NOTAP Compliance Audit and 3-Month Grace Period (Effective 18th April 2025)

This is to bring to the attention of the public a critical regulatory directive issued by the National Office for Technology Acquisition and Promotion (NOTAP).

Following recent findings, NOTAP has observed a growing trend of non-compliance by institutions engaging in technology acquisition and fund remittances, without complying with the provisions of section 4(d) of the NOTAP Act Cap N62 LFN 2004. Consequently, an urgent circular has been issued to all commercial banks and financial institutions in Nigeria and the key violations highlighted identified include:

• Remittances made through various channels without valid NOTAP certificates;

• Undisclosed software/applications acquired and deployed without NOTAP registration; and

• Technology agreements signed beyond the approved three-year domestication period—or, in some cases, signed into perpetuity.

These non-compliance issues have resulted in significant economic losses for Nigeria. To address this, NOTAP has introduced a three-month grace period, effective 18th April 2025, during which all commercial banks and financial institutions are required to:

1. Fully disclose any non-conforming agreements.

2. Register all technologies currently in use within their operations.

At the expiration of the grace period, NOTAP will commence a nation-wide technology usage audit, and sanctions will be imposed on any financial institution found to be remitting funds for or deploying unregistered technologies.

We strongly urge all relevant institutions to take immediate steps to ensure full compliance within the stipulated timeframe.

Timely compliance is essential to avoid regulatory disruptions and penalties!

For further information or assistance, please contact taiwo.adeshina@jee.africa.