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 the Corporate Affairs Commission's free public search, which shows a Nigerian company's name, RC or BN number, registration type, date and status, then ask for a CAC status report and match every name to the documents you are sent. Add references, a site visit or video walk-through, and proof of how money has moved before you pay anything significant.
A UK-based founder buying from, investing in or partnering with a business in Nigeria usually cannot visit before the first payment. That makes paper checks more important, not less. The aim is simple: prove the business exists, prove the person you deal with has authority to act for it, and prove the money will go where you think it goes.
Step one: the CAC public search
The Corporate Affairs Commission (CAC) registers Nigerian companies and business names. Its public search is free and needs no account. A Legit.ng guide (11 September 2026) describes what it returns:
- the registered name;
- the registration number: RC for companies, BN for business names;
- the registration type and date;
- the status.
Search the exact name on the invoice or contract, then search the number. A business name (BN) is not a limited company: the owner trades in their own name, so there is no separate company to hold liable. That difference matters for contracts and for who you sue. Our Nigeria library explains it in business name or limited company.
Step two: documents and what to match
Ask for a CAC status report, which lists directors, shareholders and the registered address. The Nigeria guide to the CAC status report explains how one is obtained. Then match:
| Check | What it should agree with |
|---|---|
| Company name and RC number | The CAC search result, the invoice, the contract and the bank account name |
| The person signing | A director on the status report, or a board resolution authorising them |
| Registered address | Where you are told the business operates; ask why if not |
| Tax ID | Since 1 January 2026 the national Tax ID has replaced the TIN, and a business Tax ID is linked to its CAC registration number (FCT-IRS notice) |
| Bank account | An account in the company's name, not a director's personal account |
A request to pay a personal account "because the company account has an issue" is the single most common warning sign in cross-border fraud. Pause there.
Step three: people and references
- Ask for two trade references you can call: customers or suppliers who have paid or been paid for at least a year.
- Search the directors' names alongside the company name, and look for court or press reports.
- Hold a video call where the partner shows the premises, stock or work in progress.
- If a Nigerian lawyer or accountant is involved, ask for their full name and firm and confirm the firm independently.
Step four: protect the payment
- Start with a small first order or a milestone payment.
- Put the deliverable, dates and the paying account in a written contract.
- Confirm bank details by a call to a number you found yourself, not one in the email.
- Keep proof of every payment: date, amount, rate and reference.
If the partner will be a UK company shareholder or director, the UK side has its own checks; see shares and a co-founder agreement.
Warning signs worth a pause
| What you see | Why it matters |
|---|---|
| The name on the invoice differs slightly from the CAC record | Look-alike names are a common way to borrow a real firm's reputation |
| Status shown as anything other than active | Ask why before paying; the record may be out of date or the business may have stopped |
| Pressure to pay today for a discount | Real suppliers will usually hold a price for a day while you check |
| Documents sent only as screenshots | Ask for the PDF or for the partner to show the original on a video call |
| A new email domain or a change of bank details mid-deal | Confirm by phone on a number you already had |
Example: a first order (illustration only)
A London retailer agrees to buy ₦12,000,000 of shea butter and fabric from a Kano supplier. Rather than pay it all up front, the retailer pays 30% (₦3,600,000) on signing, 50% (₦6,000,000) when goods are packed and filmed, and the last 20% (₦2,400,000) on arrival. The three parts add up to ₦12,000,000, and the most at risk at any point is ₦9,600,000 rather than the whole sum.
If something goes wrong
Stop further payments, keep every message and payment record, and ask your bank or payment provider at once whether a payment can be recalled. Report fraud in the UK to Action Fraud. A written contract that names the governing law and the paying account makes any later claim far easier to pursue.
What a CAC search cannot tell you
A live registration shows that the business was registered and is on the register, not that it trades well, pays its taxes or will deliver. CAC can be contacted directly through its contact page if a record looks wrong. Weigh the paper checks together; no single one is enough.
Where Pryme fits
A Pryme Business Account can pay a Nigerian supplier in naira from the same account that holds your pounds, and every payment produces a record. Through Pryme's partnership with VerifyDoc.ai, you can issue a verifiable receipt or statement, and anyone can check that a verifiable one is genuine and unaltered, which helps when both sides need proof of what was paid.
Questions people ask
How do I check if a Nigerian company is registered?
Use the CAC public search: enter the name or RC/BN number. It is free and shows the name, number, type, registration date and status.
What is the difference between RC and BN?
RC numbers belong to companies; BN numbers belong to registered business names, where the owner trades personally.
Should I pay a director's personal account?
Treat it as a warning sign. Pay the account in the company's name and confirm the details by phone on a number you found yourself.
Does a CAC registration prove the business is honest?
No. It shows registration and status only. Combine it with a status report, references, a video walk-through and a small first payment.
Sources
- Legit.ng: How to verify a CAC certificate online (11 Sep 2026) · accessed Oct 2026
- Corporate Affairs Commission: contact page · accessed Oct 2026
- FCT Internal Revenue Service: Tax ID notice (Jan 2026) · 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.