An audited financial statement is an important document that provides an independent, objective assessment of a company’s financial health. When reviewing an audited financial statement, there are several key items to take note of, including:

1. FINANCIAL STATEMENTS: The financial statements, including the balance sheet, income statement, and cash flow statement, provide an overview of a company’s financial position, financial performance, and liquidity.

2. AUDITOR’S OPINION: The auditor’s opinion, which is included in the audited financial statement, provides insight into the level of assurance the auditor has that the financial statements are free from material misstatements.

3. NOTES TO THE FINANCIAL STATEMENTS: The notes to the financial statements provide additional information that is important for understanding the financial statements. This can include information on accounting policies, significant transactions, and contingencies.

4. MANAGEMENT DISCUSSION AND ANALYSIS (MD&A): The MD&A is a narrative discussion of a company’s financial performance and provides context for the financial statements.

5. CHANGES IN ACCOUNTING POLICIES: Changes in accounting policies can significantly impact financial statements. It’s important to understand the reasons for any changes and how they affect the financial statements.

6. TRENDS AND RATIOS: Trends and ratios, such as revenue growth, profit margins, and debt-to-equity ratios, can provide valuable insights into a company’s financial performance and health.

It’s important to take note of these items because they provide important information about a company’s financial health and performance. This information can be used to make informed investment decisions, evaluate the risk of lending money to the company, or assess the company’s overall financial stability. An audited financial statement can also be used to identify potential fraud or mismanagement.

Regville Associates offers end-to-end legal, tax and compliance service for companies. We assist Companies in becoming and staying regulatory compliant.

Feel free to contact us.

Tolulope Oguntade 
Regville Associates 


Getty Image – Compliance

Compliance certificates are documents that show that a business is operating in accordance with the laws, regulations and standards set by the relevant authorities. In Nigeria, businesses are required to obtain a number of compliance certificates to demonstrate their compliance with the country’s laws and regulations this includes, a Tax Clearance Certificate (TCC) issued by the Federal Inland Revenue Service (FIRS), ITF Certificate issued by the Industrial Training Fund, NSITF Compliance Certificate issued by The Nigeria Social Insurance Trust Fund, PENCOM Certificate issued by The Pension Commission and Acknowledgement copies of payment of Annual Returns.

Here are five reasons why business owners need to have compliance certificates:

1. LEGAL COMPLIANCE: By obtaining compliance certificates, businesses demonstrate that they are operating within the law and that they are adhering to the standards and regulations set by the relevant authorities. This helps to reduce the risk of legal penalties and fines that may arise from non-compliance.

2. IMPROVED REPUTATION: Having compliance certificates can also help to enhance the reputation of a business. Customers and other stakeholders are more likely to trust a business that is in compliance with the law, which can translate into increased sales and a better bottom line.

3. ENHANCED COMPETITIVENESS: Obtaining compliance certificates can also give businesses a competitive edge over their competitors. By demonstrating their commitment to operating within the law and adhering to industry standards, businesses can differentiate themselves from those who are not in compliance.

4. ACCESS TO OPPORTUNITIES: Many businesses are required to have compliance certificates to participate in certain tenders or to enter into partnerships with other organizations. This means that by obtaining compliance certificates, businesses can gain access to new opportunities and markets that may not be available to those who are not in compliance.

5. PEACE OF MIND: Finally, having compliance certificates can provide peace of mind to business owners, as they know that they are operating within the law and that they are meeting the standards and regulations set by the relevant authorities. This can help to reduce the stress and anxiety that can arise from uncertainty and help business owners to focus on growing their businesses.

In conclusion, compliance certificates are an important part of doing business in Nigeria and can provide a number of benefits to business owners. By demonstrating their commitment to operating within the law and adhering to industry standards, businesses can reduce the risk of legal penalties, improve their reputation, enhance their competitiveness, gain access to new opportunities, and provide peace of mind to their owners.

Regville Associates offers end-to-end legal, tax and secretarial service for companies. We assist Companies in becoming and staying compliant.

We will be happy to hear from you.

