AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Under section 237 of CAMA 2020, a Nigerian company must hold an AGM every year, no more than 15 months apart, but small companies and companies with a single shareholder are exempt. Private companies have been allowed to hold general meetings electronically since CAMA 2020, and the Business Facilitation Act 2022 extended this to public companies, provided the articles allow it. Notice of 21 days still applies.
Do you need an AGM at all?
Start here, because many diaspora-owned companies do not. Section 237 requires every company to hold an annual general meeting each year, with no more than 15 months between one and the next, and the first within 18 months of incorporation. It exempts small companies and companies with a single shareholder.
Section 394(3) defines a small company as a private company with turnover of not more than ₦120 million and net assets of not more than ₦60 million, none of whose members is an alien or a government body, and whose directors hold at least 51% of the shares. Note the alien condition: a company with a foreign shareholder is not a small company, even if it is tiny. A Nigerian who also holds another nationality is still Nigerian, but if a co-owner is a foreign national, check this point.
| Company | AGM required? |
|---|---|
| One shareholder, any size | No |
| Small company under s.394 | No |
| Private company that is not small (for example, a foreign shareholder or turnover above the threshold) | Yes, yearly |
| Public company | Yes, yearly |
Holding the meeting online
Section 240(2) of CAMA 2020 allowed private companies to hold general meetings electronically. A September 2025 Mondaq article by TA Tunde & Adisa explains that section 11 of the Business Facilitation (Miscellaneous Provisions) Act 2022 removed the word "private", so public companies may now do the same, provided they comply with their articles. The same Act amended section 244 to widen electronic service of notices and section 248 to recognise electronic voting.
For a company whose shareholders are in London, Houston and Lagos, this means the AGM can be a video call, as long as:
- the articles allow electronic meetings, or are amended to do so;
- notice goes out at least 21 days ahead, with the date, time, platform and how to join, the agenda and the documents;
- you can confirm who is attending, count quorum and record votes;
- the meeting is minuted, and any resolution that must be filed is filed.
A checklist for an online AGM
- Read the articles. If they are silent or require a physical venue, pass a special resolution to amend them first.
- Fix the date at least 21 days ahead, allowing for time zones. A 4pm Lagos start is morning in Houston and late afternoon in London.
- Send notice by a method the articles and section 244 allow, and keep proof of sending.
- Circulate the accounts, directors' report and any resolutions with the notice.
- Agree how shareholders will vote, by show of hands on camera or electronically, and how you will count quorum.
- Record the meeting, approve and sign the minutes, keep them with the company's records, and file what needs filing with the CAC.
Avoiding the meeting entirely
Private companies can pass written resolutions under section 259 instead of meeting. Where the company is not exempt but every shareholder agrees, a written resolution can cover routine business. Check the articles and whether any item, such as removing a director, needs a meeting by law.
After the AGM: deadlines
- Annual return
- Within 42 days after the AGM (s.421), with accounts, per PwC's CAMA compliance summary
- Resolutions
- Filed with the CAC within 15 days where filing is required, per LawGlobalHub's summary of s.237
- Extension
- The CAC may extend the time for an AGM, other than the first, by up to three months; the gazetted fee as at May 2025 is ₦50,000 for private companies and ₦100,000 for public companies, and it does not apply to small companies
If a company misses an AGM, LawGlobalHub's summary says the CAC may call or direct the meeting, with penalties set by CAC regulations. For returns, see filing CAC annual returns from abroad, and for board meetings, virtual board meetings under CAMA.
A worked example
Example: three siblings, two in the UK and one in Abuja, own a Lagos property company. One sibling holds a British passport only and is not a Nigerian citizen, so the company cannot be a small company and must hold an AGM. Their articles allow electronic meetings. The company secretary sends notice by email 21 days ahead with the accounts and a video link. All three attend, approve the accounts and reappoint the auditors, and the annual return is filed within 42 days.
Where Pryme fits
A Pryme Business Account can be opened from any country and comes with a Chief of Staff and Finance, Compliance, Sales and Customer Support agents. The Compliance agent can prepare a calendar of AGM and filing dates and draft notices; a person approves, and actions are recorded. See the Compliance agent and Chief of Staff.
Questions people ask
Does a small Nigerian company need to hold an AGM?
No. Section 237 of CAMA 2020 exempts small companies and companies with a single shareholder.
Can a Nigerian company hold its AGM on Zoom?
Private companies may hold electronic general meetings under section 240(2), and since the Business Facilitation Act 2022 public companies may too, if their articles allow it.
How much notice is needed for an AGM in Nigeria?
Twenty-one days, which still applies to electronic meetings.
When must annual returns be filed after the AGM?
Within 42 days after the AGM under section 421.
Sources
- Companies and Allied Matters Act 2020 (text) · accessed Oct 2026
- LawGlobalHub: section 237 CAMA 2020 · accessed Oct 2026
- Mondaq (TA Tunde & Adisa): Nigeria's public companies go virtual (24 Sep 2025) · accessed Oct 2026
- PwC Nigeria: key compliance obligations under CAMA 2020 and CR 2021 · accessed Oct 2026
- CAC: New Schedule of Fees (Gazette No. 92 Vol. 112, 29 May 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.