, 2011 (as amended). The Guidance introduced mandatory annual management assessment and reporting on the effectiveness of Internal Control over Financial Reporting for Public Interest Entities (PIEs), with independent auditor attestation.
Category
Mandatory ICFR Reporting Timeline
Public Companies
Effective for annual reports beginning 31 December 2023
Other Public Interest Entities (Private PIEs)
Effective for annual reports ending on or after 31 December 2024
Government/Public Sector Agencies
Originally effective for 31 December 2024, with a one-year waiver granted by the FRC. Mandatory submission now applies to 2025 audited financial statements filed in 2026.
How PML Professional Services Supports Your Organization
PML Professional Services provides end-to-end ICFR advisory, implementation, and review services designed to help Public Interest Entities achieve sustainable compliance while strengthening financial governance. Leveraging deep expertise in governance, risk management, internal controls, and financial reporting, our team works collaboratively with management to build an efficient and risk-based ICFR framework aligned with regulatory expectations and internationally recognized leading practices.
Our ICFR service offerings include:
ICFR readiness assessments, including enterprise-wide gap analysis and implementation planning.
Risk assessment and control framework development, including process mapping, Risk and Control Matrices (RCMs), and ICFR documentation aligned with the COSO Framework.
Control testing and evaluation, covering both design and operating effectiveness of key financial reporting controls.
Control deficiency identification and remediation support, including management assessment and ICFR reporting.
Independent ICFR reviews and continuous compliance support to ensure ongoing regulatory compliance and control maturity.
At PML Professional Services, we recognize that ICFR compliance extends beyond meeting regulatory requirements, it is an opportunity to strengthen governance, enhance operational discipline, improve investor confidence, and establish a resilient financial reporting environment capable of supporting long-term organizational growth.
