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
Appoint the manager by a written contract with the company that sets the role, pay, targets, notice and reporting, then limit their authority: a defined bank mandate with approval limits, a specific power of attorney only where needed, and no authority to borrow, sell assets or change signatories. Note that the Labour Act's "worker" definition excludes people in administrative, executive or professional roles, so a senior manager's rights rest mainly on the contract you write.
Decide what the manager actually is
"Manager" can mean three different legal things, and the paperwork differs for each:
| Role | What it involves | Paperwork |
|---|---|---|
| Employee manager | Runs daily operations under the directors | Employment contract; payroll, PAYE and pension |
| Director (or managing director) | Sits on the board and owes directors' duties to the company | Board appointment, CAC change-of-directors filing, service contract |
| Attorney or agent | Acts for you or the company on named matters | Specific power of attorney, notarised if signed abroad |
Most owners abroad start with an employee manager and keep the board for themselves. Making a manager a director gives them legal standing to bind the company and duties to match: good faith, care and skill, disclosure of conflicts and acting within powers (Mondaq summary of Nigerian directors' duties, February 2025). That is a bigger step, covered in appointing a managing director when the owner is abroad. A director change is filed with CAC; CAC's procedures page lists Form CAC 7A for change of directors.
The contract
The Labour Act requires an employer to give a worker a written statement of terms within three months of starting, covering pay, hours, holidays, sick pay and notice (section 7), and sets minimum notice by length of service: one day up to three months, one week up to two years, two weeks up to five years, one month after that (section 11(2)). But section 91 excludes from "worker" people exercising administrative, executive, technical or professional functions. A general manager may well fall outside, so put everything in the contract:
- Job title, duties and who they report to (the board or a named director).
- Salary, any bonus and the targets it depends on, in naira.
- Probation, notice period on both sides and payment in lieu.
- Confidentiality, return of company property and devices on leaving.
- Conflicts: no side business with suppliers or customers, and disclosure of any relationship with them.
- Reporting duties (below) as a term of the job, not a favour.
The mandate: what they can do alone
Write a one-page authority matrix and give it to the manager, the bank and your accountant.
| Action | Manager alone | Needs your approval |
|---|---|---|
| Pay approved suppliers and salaries | Up to an agreed amount per payment | Above that amount |
| Add a new supplier or staff member | No | Yes |
| Sign customer contracts | Standard terms, up to a value | Anything else |
| Buy or sell equipment or vehicles | No | Yes |
| Borrow, give guarantees, change bank signatories | Never | Board resolution |
At the bank, set the account so the manager can prepare payments and you, or a second signatory, approve them. Our guides to bank mandates with signatories abroad and a business power of attorney for a manager go into the detail. If you do grant a power of attorney, keep it specific. LawPavilion notes one executed outside Nigeria must be witnessed by a notary public, judge or magistrate, and that a power granted by deed is revoked by deed; a second power of attorney does not cancel the first.
Reports that let you manage from a distance
Agree a fixed monthly pack due on a fixed date, in the same format every month:
- Bank statements for every company account, straight from the bank.
- Sales and receivables list, with anything over 30 days flagged.
- Payments made, each with invoice or receipt.
- Payroll summary and confirmation that PAYE and pension were remitted.
- Stock count or asset photos, dated.
- Three issues needing your decision.
A short weekly call that walks through the bank balance and the week's largest payments catches more than any report. Monthly reports from a Nigerian manager has a template.
Pay and incentives that fit a remote owner
Tie part of the manager's pay to results you can verify from abroad: cash collected rather than sales booked, margins rather than turnover, and a clean monthly pack delivered on time. A bonus paid quarterly, after you have seen the bank statements, gives the manager a reason to keep the records straight. Avoid paying commission on cash the manager handles alone; it rewards the wrong habit. Review the salary yearly against what similar Lagos or Abuja roles pay, because a good manager who feels underpaid is the most likely one to leave or cut corners.
If it goes wrong
Remove the manager from the bank mandate first, then recover devices, passwords and documents, then deal with notice under the contract. If you granted a power of attorney, revoke it in writing, in the same form it was granted, and tell the bank and anyone who relied on it. Keep a second person (an accountant or a director) who can step in for a month, so a dismissal does not stop the business.
Where Pryme fits
A Pryme Business Account comes with a Chief of Staff agent and Finance, Compliance, Sales and Customer Support agents that prepare work; a person approves anything above a set ceiling, and every action is recorded. That suits an owner abroad: the manager or the agent prepares, you approve from your phone, and the record is there when you review the month.
Questions people ask
Does the Labour Act protect a general manager in Nigeria?
Often not fully: section 91 excludes people in administrative, executive, technical or professional roles from "worker". Their rights come mainly from the employment contract.
Should my Nigerian manager be a director?
Only if you want them to bind the company and carry directors' duties. Many owners abroad keep the manager as an employee and control the board themselves.
How do I stop my manager making large payments alone?
Set the bank mandate so the manager prepares payments and a second signatory approves above an agreed amount, and give the bank a board resolution saying so.
Do I need a power of attorney for my manager?
Only for acts the company cannot authorise by resolution or that need you personally. Keep it specific, time-limited and notarised if signed abroad.
Sources
- Labour Act Cap L1 LFN 2004 (PLAC) · accessed Oct 2026
- Mondaq: duties and responsibilities of directors under Nigerian law (12 Feb 2025) · accessed Oct 2026
- LawPavilion: power of attorney in Nigeria, the law and the practice (undated) · accessed Oct 2026
- Corporate Affairs Commission: post-registration submission procedures (undated) · 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.