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U-Law Tasks Businesses on Regulatory Compliance

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U-Law Regulatory Compliance

By Adedapo Adesanya

U-Law, a sub-firm of leading Nigerian corporate law firm, Udo Udoma & Belo-Osagie (UUBO), has emphasised the importance of businesses operating within Nigeria to be compliant with relevant laws and regulations for effective growth.

The firm gave this advice at U-Law’s Black Friday 8.0 Event held last Friday in Lagos, where businesses and industry stakeholders gathered.

As a firm, UUBO specialises in an array of business practice areas, encompassing banking and finance, technology, capital markets, competition, compliance, advisory, tax, and private equity among others.

During her presentation, a partner at UUBO, Mrs Yinka Edu, noted that UUBO had always been at the forefront of innovations and shifts that businesses need to make, stressing that technology remains at the intersection of businesses and the ongoing changes in the world and that the firm has always been ready to play its role.

“We are dedicated to supporting startups and MSMEs through U-Law. This dedicated legal support service provides tailored advice and tech-based solutions to growth businesses. One of such product is the Compliance Calculator, a tech-based tool that allows MSMEs to assess their compliance with basic legal requirements without needing a lawyer,” she stated.

Speaking during a dual presentation, Ms Aniekan Udo-Okon and Fortune Ihator, associates of the firm, disclosed that it was necessary for businesses to stay ahead of changes in the operating environment being made by policymakers revolving around data regulations, Know-Your-Customer (KYC), and Anti-Money Laundering (AML) measures among others.

“Compliance isn’t just about avoiding fines, it’s about growing sustainably and building a trustworthy, attractive business. It can be used as a strategic tool to ensure a smooth journey towards business growth and long-term success,” Ms Udo-Okon averred.

The event also featured a session moderated by Ms Dumebi Anike-Nweze on how brands can speak to investors and customers and featured Mr Razaq Ahmed, co-founder and CEO of Cowrywise; Mr Chikodi Ukaiwe of Salad Africa; Mrs Eniola Alli-Fayewa, the Head of Corporate Communications at Guinness Nigeria; Mr Oluwatoyin Emmanuel-Olubake, the Investment Director at Novastar Ventures; and Ms Nnenna Onyewuchi of Yellow Brick Road Lagos.

During the breakout sessions, incubators examined how business incubators can accelerate growth for startups with Ms Nissi Madu, Managing Partner at CCHub, Ms Subuola Oyeleye, Founder of BeautyHut Africa, Ms Karina Karunwi of Impact Hub, and Mr Femi Moito, Founder of Innovest Afrika sharing key things founders and startups should do during incubation stage.

Simultaneously, experts in the food industry, including Gatumi Aliyu, Co-founder of Vendease, Michael Chu’di Ejekam, Chief Executive Officer of Atreos, Folayemi Agusto, the co-founder of Eat Drink Lagos, and Tobi Hamilton, the founder of The House shared the potential partnerships and pitfalls necessary to know for startups in the value chain during a session moderated by Banke Makinde, Founder of 3 by 4 Foods.

The programme culminated with a speed dating session where startup founders and managers sat with experts, including investors, lawyers, founders, and brand specialists to receive personalised business advice.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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CNPP Begs Wike for Certificates of Occupancy Payment Deadline Extension

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FCT Minister Wike

By Modupe Gbadeyanka

The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has been urged to extend the deadline for the payment of Certificates of Occupancy (C of O) by property owners in Abuja.

This plea for an extension was asked by the Conference of Nigeria Political Parties (CNPP) through a statement signed by its Deputy National Publicity Secretary, Mr James Ezema.

The group said the initial two-week grace period given to the affected allottees, which expired on Friday, January 3, 2025, was insufficient, considering the current economic challenges facing the country.

Recall that after public outcries, Mr Wike, who is the immediate past governor of Rivers State, granted an extension to the owners of the 762 revoked plots of land in Maitama, Abuja.

“We are appealing to the Minister and the Federal Capital Territory Administration (FCTA) to tamper justice with mercy and issue an extension in the spirit of the yuletide and in view of the economic challenges in the country,” the association stated.

It stressed that the extension would give the affected individuals and groups ample time to comply with the directive, thereby avoiding any undue hardship or loss.

“We pray that the Minister and the FCTA will grant the allottees an extension to comply with the directive, giving all the affected individuals and groups enough time to have themselves to blame at the end of the final extension,” the statement added.

The CNPP’s appeal comes on the heels of its recent expression of concern over the escalating hunger and suffering faced by millions of Nigerians due to the economic realities in the country.

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All Farmers Association of Nigeria Dissociates Self From Ado Kano

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North-East Farmers

By Adedapo Adesanya

The All Farmers Association of Nigeria (AFAN) has dissociated itself from an unofficial viral statement by one of it members, regarding posters indicating activities of the organisation.

The group dissociated itself from the member in a statement signed by its National President and the National Secretary, Mr Kabiru Ibrahim, and Mr Yunusa Halidu, respectively.

“This post is made by an authorized member, Ado A Ado Kano.

“The opinions and views expressed here are those of the author and do not reflect the official policy or position of the group, its administrators, or other members.

“For official statements, please refer to AFAN official contact or platform,” parts of the statement made available to Business Post stated.

According to AFAN, the unofficial posters flying around doesn’t represent the association, noting that Mr Kano is not authorized by AFAN or its officials but those of the author.

AFAN is the umbrella organisation for all farmers’ commodity associations in Nigeria.

Its vision and mission are to assemble all Nigerian producers into one organization, providing a single interlocutor for the government to address agricultural issues with the farming community.

AFAN was formed by the merger of the All-Farmers Association of Nigeria (ALFA) and the National Farmers’ Association of Nigeria (NAFAN).  The merger was recommended by former Nigerian president, Mr Olusegun Obasanjo.

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BUA Debunks Claims of 90% Completion of Refinery in Akwa Ibom

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BUA Pasta Processing Plant

By Adedapo Adesanya

BUA Group has denied widespread reports that its ongoing construction of a 200,000 barrels per day capacity refinery located in Akwa Ibom State is 90 per cent completed.

In a statement signed on Sunday, the group with subsidiaries in food, cement, and energy sectors said that the claims that the structure was at end stage did not come from it.

“Contrary to a misleading report stating that our 200,000 barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us,” a part of the statement read.

It clarified that the project was progressing well and added that it was going to meet the project timeline of 2025.

“As we make remarkable strides on our Akwa Ibom refinery project, we are proud to share that construction is progressing steadily.

“Whilst the refinery is not at 90% completion, we are however on track to meet our delivery timelines in collaboration with our partners.

“This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security,” the group said.

BUA is also carrying out other energy projects, including the construction of a mini-LNG plant and several new hybrid power plants across the country, which it said are also progressing rapidly.

The group says this will add additional capacity to our over 1,000MW installed captive power generation capacity.

“The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons,” the statement said.

“At BUA, we remain committed to transparency and excellence. As we have consistently done with over 12 of our completed mega industrial projects worth over $ 3.5 billion in the past 10 years, we will continue to keep you updated with verifiable and accurate information only where necessary, and as milestones are achieved.

“We appreciate the public’s interest and enthusiasm for this transformative project as we work together in building a stronger industrial and manufacturing base for a self-reliant Nigeria,” it added.

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