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
A company files its CAC annual return within 42 days after its annual general meeting, and the first return falls due 18 months after incorporation; a business name files by 30 June each year after the year of registration. As at the 29 May 2025 fee schedule, the filing fee for most small companies and business names is ₦5,000, and late filing carries a one-off penalty assessed on the entity and each officer. All of it can be done online from the UK.
Living in the UK does not pause your Nigerian company's obligations. The annual return is the yearly update CAC uses to keep its register current: who the directors and shareholders are, the registered address, the share capital. It is not a tax return and not a set of accounts. Missing it builds penalties and, after enough years, can lead to the company being struck off.
Deadlines
| Entity | When the annual return is due | Source |
|---|---|---|
| Company (private or public) | Within 42 days after the AGM for the year | CAMA 2020 s.421, per Mondaq summary |
| New company | Filing starts 18 months after incorporation | CAMA 2020 s.417, per Mondaq summary |
| Business name | By 30 June each year, except the year of registration | CAMA 2020 s.822 |
| Incorporated trustees | Between 30 June and 31 December, except the year of incorporation | CAMA 2020 s.848(1), per Mondaq summary |
Small companies and companies with a single shareholder are not required to hold an AGM (CAMA s.237). For those, the 42-days-after-AGM test does not give an obvious date. Many such companies file once a year around the anniversary of incorporation or after approving their accounts; check the date the CAC portal shows for your company and diarise it.
Fees and penalties
CAC's New Schedule of Fees, dated 29 May 2025, sets these figures:
- Annual return, company with share capital ₦100,000 to ₦100m
- ₦5,000
- Annual return, larger share capital
- ₦100,000 (over ₦100m to ₦500m), ₦150,000 (over ₦500m to ₦1bn), ₦200,000 (over ₦1bn)
- Annual return, company limited by guarantee
- ₦10,000
- Annual return, business name
- ₦5,000
- Late annual return, one-off penalty
- Small company ₦1,000; private company ₦2,000; business name ₦5,000; for companies assessed on the entity and on each officer
- Daily default figures in the schedule
- Small company ₦100, private company ₦200, public company ₦500, business name ₦100
The schedule we read does not make clear whether the daily default figures apply to late annual returns or to other defaults. The portal calculates the amount when you file, so treat that assessment as the final word.
Worked example
Example only: a small private company with two directors files one year late. If the one-off penalty is assessed on the company and each officer, that is 3 × ₦1,000 = ₦3,000, plus the ₦5,000 filing fee, so ₦8,000 before any daily amount the portal adds. Three missed years means three returns and three sets of penalties, which is why catching up early matters.
What happens if you never file
CAMA s.425 allows penalties on the company and its officers. Under s.425(3), a company that has not filed for 10 years can be struck off the register. Mondaq's 2024 summary adds practical effects, such as losing access to government contracts and bids, and notes that background checks can surface a struck-off or defaulting company.
Filing from the UK
- Log in to the CAC portal (icrp.cac.gov.ng) as the company's user, or instruct an accredited agent in Nigeria.
- Check that directors, shareholders and the registered office are current; a change needs its own filing (s.321 gives 14 days for director changes).
- Complete the annual return and pay the filing fee and any assessed penalty online.
- Download the filed return and keep it with the company records.
CAC's service charter (May 2023) lists company annual returns as processed instantly and business name returns within 24 hours. In October 2026 the portal carried a notice that annual return filing was available for business names registered before July 2025, with a new AI-assisted process coming for business names.
Common problems from abroad
- Lost portal login. The account is often in the name of whoever registered the company, sometimes an agent. Recover it before the deadline, not on the day.
- Out-of-date officers. A director who has left, or a new shareholder never filed, must be corrected by its own filing before the return makes sense.
- Registered office no longer occupied. CAMA s.728 gives 14 days to notify a change; letters sent to an empty office are still treated as served.
- Several years missed. Each year needs its own return, fee and penalty; ask the portal or an agent for a full assessment before paying piecemeal.
The Nigeria-side detail is in CAC annual returns: deadlines, penalties and how to file. For the address rules that apply when you live abroad, see using a UK address on a CAC registration.
Where Pryme fits
Small yearly filings are easy to forget from abroad. On a Pryme Business Account, the Compliance agent can prepare reminders and filing checklists, and the Chief of Staff keeps them on the calendar; a person approves before anything is done, and actions are recorded.
Questions people ask
When are CAC annual returns due?
Companies within 42 days after the AGM, with the first return due 18 months after incorporation; business names by 30 June each year after the year of registration.
How much is the CAC annual return fee?
As at the 29 May 2025 schedule, ₦5,000 for companies with share capital up to ₦100m and for business names, ₦10,000 for companies limited by guarantee.
What is the penalty for late CAC annual returns?
A one-off penalty of ₦1,000 for a small company, ₦2,000 for a private company and ₦5,000 for a business name, per the May 2025 schedule. The portal shows the final amount.
Can I file CAC annual returns from abroad?
Yes. Filing is online through the CAC portal, or through an accredited agent.
Sources
- CAC New Schedule of Fees (29 May 2025) · accessed Oct 2026
- Companies and Allied Matters Act 2020 (PDF) · accessed Oct 2026
- All you need to know about annual returns with CAC, Kalepron Attorneys via Mondaq (29 Jul 2024) · accessed Oct 2026
- CAC Integrated Company Registration Portal · 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.