Tolulope Oguntade 
Regville Associates 


The National Pension Commission (PenCom) is the regulatory body overseeing Nigeria’s pension administration. To ensure that companies operating in the country adhere to best practices in pension management, PenCom requires all employers to apply for and obtain a Compliance Certificate. This article will discuss the steps companies can follow to apply for a PenCom Compliance Certificate.

1. REGISTER WITH PENCOM: The first step in the process is to register with PenCom by filling out the Employer Registration Form (ERF) and submitting it to the nearest PenCom office. The form can be obtained from the PenCom website or any of its offices.

2. OPEN A PENSION FUND ADMINISTRATOR (PFA) ACCOUNT: After registering with PenCom, the next step is to open a Pension Fund Administrator (PFA) account. PFAs are organizations that manage pension funds on behalf of employers. A list of registered PFAs can be found on the PenCom website.

3. SUBMIT EMPLOYEE INFORMATION: Companies are required to submit employee information, including names, addresses, and contribution history, to their PFA. This information is necessary for the PFA to compute each employee’s pension contributions and benefits.

4. REMIT CONTRIBUTIONS: Companies are required to remit employee contributions to their PFA on a monthly basis (minimum of 10% by employer and minimum of 8% by the employee).

(a) for the last three fiscal years for organizations that were in existence for that period and have five (5) or more staff

(b) for organizations that have not been in existence for the last three fiscal years, from the date of Incorporation/registration/licensing to the last fiscal year.

5. GROUP LIFE INSURANCE: Evidence of valid Group Life Insurance Policy for employees which should include amongst others, a certificate of group life, policy document and evidence of payment.

6. APPLY FOR A COMPLIANCE CERTIFICATE: Upon successful submission of all required reports and documentation, companies will be issued a PenCom Compliance Certificate. This certificate is valid for one year and must be renewed annually.

Applicants are to note that it takes 15 working days from the date of receipt for an application to be processed. Certificates or rejections can be picked up at the offices where the applications were submitted.

In conclusion, PENCOM mandates that pension remittance should be made not later than seven (7) days after payment of salaries. PENCOM has begun the introduction of penalties payable by the employer to the employee RSA if remittance is not made within seven (7) days after payment of salaries. The PENCOM has also engaged Consulting Firms (majorly audit & accounting firms) to carry out audit exercises to check compliances.

For further assistance in obtaining PENCOM Certificate, feel free to contact us

Tolulope Oguntade 
Regville Associates 


Nigeria Investment Promotion Commission


1.1 The Nigerian Investment Promotion Commission (NIPC) Act 16 of 1995 established the Nigerian Investment Promotion Commission established by law to encourage, promote, and coordinate all investments in Nigeria. This act also regulates the participation of foreign businesses in the country.

1.2 The NIPC Act allows foreign nationals to own up to 100% equity and invest in any business in Nigeria except those indicated on the negative list as defined by section 31 of the Act such as the production of arms, ammunition, narcotics and related substances.

1.3 Section 20 of the NIPC Act requires all enterprises in which foreign participation is permitted to apply to the Commission for business registration.


2.1 To apply for NIPC Business Registration Certificate, the following documents are required:

2.1.1 Duly completed NIPC Form I;

2.1.2 Memorandum & Articles of Association;

2.1.3 Certificate of Incorporation;

2.1.4 CAC Form 1.1 (or CAC Forms CO2 and CO7 for old companies);

2.1.5 Power of Attorney/ Letter of Authority (where applicable);

2.1.6 Approved Remita payment receipt of N15,000.00 only (Non- refundable)

2.1.7 NIPC payment receipt


3.1 The NIPC Business Registration takes 24 hours to process once all required documents are submitted.

3.1.1 Applicant downloads NIPC Form 1 from the website at;

3.1.2 Applicant pays a non-refundable processing fee of N15,000.00 only, via Remita online portal at;

3.1.3 Applicant submits all required documents (see 1.4 above) at the One Stop Investment Centre in NIPC or scanned copies sent to;

3.1.4 NIPC Business Registration Certificate issued to the applicant.

For more inquiries and assistance with NIPC Registration, feel free to contact us.

Tolulope Oguntade 
Regville Associates