Regulatory compliance not properly delivered in Nigeria — Expert

A United Kingdom-based Financial Expert, Folorunso Ajayi has said that Nigeria’s business regulatory compliance is not being properly delivered.

Ajayi, who is the Chief Exceutive Officer of Accountants At First Horizon Limited, made this statement known to Tribune Online on Wednesday.

The 20 years experienced Chartered Accountant noted that, sectoral businesses would not only strive and prosper, but achieve sustainability, if compliance requirements and obligations are met by businesses.

According to him, This would in no small measure improve service delivery, product quality, with more employment opportunity for all and sundry.

“Regulatory agencies need to roll up their sleeves, to enforce strict compliance, in terms of setting specific deadlines, standard formats, with stiff penalties.

“And for the entire business community to also see, the meeting of compliance obligations as trust loop ,and be able to draw and pull up trading sanctions, impactful on operations and image against erring businesses.

“For instance, in the UK, businesses of various sizes, from sole trading to conglomerates have duty to meet filing obligations timely, and in a standard format.

“Failure to comply not only attract sanctions in the form of fines from compliance bodies, but lock such business away from clients, customers, including service providers, i.e. banks and government agencies, making them ineligible for business incentives and concessions.

“And on the horizon, sound regime of regulatory compliance would also generate employment, especially in technology and digital space, and would open up more employment and professional service engagement windows.

“For instance in the developed economies, where compliance is indispensable, Professional service providers do not have to struggle to be engaged.

“Patronage window opens up automatically, and flourish, with service providers at all level, also upholding standards and professional integrity.

“And until, a new regime of joint compliance action across stakeholders is imbibed, product and service quality, cum employment with flourishing engagement window for professionals would continue to be a mirage.” He stated.