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
CAC annual returns are filed online through the CAC portal, so they can be done from anywhere. Companies file within 42 days after their AGM, with the first return due 18 months after incorporation, and business names file by 30 June each year. Under the fee schedule gazetted in May 2025, the return for a company with share capital up to ₦100 million costs ₦5,000, and lateness adds a one-off penalty plus a daily default, for example ₦1,000 plus ₦100 a day for a small company.
The deadlines
| Entity | When the return is due | Source |
|---|---|---|
| Company | Within 42 days after the AGM (s.421); first return 18 months after incorporation (s.417) | CAMA 2020, as summarised by Kalepron Attorneys |
| Business name | By 30 June each year, except the year of registration (s.822) | CAMA 2020 |
| Incorporated trustees | Bi-annual statements; see our NGO guide | CAMA 2020 and regulations |
Small companies and single-shareholder companies do not have to hold an AGM, but they still file annual returns. The portal shows the return due for each year once you log in; use it to see which years are outstanding.
What it costs
| Item | Fee or penalty (May 2025 schedule) |
|---|---|
| Annual return, company with share capital ₦100,000 to ₦100 million | ₦5,000 |
| Annual return, share capital above ₦100 million to ₦500 million | ₦100,000 |
| Annual return, company limited by guarantee | ₦10,000 |
| Annual return, business name | ₦5,000 |
| Late filing, one-off penalty | Small company ₦1,000; other private ₦2,000; public ₦5,000; business name ₦5,000 |
| Late filing, daily default | Small company ₦100; other private ₦200; public ₦500; business name ₦100 |
A worked example of a late return
Example: a small private company with ₦1 million share capital files its return 120 days late.
| Item | Amount |
|---|---|
| Annual return fee | ₦5,000 |
| One-off late penalty, small company | ₦1,000 |
| Daily default, 120 days at ₦100 | ₦12,000 |
| Total for that year | ₦18,000 |
If three years are outstanding, each year carries its own fee and penalties, so the total grows quickly. How the CAC counts the days for each year is set by the portal, so treat this as an illustration and check the figure the portal shows.
Filing from abroad, step by step
- Get access to the CAC portal account (icrp.cac.gov.ng). The CAC FAQ says you log in with the email, phone number or accreditation number on the account. If an agent registered the business, ask them to add you or hand over access.
- Check that your NIN matches the details on the CAC record, since filings are tied to the NIN.
- Prepare the figures. Companies submit accounts with the return; small companies are exempt from audit under section 402, but still report their numbers.
- Complete the return for each outstanding year, oldest first.
- Pay through Remita, which the CAC FAQ names for fees. If payment does not show, use the portal's payment status check before paying again.
- Download the acknowledgement and keep it.
For business names, the CAC portal's notice in October 2026 said annual return filing is available for all business names registered before July 2025 and that a new process for business names is coming. If your business name was registered later, check the notice for its status.
Catching up several missed years
Owners who moved abroad often find three or four years unfiled. File the oldest year first, so each year's figures follow on from the last. Gather each year's figures before you start: bank statements, invoices and, for companies that are not small, audited accounts. Budget for each year's fee and penalty separately, and do not assume penalties stop once you file the most recent year. If the company stopped trading, ask a Nigerian adviser whether closing it properly would cost less than catching up and carrying on.
What happens if you never file
Section 425(3) makes ten years without annual returns a ground for striking a company off. The CAC has used this power: in July 2025 Techeconomy reported a fifth batch of about 100,000 companies given 90 days to file before delisting. A struck-off company no longer appears on the register as active, which banks and counterparties will notice. Restoration is possible through the courts within set periods, but costs more than filing would have.
Unfiled returns also block other services. A company in default is unlikely to get a letter of good standing, and banks often ask for an up-to-date status report. See CAC records that prove ownership and how CAC late penalties add up.
Using an agent
Many owners abroad pay an accredited agent in Nigeria to file. That is fine, but the duty stays with the company and its directors. Ask for the portal acknowledgement for each year, not just a receipt from the agent, and check the agent first; see checking a CAC accredited agent. For the full Nigeria-side detail, see CAC annual returns: deadlines, penalties and how to file.
Where Pryme fits
A Pryme Business Account, which can be opened from any country, comes with a Compliance agent that can keep a calendar of CAC and tax deadlines and prepare the paperwork, and a Finance agent that can pull together the year's figures from the account. A person approves; nothing is filed or paid without approval above the ceiling you set. See the Compliance agent and the Finance agent.
Questions people ask
Can I file CAC annual returns from outside Nigeria?
Yes. Returns are filed and paid for online through the CAC portal.
When is the CAC annual return due for a business name?
By 30 June each year, except in the year the business name was registered.
What is the penalty for late CAC annual returns?
Under the May 2025 schedule, a one-off penalty plus a daily default: for a small company ₦1,000 and ₦100 a day; for a business name ₦5,000 and ₦100 a day.
Will CAC strike off my company for not filing?
Ten years without returns is a ground for striking off under section 425(3), and the CAC has issued delisting notices to dormant companies.
Sources
- CAC: New Schedule of Fees (Gazette No. 92 Vol. 112, 29 May 2025) · accessed Oct 2026
- Companies and Allied Matters Act 2020 (text) · accessed Oct 2026
- Mondaq (Kalepron Attorneys): all you need to know about annual returns with CAC (29 Jul 2024) · accessed Oct 2026
- CAC: iCRP portal notice · accessed Oct 2026
- Techeconomy: CAC to delist 100,000 dormant companies (29 Jul 2025) · accessed Oct 2026
- CAC: FAQ · 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.