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
Keep proof of every payment (bank transfer records, not just receipts), a signed receipt from the seller for each instalment, the contract and deed, the stamped and registered title documents, government fee receipts, and evidence of how the money got to Nigeria. These records prove your title, set your cost if you later sell and face capital gains tax, and support repatriating sale proceeds.
When you buy from abroad, your file of records is often the only thing standing between you and a dispute. Relatives move on, lawyers retire, and sellers forget what they signed. Five or ten years later you may need to prove what you paid, to whom, and when, for a court, a tax office in Nigeria or abroad, a buyer, or a bank releasing sale proceeds. This is the list we would keep.
The core file
| Record | Why it matters |
|---|---|
| Contract of sale or offer letter | Sets the price, instalments, and who pays consent and fees |
| Every bank transfer confirmation | Independent proof of payment; receipts alone can be disputed |
| Seller's signed receipt for each payment | Shows the seller acknowledged each amount; for family land, in the family's name |
| Deed of assignment (stamped and registered) | The instrument that transfers your interest |
| Survey plan and charting report | Ties the documents to the physical plot |
| Search report | Shows what the registry recorded before you paid |
| Governor's consent and government fee receipts | Proves perfection; official receipts for consent, stamp duty, registration |
| Land use charge or ground rent receipts | Ongoing obligations; arrears can block transactions or trigger sanctions |
| Lawyer's engagement letter and invoices | Scope of work, and costs you may deduct later |
Payment records: make them independent
- Pay the seller's own account, in the seller's name, never a third party's personal account unless your lawyer has documented why.
- For family land, the T&A Legal review of family land cases lists a family receipt in the selling family's name and evidence of family consent among the documents a buyer should hold.
- Write the purpose on each transfer, such as 'Plot 12, Block C, instalment 2 of 4'.
- Download statements showing the debit, not just the app's success screen.
- If a relative or lawyer pays on your behalf, keep your transfer to them, their transfer onward, and a signed note linking the two.
Records that matter for tax later
Under the Nigeria Tax Act 2025, effective 1 January 2026, an individual's chargeable gain on disposing of land or buildings is taxed at personal income tax rates rather than the old flat rate, according to Bloomberg Tax's February 2026 analysis. The gain is proceeds minus acquisition cost, enhancement expenditure and incidental costs such as legal, valuation, brokerage, advertising and stamp duty, with no indexation for inflation. That makes your receipts for the purchase price, legal fees, stamp duty and later improvements directly relevant to how much tax is due if you sell. The same analysis notes a one-time exemption for a principal private residence.
Your country of residence may also tax the gain. Keep records in a form you can translate for your own tax return, and see a tax adviser where you live. This is information, not tax advice.
Records for moving money in and out
If you ever sell and want to send the proceeds abroad, evidence of how the purchase money originally came into Nigeria can matter. Under the CBN's framework for Non-Resident Nigerian Investment Accounts (effective 1 January 2025, as summarised by Lexworth), naira balances in those accounts are repatriable on evidence of prior foreign inflows and related investment proceeds. Keep the inbound transfer records, the conversion advice, and the trail from that money to the seller.
Ongoing bills
Ownership brings recurring charges. In Lagos, the government said in March 2026 that property owners, not tenants, pay the land use charge. In the FCT, ground rent is due each year, and the FCTA has revoked titles for long-term default. Keep every receipt in the same file. See our Abuja ground rent guide.
How to store it
- Keep originals of the deed, consent and registered documents in a safe place in Nigeria or with you, and certified copies elsewhere.
- Scan everything into one folder, named by date and document type.
- Record where each original is and who holds it.
- Tell your executor or next of kin where the file is.
Example: one instalment, fully evidenced
Example only. You pay the second of four instalments, ₦5,000,000, for a plot. A complete record for that one payment is: the transfer confirmation from your account to the seller's named account with the plot and instalment in the narration; your statement page showing the debit; the seller's signed receipt for ₦5,000,000 dated the same week; and, if you converted pounds or dollars to make the payment, the conversion record showing the rate and fee. Four documents for one payment may feel excessive, but each answers a different question someone may ask years later: did money leave you, did it reach the seller, did the seller accept it, and where did it come from.
Where Pryme fits
When you send naira from a Pryme account, each payment has its own record, and you can generate a regular or verifiable receipt or statement through VerifyDoc.ai; anyone you give it to can check it is genuine and unaltered. Holding naira, dollars, pounds or euros in one multicurrency account also keeps the conversion and the payment in one history. See verifiable receipts and registering your deed.
Questions people ask
Is a handwritten receipt from the seller enough?
It helps, but keep independent bank records of each payment too. A receipt can be disputed; a transfer from your account to the seller's account is harder to deny.
Which receipts reduce capital gains tax when I sell?
Under the Nigeria Tax Act 2025 as analysed by Bloomberg Tax, acquisition cost, enhancement spending and incidental costs such as legal fees, valuation, brokerage, advertising and stamp duty are deducted. Keep receipts for all of them.
Do I need records of money I sent into Nigeria?
Yes, keep them. Evidence of the original foreign inflow can matter if you later want to repatriate sale proceeds through the CBN's non-resident account framework.
How long should I keep property purchase records?
For as long as you own the property and for some years after selling. They prove title and set your tax cost, so treat them as permanent.
Sources
- Perfection of title in Lagos State (Tope Adebayo LP, Legal500) · accessed Oct 2026
- Key legal considerations when purchasing family or communal land (T&A Legal, Mondaq) · accessed Oct 2026
- New Nigeria tax law redefines capital gains tax for individuals (Bloomberg Tax) · accessed Oct 2026
- CBN framework for NRNOA and NRNIA accounts (Lexworth, Mondaq) · accessed Oct 2026
- Landlords, not tenants, must pay land use charge (TheNigeriaLawyer) · 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.