Nigeria: Corporate Governance

The Nigeria Revenue Service (NRS) has announced that 31 July 2026 is the deadline for all large taxpayers (companies with an annual turnover of ₦5 billion and above) to comply with the National E-Invoicing and Electronic Fiscal System (EFS), also known as the Merchant Buyer Solution (MBS)

On July 15, 2026, the Corporate Affairs Commission (the “Commission”) issued a Circular announcing the commencement of another nationwide exercise to strike-off inactive and non-compliant companies from the Register of Companies pursuant to Section 692 (3) & (4) of the Companies and Allied Matters Act, 2020 (“CAMA”).

The Corporate Affairs Commission has announced it will begin enforcing long-standing but rarely applied provisions of Nigeria's Companies and Allied Matters Act 2020 requiring specific information on company business documents. Starting August 1, 2026, companies must ensure their letterheads, invoices, and other commercial materials display directors' particulars and registration details, or face escalating penalties.

Nigeria's Constitution grants the National Assembly investigative powers to support lawmaking and expose corruption, but recent cases reveal legislative committees increasingly overstepping...

The Central Bank of Nigeria has released draft guidelines establishing ring-fencing requirements for closely linked entities operating within the Nigerian financial system. These proposed regulations aim to create clear legal, operational, and financial boundaries between affiliated entities to prevent contagion risks and regulatory arbitrage.

On 10 June 2026, the Central Bank of Nigeria ("CBN") released an Exposure Draft of the Revised Guidelines for Licensing and Regulation of Financial Holding Companies in Nigeria (the "Guidelines"). The proposed Guidelines are aimed at strengthening the regulatory framework governing Financial Holding Companies ("FHCs"), addressing governance and operational issues that have emerged under the current regime, and promoting greater consistency in the supervision of banking groups and financial conglomerates.

This document provides a comprehensive overview of regulatory guidelines, letters, circulars, and notifications issued by Nigerian financial and regulatory authorities during May 2026. The compilation offers legal practitioners and financial institutions insight into the latest compliance requirements and regulatory developments affecting the Nigerian financial sector.

When Kinder Morgan grew from a $40 million asset purchase into North America's largest midstream energy company, the financial structure that fueled its success quietly became its greatest constraint.

Nigeria's non-oil economy demonstrated robust growth of 4.07% in Q4 2025, with agriculture, real estate, construction, and manufacturing leading the expansion. This analysis examines the corporate-commercial implications of this economic momentum and the increasingly structured regulatory environment shaping business operations. The piece explores three key developments from 2025 that are particularly significant for boards, investors, and in-house counsel navigating Nigeria's evolving business landscape.