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
Before paying a Nigerian supplier, check that the company exists and is active on the Corporate Affairs Commission (CAC) public search (basic details are free; a full electronic search costs ₦1,000 per entity under the CAC’s May 2025 fee schedule), that it holds a current NEPC exporter certificate if it is exporting, that food suppliers have FDA facility registration, and that references and bank account names match.
Step 1: the CAC record
Every Nigerian limited company has an RC number and every registered business name a BN number. The CAC’s public search shows the name, number, registration type, registration date and status without an account. A July 2026 customer advisory from APM Terminals pointed customers to icrp.cac.gov.ng/public-search for checking company details.
| Check | What it tells you | Cost (CAC fee schedule, May 2025) |
|---|---|---|
| Basic public search | Name, RC/BN number, type, date, status | Free |
| Full electronic search | Fuller company record | ₦1,000 per entity |
| Persons with significant control | Who owns or controls the company | View free |
Match three things: the exact name on the invoice, the name on the bank account you are asked to pay, and the name on CAC. A business name (BN) is registered differently from a limited company (RC); know which you are dealing with before you sign. Inactive status is a red flag.
Step 2: exporter status
A supplier that exports should be registered with the Nigerian Export Promotion Council. NEPC’s e-registration page lists limited companies, cooperative societies and government bodies or NGOs as the entity types; it does not list sole proprietors. The certificate is valid for 24 months at first and then renewed annually, so ask for a copy and check the expiry date. Our guide to NEPC registration covers what to ask.
Two details are worth checking on the certificate itself. The company name should match the CAC record exactly, not a trading name. And NEPC says it issues the certificate within one working day of confirming payment for a complete application, so a supplier who says its registration has been “pending” for months, while asking you for a deposit, should be asked why.
Step 3: product-specific checks
- Food: the Nigerian facility that makes or packs the food must be registered with FDA, with a US agent, and renew between 1 October and 31 December of each even-numbered year (21 CFR Part 1, Subpart H). Registration is not FDA approval. Ask for the registration number and confirm it with your broker.
- Import alerts: FDA’s Nigeria page listed 14 import alerts when posted on 21 October 2026, covering issues such as mycotoxins, Salmonella, illegal colours, pesticides and filth. Check whether your supplier or product type is named.
- Regulated goods: for food and cosmetics, ask for the NAFDAC registration number and the export certificate for your shipment; see NAFDAC export certificates.
Step 4: reference and reality checks
Paperwork proves a company exists. It does not prove it can deliver your order. Add some checks that are harder to fake:
- Ask for two or three past buyers, ideally outside Nigeria, and contact them yourself.
- Ask for copies of past bills of lading or airway bills (with prices removed) showing exports of similar goods.
- Hold a live video call at the factory or warehouse, and ask the supplier to show something specific, such as your sample packed with today’s newspaper.
- If the order is large, appoint an independent inspector or a trusted contact to visit.
- Order a paid sample first and check it against the specification.
What the checks do not prove
A clean CAC record, a current NEPC certificate and an FDA registration show that a business is set up properly. None of them shows that it makes good products, ships on time or treats buyers fairly. FDA registration in particular is a listing, not an inspection result, and NEPC registration is an administrative step, not a quality mark. That is why the reference, sample and inspection steps matter as much as the registry searches.
Keep the file current
Supplier checks go out of date. Diary the dates that matter: the NEPC certificate’s renewal (annual after the first 24 months), the FDA registration renewal window (1 October to 31 December of each even-numbered year), and a fresh CAC status check before any order larger than your usual. Re-run the checks if the supplier’s company name, address or bank account changes, or if ownership changes on the persons with significant control register.
Red flags
- Bank account in a personal name or a different company’s name.
- Pressure to pay fast, or a price far below others.
- Refusal of inspection or of staged payment.
- A CAC record showing a recent registration date for a supplier claiming years of exports.
- Bank details that change by email.
Once checked, pay in stages; see safer ways to pay.
Where Pryme fits
A Pryme Business Account comes with a Compliance agent that can prepare a supplier check file from the documents you gather, for you to review. Payments can go only to the account you approve, with the rate and the fee shown first. Outside Nigeria, Pryme’s services are provided through regulated partners.
Questions people ask
How do I check if a Nigerian company is registered?
Use the CAC public search, which shows the name, RC or BN number, type, date and status for free. A full electronic search costs ₦1,000 per entity under the May 2025 fee schedule.
How can I verify a Nigerian exporter?
Ask for the NEPC exporter certificate and check its expiry, match the company name on CAC, the invoice and the bank account, and ask for past export documents and buyer references.
Does FDA approve Nigerian food suppliers?
No. Foreign food facilities register with FDA, but registration is not approval. Check the registration and whether FDA import alerts name the supplier or product.
What are signs of a fake Nigerian supplier?
A personal bank account, pressure to pay quickly, refusal of inspection, a very new CAC registration, and bank details changed by email.
Sources
- CAC: New schedule of fees (29 May 2025) · accessed Oct 2026
- Legit.ng: How to verify a CAC certificate online (11 Sep 2026) · accessed Oct 2026
- APM Terminals Onne: Customer advisory on National Tax ID (13 Jul 2026) · accessed Oct 2026
- NEPC: Exporter e-registration · accessed Oct 2026
- eCFR: 21 CFR Part 1 Subpart H, Registration of food facilities · accessed Oct 2026
- FDA: Import alerts by country, Nigeria (posted 21 Oct 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.