What Every Business Must Know About Tax, Compliance & Regulations In Nigeria | LIMBsimple Podcast | Episode 22 | Olasoji Odunayo | Sporos Consult

Running a business in Nigeria has changed dramatically.

With new tax reforms, stricter compliance requirements, increased regulatory enforcement, and the introduction of digital tax systems such as REF 360, every entrepreneur must understand how to remain compliant while building a profitable business.

In this episode of the LIMBsimple Podcast, we had an interesting time with Olasoji Odunayo, CEO of Sporos Consult, to break down everything Nigerian business owners need to know about taxation, compliance, financial structure, and regulatory obligations in 2026.

Whether you're a startup founder, SME owner, CEO, finance executive, accountant, or entrepreneur, this conversation will help you avoid costly compliance mistakes and position your business for sustainable growth.

In this episode, you'll learn:

👉 Why compliance is becoming more important than ever in Nigeria

👉 The biggest tax and regulatory changes affecting businesses in 2026

👉 Why ”ignorance is not a defence” when it comes to compliance

👉 The major government agencies every Nigerian business should know

👉 How CAC, FCCPC, NDPC, ITF, PENCOM, SCUML and other regulators affect your business

👉 Common bookkeeping and documentation mistakes that attract penalties

👉 Why mixing personal and business finances can become expensive

👉 How fintech has made businesses more transparent to regulators

👉 The truth about bank transfer narrations and tax monitoring

👉 What REF 360 is and how it is transforming tax administration in Nigeria

👉 The difference between tax avoidance and tax evasion

👉 Legal strategies to reduce tax exposure and protect your wealth

👉 Why compliance should become part of your business growth strategy

If you're serious about building a business that lasts, this is one conversation you cannot afford to miss.

Meet the Guest 👇👇👇

Odunayo Olasoji is a seasoned accountant, public speaker, and the Lead Consultant at Sporos Consult in Lagos, Nigeria. With over 10 years of financial and tax advisory experience, he helps corporate and individual clients drive sustainable growth.

Through his firm and the ”Dear-Business-Owner” social media series, Odunayo has empowered over 100 businesses across Nigeria, saving them hundreds of millions via proactive tax planning and audit representation.

He is deeply committed to mentorship, serves as an Associate Pastor at Citizens of Light Church, and is happily married with children.

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Timestamps:

00:00 Introduction

00:00 Why Every Business Must Understand Compliance

08:19 Understanding Taxes Simply

11:47 When Business Growth Creates Compliance Risks

15:35 Key Regulatory Agencies Every Business Should Know

21:28 The Biggest Compliance Mistakes Businesses Make

30:54 Documentation, Invoices & Transfer Narrations

37:43 Tax on Investments Explained

40:00 Fintech, Digital Banking & Government Visibility

44:43 Why Compliance Can Become Your Competitive Advantage

51:11 Understanding REF 360

55:44 Legal Wealth Protection & Smart Tax Strategies