What is a Corporate Compliance Health Check?

A Corporate Compliance Health Check is a comprehensive assessment of your company's regulatory readiness with the Corporate Affairs Commission (CAC) and Federal Inland Revenue Service (FIRS). It evaluates 10 critical areas including annual return filings, audited accounts, tax compliance, board resolutions, statutory registers, and exit readiness. The assessment helps Nigerian businesses identify compliance gaps before they cause costly delays during mergers, acquisitions, restructuring, or voluntary liquidation.

Why is CAC and FIRS compliance important for Nigerian businesses?

CAC and FIRS compliance is critical because clean records determine whether your business can exit smoothly (like Greif Nigeria) or face chaotic liquidation (like Heritage Bank). Missing annual returns, unaudited accounts, or unresolved tax issues can delay dissolution filings for years, freeze asset sales, and expose directors to legal liability. With CAC's new AI-driven infrastructure flagging inconsistencies faster than ever, proactive compliance is now a competitive advantage and exit strategy necessity.

How is this different from a financial audit?

A financial audit examines your company's financial statements for accuracy. A Corporate Compliance Health Check evaluates your regulatory relationship with CAC and FIRS - whether your filings are current, your corporate records are complete, and you could successfully navigate restructuring or voluntary winding-up. It identifies gaps that would prevent CAC from approving dissolution, delay asset sales, or trigger regulatory penalties. Think of it as assessing exit readiness, not just financial health.

What happens after I complete the assessment?

You receive an immediate compliance score (0-20 points) with a category rating (Excellent, Average, or Poor) and 8 personalized recommendations based on your specific gaps. Your results identify which areas need urgent attention - such as missing annual returns, outdated statutory registers, or unresolved FIRS issues. You can then book Qrafteq's 15-Point Corporate Health Check for a detailed compliance audit, gap closure timeline, and actionable roadmap to achieve Greif Nigeria-level exit readiness.

What is the Greif Nigeria case study?

Greif Nigeria Plc completed a members' voluntary winding-up in 2024 with clean records: all assets realized, liabilities settled (₦142.72 million), audited liquidation accounts filed with CAC, and ₦399.95 million (₦9 per share) distributed to shareholders. The company closed on its own terms because its compliance was impeccable throughout operations. This contrasts sharply with Heritage Bank's messy receivership and illustrates why maintaining CAC/FIRS compliance is strategic, not just bureaucratic.

How long does the assessment take?

The Corporate Compliance Health Check takes 3-5 minutes to complete. It consists of 10 targeted questions about your CAC annual returns, audited accounts, creditor records, FIRS tax status, board resolutions, solvency documentation, statutory registers, audit readiness, AGM minutes, and overall exit preparedness. Results are generated instantly with a detailed compliance score and personalized recommendations.

Is this assessment free?

Yes, the online Corporate Compliance Health Check is completely free. You receive your compliance score, category rating, and personalized recommendations immediately after completion. For companies needing detailed remediation plans, Qrafteq offers a paid 15-Point Corporate Health Check that includes document review, CAC filing status verification, FIRS reconciliation analysis, and a prioritized action roadmap with timelines.

What is CAMA 2020 and why does it matter?

The Companies and Allied Matters Act (CAMA) 2020 is Nigeria's modernized corporate law that introduced stricter compliance requirements, digital filing systems, and enhanced director liability provisions. It governs annual return obligations, statutory register maintenance, board resolution documentation, and voluntary winding-up procedures. CAMA 2020 also empowered CAC to deploy AI-driven monitoring systems that flag inconsistencies and missing filings faster than manual reviews, making proactive compliance essential for all Nigerian companies.

Can this help if my company is already in financial distress?

Yes. The assessment helps distressed companies understand whether they qualify for members' voluntary winding-up (solvent companies) or must pursue creditors' winding-up. It identifies which compliance gaps are blocking restructuring options and prioritizes fixes that preserve shareholder value. The Nestoil case study shows that timely action - challenging injunctions, updating filings, negotiating with creditors - can create breathing room for recovery. But rescue options only work if you act before compliance rot becomes irreversible.

Who should take this assessment?

Nigerian company directors, CFOs, compliance officers, business owners, and advisors should take this assessment if they: plan to sell or merge their business, are considering voluntary liquidation or restructuring, haven't filed annual returns in multiple years, have unaudited financial statements, face FIRS tax disputes, lack organized corporate records, or simply want to ensure their company could exit cleanly if needed. Even well-run companies benefit from verifying their CAC/FIRS readiness proactively.

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