Penlit & Greyson Law Firm — Corporate & Commercial Law Experts in Nigeria

As 2025 comes to an end and businesses begin preparing for 2026, the need for legal readiness, regulatory compliance, and strategic corporate governance has never been more important. Each year, thousands of Nigerian businesses face penalties, tax issues, corporate governance failures, and even shut-downs simply because they failed to plan ahead.

For businesses looking to stay ahead of regulatory changes, protect their operations, and ensure long-term growth, now is the right time to put the proper legal structures in place.

At Penlit & Greyson Law Firm, we help companies close the year strong and enter the new year with full legal compliance, minimized risks, and improved operational efficiency. Below is a complete guide to legally preparing your business for 2026.

1. Conduct a Full Legal & Regulatory Compliance Audit

A year-end legal audit ensures your company is operating within the laws governing your industry. This is especially important for companies in sectors like technology, finance, real estate, logistics, construction, and manufacturing.

Key Compliance Areas to Review

• CAC filings and annual returns
• SCUML registration (if applicable)
• Tax compliance and remittances
• PENCOM & NSITF compliance
• Data protection compliance under NDPA 2023
• Contract renewal and expiration review
• Licensing and permit updates

Failing to meet these requirements can lead to heavy penalties, regulatory scrutiny, or business disruption in 2026.

2. Review Your Company’s Tax Obligations for 2026

Tax planning is one of the most important end-of-year legal tasks for any business. Whether you are a startup, SME, or large corporation, proper tax structuring can save you money, eliminate risks, and prevent FIRS issues.

Essential Tax Elements to Review

• Corporate Income Tax
• VAT compliance and filing consistency
• PAYE deductions and remittances
• Capital gains tax on sold assets
• Tax exemptions your business might qualify for
• Audit of financial records to avoid FIRS penalties

A proactive approach ensures your business enters 2026 with clear financial records and minimized risk of tax disputes.

3. Strengthen Corporate Governance Before January 2026

Strong corporate governance is no longer optional—it is a strategic necessity. Investors, regulators, and partners now favour businesses with transparent structures and clear governance systems.

Governance Structure to Review

• Board meetings and proper documentation
• Compliance with the Nigerian Code of Corporate Governance (NCCG)
• Updating company policies (HR, IT, finance, procurement, and risk management)
• Ensuring proper delegation of authority
• Identifying and mitigating internal risks and fraud possibilities
• Updating shareholder agreements
• Reviewing director responsibilities and liabilities

Businesses with strong governance structures improve investor confidence, attract international partners, and reduce the risk of internal disputes.

4. Update All Legal Contracts Before Entering 2026

Contracts are the legal foundation of any business. Improper, outdated, or incomplete contracts create loopholes that lead to disputes, losses, and legal liabilities.

Contracts That Must Be Reviewed Before 2026

• Employment contracts
• Vendor/supplier agreements
• Service-level agreements
• Partnership & joint-venture agreements
• Franchise agreements
• Lease or property contracts
• NDAs and data-sharing agreements
• Technology and software licenses

A legal review ensures your contracts protect your company—not expose it.

5. Protect Your Digital Assets & Data (A Major 2026 Priority)

With increasing cyber threats, especially during the festive season and early year, businesses must be intentional about data protection and technology compliance.

Key Digital Protection Areas

• Compliance with the Nigeria Data Protection Act (NDPA) 2023
• Website privacy policy and terms of use
• Employee data protection practices
• Cybersecurity protocols
• Data breach response strategy
• Vendor and third-party risk assessment

2026 will see stricter enforcement of data privacy rules—now is the time to prepare.

6. Review Employment Policies Ahead of the New Year

HR-related compliance mistakes are among the top reasons companies face lawsuits in Nigeria.

Employment Areas to Review

• Staff handbooks
• Employment contracts and job roles
• Remote work and hybrid policies
• Workplace misconduct and disciplinary procedures
• December leave structure and resumption expectations
• Health & safety compliance
• Termination and redundancy procedures

Entering 2026 with proper HR documentation can protect the company from disputes and labour penalties.

7. Prepare Your Business for Growth, Expansion, and Investment

If your business plans to expand in 2026—locally or internationally—now is the time to legally position it.

Strategic Legal Preparations

• Company restructuring
• Opening new branches (local or foreign)
• Investor readiness and corporate documentation
• Due diligence for potential mergers or acquisitions
• Intellectual property protection (trademarks, copyrights, patents)

These foundational steps determine how fast—and how safely—your business grows.

Final Thoughts: Start 2026 Legally Strong

Preparing your business legally for 2026 requires planning, documentation, and proper compliance. Companies that take these steps now will avoid legal problems, reduce risk, and unlock new growth opportunities in the coming year.

Need Professional Legal Support?

Penlit & Greyson Law Firm offers:
✓ Corporate & Commercial Law Advisory
✓ Business Compliance & Regulatory Support
✓ Tax & Governance Structuring
✓ Contract Drafting & Review
✓ Labour & Employment Law Advisory
✓ Data Protection & Digital Law Services
✓ Dispute Resolution & Litigation Support

If you want your business to enter 2026 fully compliant, protected, and positioned for growth, our team is ready to support you.

Visit: penlitandgreyson.com.ng
Request a consultation today