Due Diligence Services Offered by Mantra for New Business Entrant to Nigeria

During a recent visit to Nigeria by the Rt Honourable Kemi Badenoch MP, Secretary of State for the UK Department of Business and Trade, an Enhanced Trade and Investment Partnership (ETIP) agreement was signed by Nigeria and the UK.

This is the first deal of its kind that the UK has signed with an African country.

The new arrangement aims to build on the success and progress of the previous Economic Development Forum (EDF), which has resulted in a £7 billion trading relationship between the two countries.

The aim of the ETIP agreement is to reduce barriers to trade in goods, increase opportunities for services and investment, support innovation and digital trade, create jobs, empower small and medium-sized enterprises, and promote a sustainable business landscape.

Certain key industries will be the main focus for the agreement, including legal services, education, agriculture, food safety and security, health and life sciences, creative industries, and financial services.

Another clear target of the agreement is to enable economic diversification away from oil and gas products through responsible investment in renewable energy, environmental protection, and sustainable development.

This will ultimately support Nigeria’s journey towards achieving its net-zero targets and advancing its Energy Transition Plan.

As UK and international companies start to understand the wide-ranging opportunities offered by the new ETIP arrangement, Mantra acknowledges that international business leaders may be concerned about certain risks associated with trading in or with Nigeria for the first time.

Mantra’s dedicated Security Consultancy and Risk Management Team can provide companies with expert advice and recommendations to help them overcome these challenges.

In light of the new trade deal, Mantra is increasingly being asked to carry out due diligence checks on potential partner companies in Nigeria.

The due diligence services on companies include verifying the existence of a company through physical checks on premises. Financial stability of a company is investigated by analysing its profit and loss accounts and cashflow status.

Additionally, checks are conducted to determine if the company is involved in any outstanding litigation issues and to verify the strength of its security and data privacy programs.

A combination of in-house Security Consultants and expert third-party partners, including relevant Nigerian government security agencies, is used to carry out these comprehensive due diligence services.

In addition to screening companies, Mantra is also able to vet individuals for businesses looking to recruit potential employees in Nigeria.

Recognising the critical significance of a thorough individual vetting process, this task is undertaken across several areas, including initial screening of candidates, verification of personal details such as address, education and employment history, reference checks with previous employers, social media screening, and criminal record checks.

This exhaustive and multidimensional individual vetting process ensures that Clients receive accurate and comprehensive insights to make well-informed recruitment decisions.

Recently, a thorough screening on a group of individuals for a key Client resulted in an individual being identified as unsuitable, preventing the Client from hiring someone who could have caused potential financial or reputational damage to their business.

So if you are a new business entrant considering trading in Nigeria for the first time and require more information on Mantra’s  Security Consultancy and due diligence services in Nigeria, please contact them by submitting an enquiry form at: http://bit.ly/contactmantra or email us at info@mantraoperations.com.

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