PAPER ON COMPLIANCE IN NIGERIA WITH SPECIAL FOCUS ON THE NIGERIAN POWER AND ENERGY INDUSTRIES
In Nigeria, the failure of banks such as Oceanic and Intercontinental banks highlighted the need to protect innocent shareholders and the general public as a whole. Implementation and enforcement of compliance with certain laws, codes and regulations seek to ensure the protection of the aforementioned parties.
Compliance in simple terms is conformity with a set of rules or regulations determined by the law or any governing body. In business terms, it involves ensuring that any business or action conducted by a company is within legal parameters. Compliance is divided into two main headings; Legal Compliance, which denotes a set of laws, principles and precedents applicable to a particular organization or business enterprise. There is also Regulatory Compliance, which relates to various codes, regulations and circulars issued by regulatory authorities governing the conduct of business.
Businesses operating in Nigeria are increasingly being regulated as the Government strives to promote good corporate governance and best practices. To ascertain that a business is on the right side of the law and compliant, there are certain regulatory requirements, which must be obtained. The list of key regulators in the Nigerian corporate space appears to be endless. This paper shall be considering a few of these regulators as well as a small number of their regulatory requirements.
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