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  DANISJOGA BUSINESS SUCCESS SERIES — CHAPTER 16 SELLING FOOD, DRUGS OR COSMETICS? DON'T IGNORE NAFDAC Imagine developing a product, spending money on packaging, marketing and distribution—and only later discovering that your product falls within a regulated category. This is why entrepreneurs involved in products regulated by NAFDAC need to understand the applicable requirements before putting products on the Nigerian market. NAFDAC regulates and controls relevant products including areas such as: 💊 Drugs 🍎 Food 🧴 Cosmetics 🧪 Medical devices and other regulated products. Before launching a regulated product, ask: 1️⃣ Is my product regulated by NAFDAC? 2️⃣ What requirements apply to my specific product? 3️⃣ What documentation is required? 4️⃣ What manufacturing or facility requirements apply? 5️⃣ What labelling requirements apply? 6️⃣ Does the product require registration or other regulatory approval before marketing? 💡 BUSINESS LESSON Don't develop the ...

  Your Intellectual Property Can Be a Business Asset When entrepreneurs hear the word "assets," they often think about: Buildings. Vehicles. Equipment. Cash. Inventory. But what about the things you create ? Your book. Your software. Your photographs. Your videos. Your designs. Your original written materials. These can also have commercial value. This is why entrepreneurs should understand copyright. A few practical lessons: 1. Keep evidence of creation. 2. Understand what copyright protects. 3. Don't assume online content is free to copy. 4. Use contracts when engaging creators. 5. Identify your valuable intellectual-property assets. One common mistake is waiting until someone copies your work before thinking about intellectual-property protection. A better approach is to understand your rights and ownership arrangements from the beginning. 💡 BUSINESS THOUGHT Your business may be building intellectual property without even realising it. The co...

  YOU CREATED IT — BUT IS IT PROTECTED? As an Entrepreneur, you may create: 📚 Books 📝 Articles 🎵 Music 🎥 Videos 📸 Photographs 🎨 Designs 💻 Software 📢 Advertising materials and other original creative works. These creations may have value. This is where copyright protection becomes important. Copyright generally protects original creative works rather than simply protecting an idea. Here are five things entrepreneurs should understand: 1️⃣ Creation matters Keep evidence showing when and how your work was created. 2️⃣ Understand what copyright protects Copyright generally concerns original expression rather than an abstract idea. 3️⃣ Don't assume everything online is free to use A photograph, article, video, music or graphic you find online may belong to someone else. 4️⃣ Think about ownership If you hire someone to create content, design or software for your business, understand the contractual arrangements concerning ownership and permitted use. 5️⃣ P...

  SCUML Registration: An Important Compliance Question for Certain Nigerian Businesses After CAC registration and tax identification, entrepreneurs should ask another question: Does my business fall within a category that has SCUML obligations? SCUML—the Special Control Unit against Money Laundering —is responsible for registration and monitoring of relevant Designated Non-Financial Businesses and Professions in Nigeria, within the applicable AML/CFT framework. The regulatory framework covers a range of sectors, including businesses such as: Real estate businesses Dealers in precious stones and metals Automobile dealers Hotels Accountants and accounting firms Legal practitioners Consultants and consulting companies Construction companies Jewellery businesses Certain high-value goods businesses among others. Why should entrepreneurs pay attention? Because registration is only one part of compliance. Depending on the business and applicable rules, releva...

  SCUML REGISTRATION: DOES YOUR BUSINESS NEED IT? You have registered your business with CAC. You have your Tax ID. But there is another important question: Does your business require SCUML registration? SCUML means Special Control Unit against Money Laundering . It is concerned with the registration, monitoring and AML/CFT compliance of relevant Designated Non-Financial Businesses and Professions (DNFBPs) in Nigeria. Some of the businesses/professions covered by the current framework include: 🏠 Real estate businesses 💎 Dealers in precious stones and metals 🚗 Automobile dealers 🏨 Hotels ⚖️ Legal practitioners and related professionals 📊 Accountants and accounting firms 💼 Consultants and consulting companies 🏗️ Construction companies 💍 Jewellery businesses 🛒 Certain dealers in high-value goods ✈️ Travel agencies and other listed sectors The exact applicability depends on the nature and activities of the business. 💡 WHY SHOULD AN ENTREPRENEUR CARE? If ...

  CAC Registration Is Done. What About Your Tax Identity? One of the questions I encourage entrepreneurs to ask after registering their business is: "What do I need to do about my tax obligations?" Many entrepreneurs focus heavily on obtaining their CAC certificate and overlook the importance of understanding their tax identity and ongoing tax compliance. Under Nigeria's current tax administration framework, a Tax Identification Number (Tax ID) is used to identify taxable persons for tax administration, compliance and enforcement. For businesses, the Tax ID is linked to CAC registration records. This means entrepreneurs should pay attention to: 1. Tax identification Make sure your business has the appropriate tax identity. 2. Accurate business information Your CAC and tax records should contain consistent and accurate information. 3. Understanding applicable taxes Don't assume that every business has exactly the same tax obligations. 4. Tax filing and com...