If you run a business in Nigeria—or anywhere, really—you go know say government no dey play when e reach law and regulation matter. One small mistake, and boom! You fit land inside serious kasala: big fines, shutdown orders, or even public embarrassment wey go scatter your brand name.
Regulatory compliance no be for show. Na to protect your business, earn customer trust, and make sure say nobody dey use your company do any illegal waka.
So, how you go take set up solid compliance without giving yourself headache? No worry. Just follow these 8 steps wey we break down for you.
1. Know Wetin Concern You
Before you start anything, you gats know which laws and regulations concern your own type of business. E dey depend on things like:
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Your industry (e.g., tech, finance, health)
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Where your business dey operate
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The kind of product or service you dey offer
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The countries wey you dey work with
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The clients wey you dey serve
Example: If you be accountant for Belgium, you no fit ignore things like GDPR, anti-money laundering rules, or EU financial regulations. Same thing go for Naija. If you dey do fintech, you no fit say you no sabi CBN guidelines or NDIC rules. Dem go still catch you.
2. Dig Deep Into the Requirements
Okay, now you don know the laws wey apply to your hustle. Next step? Find out exactly wetin each one dey require from your side.
You gats ask yourself:
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Wetin dem expect me to do?
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Which document I suppose prepare?
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How I go take track the steps wey I dey follow?
No just assume. Go read am well—or better still, get lawyer wey sabi.
3. Run Internal Audit—Check Yourself Before Dem Check You
This na the part wey you go do “homework” by yourself. Run compliance audit inside your company to see where una dey do well and where gbeske dey.
Ask things like:
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Are our staff even aware of these rules?
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Are we keeping proper records or na freestyle we dey run?
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Are our policies and processes in line with wetin law talk?
If you no look yourself well, na outsiders go expose your yansh.
4. Put Everything Down in Black and White
Once you spot the wahala areas, fix am. Then put all your compliance policies and procedures inside one clear document. This one go help if external auditors or regulators show up.
Also:
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Make sure your staff get access to these policies
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Make dem sign am to show say dem understand
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Review and update am from time to time—no let am dey gather dust for one file.
5. Train Your Staff Regularly
Make we yarn true—plenty company problems dey start from workers wey no know wetin dey.
If your staff never get proper training, dem fit break rules without even knowing. Na why onboarding training alone no dey enough.
You gats do refresher training from time to time. Let your staff know say compliance no be one person job. Everybody gats carry am for head like gala.
6. Get People Wey Know Book
If you wan really do this compliance matter well, you go need expert eyes. You fit hire in-house Compliance Officer (CCO) or work with external consultants.
Dem go help you:
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Monitor new laws wey fit affect your industry
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Set up the right policies
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Advise you on best way to meet up with regulatory wahala
Na dem go help you stay ahead. No be when fire don burn finish you go dey find water.
7. Compliance No Be One-Off—Keep Improving
Abeg, no just set up compliance once and forget am. Laws dey change like Lagos traffic light.
Here’s how to stay sharp:
a. Always dey observe legal changes.
If one new regulation drop tomorrow and you no adjust, na your pocket go hear am.
b. Run regular audits.
You fit dey compliant today, but six months later? Things fit don shift. Check your compliance status regularly like person wey dey do medical checkup.
c. Update policies as law dey change.
If new rule land, update your internal policy sharp-sharp and inform staff.
8. Use Technology—No Dey Do Compliance Like 1980
Abeg, forget paper everywhere. If na file cabinet you still dey use, you dey do yourself. Imagine say one customer ask you to delete their data—na to search file till neck bend?
With document management systems, one click and everything don show. You fit sort, delete, and secure documents fast. No stress.
But make sure say the tech tool you dey use secure well. Ask questions like:
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Where dem dey store your data?
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Which sub-providers dem dey use?
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How dem dey handle your clients’ info?
Use software wey get sense and compliance muscle.
How Penneo Fit Help You
If you dey find platform wey go help you handle signing processes and documentation with full compliance mode, Penneo get you.
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Digital signatures wey dem dey use na legally binding.
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Dem get third-party audit reports wey show say their system dey secure wella.
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E go help you free time so you go focus on better work—no be to dey chase file up and down.
Final Word
No let compliance wahala catch you unaware. If dem come knock your door, make sure you ready.
With these 8 steps, you go set up compliance wey strong like rock and clean like new notes. And if you ever need help or no too sure wetin next to do—holla person wey sabi.
Because for this compliance game, na who get sense and plan dey win.