Nigeria (NG)

Jurisdiction Overview

188 *Is there an obligation to keep accounting data? No
 Data Date: 2015


The Global Forum reported that "Section 331 of the CAMA [Companies and Allied Matters Act] provides that every company is required to keep proper accounting records which must be sufficient to show and explain the transactions of the company. Reference to underlying documentation is found in section 360(3) CAMA that deals with the documentation that must be provided to auditors." (GF 2016: 76; [TJN's Note]). However, "While several monitoring and enforcement measures are pursued by various agencies in Nigeria, the compliance levels of relevant entities and arrangements in Nigeria on their reporting obligations are generally very low. As a result, availability of accounting information in all cases may not be ensured in practice." (Ibid: 85).


GF 2016: 74-85