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
Start with a written complaint to the fund manager or broker: the SEC's complaints management rules, as summarised in 2020, required registered firms to resolve client complaints within 10 days. If the firm does not resolve it, complain to the SEC with your evidence; the SEC can investigate and refer cases to its Administrative Proceedings Committee (APC), whose decisions can be appealed to the Investments and Securities Tribunal (IST). Check the firm's registration on the SEC website first.
Check who you are dealing with
The SEC's website has a Find a Registered Operator search, a list of registered fintech operators, a page of companies facing enforcement action and an Information for Harmed Investors page. Before you write anything, confirm the firm is registered and in which category, such as fund or portfolio manager, broker-dealer or investment adviser. If it is not registered at all, your complaint is about an unlicensed operator; see reporting a suspected Ponzi scheme and how to check an investment company is registered.
Step 1: complain to the firm in writing
The SEC's Rules on the Complaints Management Framework of the Nigerian Capital Market, as summarised by TheNigeriaLawyer in July 2020, require each capital market operator to have a fair and impartial complaints policy, to keep an electronic complaints register, to report complaint status to the SEC quarterly, and to resolve client complaints within 10 days. Check whether the current rules use the same period; the summary is from 2020.
Send your complaint by email and keep the sent copy. Include:
- your name, account or investor number and contact details;
- the product (for example, a mutual fund or managed portfolio) and amounts invested, with dates;
- what went wrong: a redemption not paid, statements not sent, unauthorised trades, charges you did not agree to;
- what you want and by when;
- copies of contracts, statements, receipts and messages.
A worked example of a redemption claim
Example only: Ifeoma invested ₦2,000,000 in a money market fund and asked to redeem ₦1,500,000 on 2 September. By 30 September nothing has been paid and emails go unanswered. Her complaint states the redemption request date, the amount, the fund's stated redemption period from its documents, the follow-up emails and the 10-day deadline under the complaints rules. The ₦500,000 she did not redeem is not part of the claim, so she says so to avoid confusion.
Matching evidence to the complaint
| Complaint | Evidence that carries weight |
|---|---|
| Redemption or withdrawal not paid | Your redemption request with its date, the fund's terms on payout periods, follow-up emails |
| Unauthorised trades | Contract notes or statements showing the trades, your mandate, proof you did not instruct them |
| Charges you did not agree to | The fee schedule you signed, statements showing the deductions |
| No statements or information | Your requests for statements and the dates they were made |
| Money paid but not invested | Your payment receipt and the absence of any holding on your statement |
Keep everything in one folder, in date order. If the matter ever reaches the APC or the tribunal, a lawyer will ask for exactly this bundle, and having it ready saves time and fees.
Step 2: escalate to the SEC
If the firm does not resolve the complaint, take it to the SEC. The SEC's homepage links to sections on harmed investors, referred cases, APC matters and whistleblowing; use the current complaint contact shown there, as we could not confirm a specific complaint email on an SEC page in October 2026.
According to the 2020 summary, the framework expects complaints to be specific, complete and supported by documents, and it lists matters the SEC will not take up, including:
- requests for guidance or general suggestions;
- complaints about share prices, illiquidity or a share not trading;
- disputes arising from purely private agreements;
- matters already before a court;
- complaints against unlisted, delisted, wound-up or liquidated companies.
The APC and the Investments and Securities Tribunal
| Stage | What it is | What it can do |
|---|---|---|
| The firm | Your first point of complaint | Resolve, refund, correct |
| SEC | Regulator | Investigate, require the firm to act, refer to the APC |
| Administrative Proceedings Committee | The SEC's internal hearing body | Hear and decide complaints referred to it |
| Investments and Securities Tribunal | Specialist tribunal | Hear appeals against SEC or APC decisions |
| Court of Appeal, then Supreme Court | Appellate courts | Hear appeals from the IST |
The 2020 summary noted that the old Investments and Securities Act 2007 required IST matters to be concluded within 90 days. The SEC's website now states that the President has assented to the Investments and Securities Act 2025, which repeals the 2007 Act, so check the current Act for the tribunal's procedure and time limits before relying on that figure. An IST appeal is a legal process, and most investors use a lawyer for it.
What to check first
- Is the firm registered with the SEC, and in which category?
- Have you complained in writing and kept the date?
- Have 10 days passed since your complaint?
- Is your complaint about something the SEC handles, rather than share price movements or a private deal?
- Do you have your contract, statements and correspondence together?
- Are other investors affected? A joint complaint with the same evidence from several clients can carry more weight; see group complaints by investors.
Do not sign a new agreement, roll your investment into another product or accept a partial payment as "full and final" while your complaint is open without reading the terms carefully first.
Questions people ask
How do I report a fund manager to SEC Nigeria?
Complain to the firm in writing first. If it is not resolved, take your complaint and evidence to the SEC using the contact on sec.gov.ng; the SEC can investigate and refer the matter to its Administrative Proceedings Committee.
How long does an investment firm have to resolve my complaint?
The SEC's complaints management rules, as summarised in 2020, required client complaints to be resolved within 10 days. Check the current rules.
What is the Investments and Securities Tribunal?
A specialist tribunal that hears appeals against SEC and APC decisions; its decisions can be appealed to the Court of Appeal.
Can SEC help me get my money back from an investment company?
The SEC can investigate and require registered firms to act, and refer cases for hearing. Results depend on the firm and the facts, so act early and keep complete records.
Sources
- TheNigeriaLawyer: Legal framework for complaints management in Nigeria's capital market (1 Jul 2020) · accessed Oct 2026
- Securities and Exchange Commission Nigeria: home page · 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.