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
After incorporation, a Nigerian company must file changes with CAC within set periods under CAMA 2020: 14 days for director and secretary changes, 15 days for special resolutions and share capital increases, one month for share allotments and persons with significant control, 90 days for charges, and an annual return within 42 days of the AGM. CAC's fee for most of these is ₦5,000 for a small company and ₦10,000 for other private companies (May 2025 schedule), with separate penalties for late filing.
The full list
| Filing | Deadline | CAMA 2020 |
|---|---|---|
| New or departing director, changed particulars | 14 days | s.321 |
| Secretary appointed, changed or removed | 14 days | s.339 |
| Persons with significant control | Holder tells company within 7 days; company tells CAC within one month | s.119 |
| Return of allotment of shares | Within one month of allotment | s.154 |
| Increase in issued share capital | Notice within 15 days of the resolution | s.127 |
| Consolidation or subdivision of shares | Within one month | s.126 |
| Special resolutions and certain agreements | Within 15 days of passing | s.262 |
| Change of objects | Within 15 days after the 28-day objection window, if no court application | s.51 |
| Change of name | Special resolution plus CAC approval | s.30 |
| Charge over company assets | Within 90 days of creation | s.222 |
| Annual general meeting | First within 18 months of incorporation; then no more than 15 months apart (small and single-member companies exempt) | s.237 |
| Annual return | Not later than 42 days after the AGM; none in the year of incorporation | ss.417, 421 |
Business names file an annual return by 30 June each year after the year of registration (s.822), and incorporated trustees between 30 June and 31 December (s.848).
Changes to people
Director changes are the filing most often missed. The 14-day clock in s.321 starts when the person becomes or stops being a director, not when you get round to telling CAC, and the notice for a new director must include their signed consent to act. The secretary has the same 14-day rule under s.339. Persons with significant control are those who own or control the company beyond the thresholds in the Act; see our guide to PSC disclosure. Step-by-step: adding or removing a director.
Changes to shares and capital
An allotment of new shares needs a return within one month (s.154). An increase in issued share capital needs notice within 15 days of the resolution (s.127), and both filing fees and stamp duty are paid on the increase. CAC's fee for registering an increase is ₦10,000 for every ₦1,000,000 or part of it for small and other private companies, and ₦20,000 per ₦1,000,000 for public companies (up to ₦500 million). Transfers between existing shareholders are filed as CAC 5 on the portal (see transferring shares).
Charges and security
If your company gives a bank security over its assets for a loan, the charge must reach CAC within 90 days of creation (s.222). An unregistered charge is void against a liquidator and other creditors, and the money it secures becomes immediately payable. Lenders normally handle this, but the company is responsible. The CAC fee is ₦25,000 or 0.35% of the amount secured, whichever is higher. Example: a ₦20 million facility gives 0.35% x ₦20,000,000 = ₦70,000, which is higher than ₦25,000, so ₦70,000 is payable. More in registering a charge.
Fees for post-incorporation filings
| Item | LTD/GTE | Small company | Private (other) | Public |
|---|---|---|---|---|
| Post-incorporation and miscellaneous filings (except annual returns) | ₦5,000 | ₦5,000 | ₦10,000 | ₦20,000 |
| Same-day filing (extra, per filing) | ₦30,000 | ₦20,000 | ₦30,000 | ₦50,000 |
| Status report | ₦5,000 | ₦5,000 | ₦5,000 | ₦10,000 |
| Extension of time to hold AGM | ₦50,000 | n/a | ₦50,000 | ₦100,000 |
Annual return fees in the same schedule are ₦10,000 for guarantee companies; ₦5,000 for companies with share capital from ₦100,000 to ₦100 million; ₦100,000 above ₦100 million to ₦500 million; ₦150,000 above ₦500 million to ₦1 billion; and ₦200,000 above ₦1 billion (CAC New Schedule of Fees, Official Gazette No. 92 of 29 May 2025).
Penalties for filing late
CAMA leaves the amounts to CAC. The May 2025 schedule sets one-off penalties for late annual returns of ₦1,000 for a small company, ₦2,000 for other private and guarantee companies and ₦5,000 for public companies, assessed against the company and each officer. For other late filings it sets daily default penalties of ₦100 (small company), ₦200 (other private and guarantee companies) and ₦500 (public), plus one-off penalties of ₦5,000, ₦10,000 and ₦25,000 respectively. Example: a small company that files a director change 30 days late could face 30 x ₦100 = ₦3,000 in daily penalties plus a ₦5,000 one-off penalty, ₦8,000 in all, on top of the filing fee, depending on how CAC assesses it. Failure to file annual returns for 10 consecutive years is a ground for striking off (s.425(3)).
Building a simple compliance calendar
Most missed filings come from a change happening in the business without anyone connecting it to CAC. A useful rule: any board or members' decision about people, shares, capital, the constitution or security triggers a check of this table. Record the date of the decision, the CAMA deadline and the date filed. Add fixed dates for the AGM and the annual return, and for business names the 30 June deadline. Small companies and single-member companies are exempt from holding an AGM under s.237, but they still file annual returns under s.417.
Where Pryme fits
A Pryme Business Account includes a Compliance agent and a Chief of Staff agent that can prepare a calendar of these deadlines and draft reminders when a change happens; a person approves, and the filings are made on CAC's portal. Annual returns in detail: CAC annual returns.
Questions people ask
How many days to file change of directors with CAC?
14 days from the change, under section 321 of CAMA 2020.
When is CAC annual return due for a company?
Not later than 42 days after the AGM. No return is due in the year of incorporation.
What is the penalty for late filing at CAC?
For a small company, the May 2025 schedule sets a ₦100 daily default penalty and a ₦5,000 one-off penalty for most late filings, and ₦1,000 for late annual returns.
Do I need to file with CAC when I take a bank loan?
If the company gives security over its assets, the charge must be registered within 90 days of creation, or it is void against a liquidator and creditors.
Sources
- Companies and Allied Matters Act 2020 (full text, PDF) · accessed Oct 2026
- CAC New Schedule of Fees, Official Gazette No. 92 Vol. 112 (29 May 2025; schedule dated 31 Oct 2024) · accessed Oct 2026
- CAC: Revised Service Timelines · 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.