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
A Nigerian investor can buy new shares in your UK company, but the money has to leave Nigeria through a bank route that documents it, and arrive in a UK account whose provider will ask where it came from. Under the CBN's 2026 Foreign Exchange Manual, holders of self-funded domiciliary accounts no longer need Form A for outward remittances and can send telegraphic transfers of up to US$10,000 a day without full trade documentation; larger sums go through the bank's own process. Once the shares are issued, you notify Companies House on form SH01 and update the PSC register if the investor passes 25%.
Two sides of one transaction
An investment from Nigeria involves two sets of rules. On the Nigerian side, the investor's bank applies CBN foreign exchange rules to money leaving the country. On the UK side, your company's bank or payment provider applies the Money Laundering Regulations 2017, and Companies House expects the share issue to be recorded. Founders often focus on the term sheet and forget that a delayed or returned transfer can hold up a round for weeks.
The investor's side: getting money out of Nigeria
The CBN's fourth-edition Foreign Exchange Manual took effect on 1 June 2026. A summary by Pavestones Legal (Mondaq, 24 June 2026) says it removes the Form A requirement for outward remittances by holders of self-funded domiciliary accounts, and allows direct telegraphic transfers of up to US$10,000 per day without exhaustive trade documentation. For an investor who already holds dollars or pounds in their own domiciliary account, that is the simplest route.
Where the investor needs to buy foreign currency with naira, or wants to send more than the daily threshold, the bank will ask for documents. Which ones depends on the bank: expect the subscription agreement, the company's certificate of incorporation, a board resolution approving the allotment and an invoice or capital call letter. The summary we read does not describe a specific outward-investment approval process, so the investor should ask their bank's trade or treasury desk before signing. Our sister library explains Form A and Form M in Nigeria if the bank mentions them.
Your side: what the UK bank will ask
Regulation 28 of the Money Laundering Regulations 2017 requires firms to identify and verify customers, to assess the purpose and intended nature of a transaction, and to monitor it, including scrutinising the source of funds where necessary. A large first payment from Nigeria into a young company account will usually trigger questions. Have these ready:
- The signed subscription or investment agreement showing the investor, amount, share class and price.
- The investor's passport and proof of address, and evidence of their source of wealth (business accounts, sale of property, salary history).
- Board minutes or written resolutions approving the allotment.
- A short note explaining the relationship and what the money will be used for.
After the money lands: shares and filings
- Check the articles and any shareholders' agreement for pre-emption rights or consents needed before new shares are issued.
- Pass the board (and if needed shareholder) resolutions to allot the shares.
- Enter the investor in the register of members and issue a share certificate.
- File form SH01, which Companies House uses for notice of shares allotted after incorporation; it can be filed online.
- If the investor now holds more than 25% of shares or votes, add them as a PSC. Companies House says PSC changes must be reported within 14 days of confirming the change, and the PSC must verify their identity.
Worked example
Example only. Chidi, a Lagos business owner, agrees to invest £40,000 for 8% of a UK food-tech company. He holds pounds in a self-funded domiciliary account. Because the amount is well above the equivalent of US$10,000, his bank asks for the subscription agreement and the company's incorporation documents, and he sends the money in one documented transfer rather than splitting it into daily amounts, which would look like structuring. The UK company's bank asks for the agreement and evidence of Chidi's source of wealth; the founder sends the documents the same day. The shares are allotted, SH01 is filed, and since 8% is below the 25% threshold, Chidi does not go on the PSC register.
Choosing the form of the investment
Not every early investment has to be new shares on day one. Founders commonly choose between three forms, and each changes the paperwork on both sides:
- Ordinary shares now
- The investor becomes a member immediately; the company files SH01 and updates its registers. Simplest for the investor's bank to understand.
- Advance subscription or convertible
- Money now, shares later at a price set by the next round. Fewer filings today, but the investor's bank may ask what exactly is being bought.
- Loan
- The company owes the money back with interest. No shares, but a written loan agreement and, later, repayments that leave the UK.
Whichever you pick, use a written agreement that names the investor exactly as their bank account is named.
Tax reliefs and the Nigerian investor
SEIS and EIS give investors a reduction in UK income tax. An investor who pays no UK income tax gets nothing from them, so do not sell the round to a Nigeria-resident angel on the basis of relief. UK-resident investors in the same round may still benefit; see SEIS and EIS for Nigerian founders. Tax on dividends or a later sale is a matter for each investor's own adviser.
Where Pryme fits
A Pryme Business Account holds GBP, USD, EUR and NGN with local details for each, so a company can receive an investor's pounds without converting them; Swap converts only when you choose, showing the rate and fee before you approve. Outside Nigeria these services run through regulated partners. A verifiable statement from Pryme receipts and statements, with VerifyDoc.ai can help an investor's bank confirm a payment record is unaltered.
Questions people ask
Can a Nigerian invest in a UK limited company?
Yes. There is no UK rule against a Nigerian shareholder. The practical steps are a documented transfer out of Nigeria, source-of-funds checks by the UK bank and the Companies House filings.
Does my investor need Form A to send money for shares?
Under the 2026 FX Manual, Form A is no longer required for outward remittances from self-funded domiciliary accounts. If the investor is buying FX with naira, their bank will set the documents.
How much can be sent from a domiciliary account per day?
The 2026 Manual, as summarised by Pavestones Legal, allows direct transfers of up to US$10,000 per day without exhaustive trade documentation. Larger documented transfers go through the bank.
Do I have to tell Companies House about a new shareholder?
Yes. New shares issued after incorporation are notified on SH01, and anyone holding more than 25% must be added to the PSC register.
Sources
- Mondaq (Pavestones Legal): Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- legislation.gov.uk: Money Laundering Regulations 2017, regulation 28 · accessed Oct 2026
- Companies House: Return of allotment of shares (SH01) · accessed Oct 2026
- Companies House: People with significant control (updated 30 Jul 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.