The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have raised concerns over the growing risks unregistered Point of Sale (POS) operators pose to businesses, Nigeria’s financial system, and national security.
The concerns were expressed in Abuja on Thursday during a courtesy visit by the Chairman of the CAC Board, Senator Ibrahim Adah, to the Executive Chairman of the EFCC, Mr. Ola Olukoyede, at the Commission’s headquarters.
Leading a delegation of CAC management officials, Adah sought the EFCC’s support in enforcing compliance among POS operators nationwide. He disclosed that only about 20 per cent of POS operators are currently registered with the CAC, despite the requirements of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026, which mandate business registration.
According to him, the CAC is also seeking stronger collaboration with the EFCC to establish a reliable database of POS operators that can be accessed by law enforcement agencies.
Adah warned that intelligence available to the Commission indicates that proceeds of crime, including ransom payments from kidnapping cases, are sometimes channelled through POS terminals.
He noted that the visit was part of efforts to strengthen collaboration with key public institutions, describing the EFCC as a critical partner in the fight against economic and financial crimes.
The CAC chairman explained that while the Commission is responsible for registering and regulating companies in Nigeria, the EFCC investigates and prosecutes financial crimes, making cooperation between both agencies essential.
He lamented the increasing misuse of registered companies for fraud and money laundering, stressing that neither agency could effectively combat financial crimes without working together.
According to him, improved collaboration should focus on intelligence and data sharing, public sensitisation on financial risks, and capacity building for personnel.
Adah reaffirmed the CAC Board’s commitment to deepening its partnership with the EFCC to promote corporate compliance, transparency, and protect the integrity of Nigeria’s financial system.
Responding, EFCC Chairman Ola Olukoyede described the activities of unregulated POS operators as a major threat to the country’s financial ecosystem.
“If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem,” he said.
Olukoyede reaffirmed the Commission’s commitment to strengthening collaboration with the CAC in combating economic and financial crimes and enforcing regulatory compliance.
He described the CAC as the “gateway to economic growth in Nigeria,” noting that it serves as the first point of contact for many foreign investors entering the country.
The EFCC chairman disclosed that the Commission had established a dedicated desk to handle matters relating to the CAC and revealed that investigations involving about 200 companies referred by the Commission had recorded significant progress.
According to him, the investigations have uncovered valuable information that will support the CAC’s regulatory responsibilities once the findings are concluded.
Olukoyede also observed that many corruption cases investigated by the EFCC involve procurement and contract fraud executed through companies registered with the CAC.
He emphasised the need for both agencies to address insider-related challenges, strengthen internal accountability, and enhance information sharing.
To improve cooperation, the EFCC chairman directed officials of both organisations to review and update their existing Memorandum of Understanding to reflect current realities, particularly in the areas of beneficial ownership information and data protection.