Udo Udoma & Belo-Osagie has pressed the urgent need for Nigerian high-net-worth individuals (HNIs), family businesses, and private investors to structure and safeguard their wealth, as tightening global financial regulations heighten the risk of tax penalties and reputational exposure.
Speaking at an exclusive breakfast session organised to officially announce the launch of its Private Wealth Practice Group, the firm highlighted how global regulatory frameworks like the Common Reporting Standard (CRS) and the Fair and Accurate Credit Transactions Act (FATCA) are giving authorities unprecedented access to offshore assets and financial transactions. At the same time, significant policy changes such as the UK’s abolition of the non-domiciled regime are transforming the investment landscape for Nigerians with cross-border interests.
“There’s a rising need for Nigerian investors to stay ahead of the compliance curve. The days of informal or undocumented wealth transfers are over. It’s time to treat wealth protection like any other business priority, strategically and proactively. It’s not just about protecting assets anymore, it’s about proving that those assets are legally held, tax compliant, and future-ready,” said Aniekan Ukpanah, the Senior Partner of Udo Udoma & Belo-Osagie.
Why This Matters Now
Tax and Compliance Failures Can Jeopardise Legacies: Without proper planning, investors risk being flagged by tax authorities, exposing their assets to audits, fines, and long-term consequences.
Regulations Are Closing Loopholes: Jurisdictions like the UK and USA are enforcing full disclosure of Ultimate Beneficial Ownership (UBO), even when assets are held through proxies.
Capital Flight Persists Amid Instability: As local currency challenges persist, many Nigerians are moving assets offshore but may be unaware of the tax footprints they leave behind.
The Shift to Transparency Is Permanent: Automatic data sharing between countries means tax authorities already know more than ever about where assets are held.
The session underscored key priorities for Nigerian HNIs and family enterprises, emphasising the importance of understanding tax and compliance rules in key destination countries like the UK and the USA. It also highlighted the need to separate business and personal wealth to minimise tax exposure and protect personal assets from business liabilities. Additionally, it stressed the value of clearly defined wills, trust structures, and family governance policies to prevent disputes and ensure seamless wealth transfer across generations.
The Private Wealth Practice Group was established to address evolving challenges and opportunities. As wealth becomes increasingly cross-border and regulatory frameworks continue to tighten, there is a growing need for tailored, forward-looking legal and advisory services that help clients protect their long-term legacy goals.
