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Please note that if the business was registered over 6 years ago, then there will be fines which will have to be paid for late VAT registration. The penalty is about N5,000/month for every month since registration and this is cumulative. So in the case of your company, the penalty could be considerable, a definite amount can only be obtained after calculation by the tax authorities.
We therefore suggest you contact the Federal Inland Revenue Service to verify how much liability would be – https://www.firs.gov.ng/
We hope you have found this information helpful. Please note that this information is provided for general informational purposes only and is not intended to be legal advice. No lawyer-client relationship is formed nor should any such relationship be implied. It is not intended to substitute for the advice of a qualified lawyer. If you require legal advice, please consult with a qualified lawyer.