14 April 2020
The COVID-19 pandemic (the “Pandemic”) has evolved significantly across the world following its outbreak in Wuhan China in November/December 2019. Due to the outbreak of the Pandemic in Nigeria, the Federal Government like several governments across the world, implemented a lockdown of the three (3) most affected states including Lagos (the country’s commercial hub) and Abuja (where most of the government regulatory agencies are located).
The Pandemic and resultant lockdown has stalled operations and activities of companies in various sectors worldwide, thereby leaving stakeholders including shareholders, Board of Directors, management and regulators at their wits end regarding modalities for undertaking corporate actions and fulfilment of compliance obligations. In response to this uncertainty and confusion caused by the Pandemic, various regulatory agencies in Nigeria have issued circulars and guidelines (both referred to as the “Publications”) geared towards providing guidance to companies and modifying compliance requirements to enable companies fulfill attendant compliance obligations amid the Pandemic.