The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have expressed concern over the growing risks posed by unregistered Point of Sale (POS) operators, warning that their activities could undermine Nigeria’s financial system and national security.
The concerns were raised on Thursday in Abuja when the Chairman of the CAC Board, Senator Ibrahim Adah, led a delegation on a courtesy visit to the EFCC Chairman, Ola Olukoyede, at the commission’s headquarters.
During the meeting, Adah sought the EFCC’s support in enforcing compliance among POS operators across the country, revealing that only about 20 per cent of operators are currently registered with the CAC.
According to him, the low compliance rate violates the provisions of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026, both of which require businesses operating under registered business names to obtain formal registration.
“Presently, only about 20 per cent of POS operators are registered with CAC, a situation inconsistent with the Companies and Allied Matters Act, CAMA 2020, and the Central Bank of Nigeria Agent Banking Regulations 2026,” Adah said.
He also called for closer collaboration between both agencies to establish a comprehensive database of POS operators that would support law enforcement investigations.
Adah warned that intelligence available to the commission indicates that some criminal proceeds, including ransom payments from kidnapping operations, are being channelled through POS terminals.
He noted that while the CAC is responsible for registering and regulating companies, the EFCC investigates and prosecutes financial crimes, making collaboration between the two agencies essential.
“When companies are misused for fraud or money laundering, the mandates of both institutions are directly affected. Neither agency can effectively tackle economic and financial crimes alone,” he said.
The CAC chairman advocated stronger cooperation in areas such as intelligence sharing, public sensitisation on financial crimes and continuous capacity building for personnel.
Responding, EFCC Chairman Ola Olukoyede described the activities of unregulated POS operators as a major threat to Nigeria’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 EFCC’s commitment to strengthening collaboration with the CAC, describing the commission as the gateway for investment into Nigeria because it serves as the first point of contact for many foreign investors.
He disclosed that the EFCC had already established a dedicated desk to handle matters relating to the CAC and revealed that investigations involving about 200 companies referred by the commission were progressing.
“As a matter of fact, we have about 200 companies that you forwarded to us which are currently under investigation, and we have made reasonable progress. We have made very interesting discoveries that will be useful to the CAC once the investigations are concluded,” he said.
The EFCC chairman also observed that many public corruption cases investigated by the commission involve procurement and contract fraud carried out through companies registered with the CAC.
To strengthen cooperation further, Olukoyede directed officials of both agencies to review and update their existing Memorandum of Understanding to reflect current realities, particularly in the areas of beneficial ownership information, intelligence sharing and data protection.
