The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have agreed to strengthen collaboration to address the growing challenge posed by unregistered Point of Sale (POS) operators, warning that the trend poses significant risks to Nigeria’s financial system, businesses, and national security.
The commitment was made on Thursday during a courtesy visit by the Chairman of the CAC Board, Senator Ibrahim Adah, to the Executive Chairman of the EFCC, Ola Olukoyede, at the anti-graft agency’s headquarters in Abuja.
Speaking during the visit, Adah expressed concern that only about 20 per cent of POS operators across the country are currently registered with the CAC, despite legal requirements mandating business registration.
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 names to obtain formal registration.
Adah appealed to the EFCC to support efforts aimed at enforcing compliance among POS operators nationwide. He also proposed closer cooperation between the two agencies in developing a comprehensive database of POS operators that could be accessed by the EFCC and other law enforcement agencies.
He warned that intelligence available to the commission indicates that some criminal proceeds, including ransom payments from kidnapping operations, have been routed through POS terminals, making stricter regulation necessary.
The CAC chairman 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.
He observed that the mandates of both agencies are closely linked, explaining that while the CAC is responsible for registering and regulating companies, the EFCC investigates and prosecutes financial crimes.
According to Adah, the misuse of registered companies for fraud, money laundering, and other illicit activities underscores the need for greater cooperation between the two institutions.
He advocated enhanced data and intelligence sharing, joint public awareness campaigns on financial risks, and regular capacity-building programmes for staff as key areas of collaboration.
“The CAC Board is fully committed to this partnership. We see the EFCC as a strategic partner in promoting corporate compliance, transparency, and protecting the integrity of Nigeria’s financial system,” he said.
Responding, EFCC Chairman Ola Olukoyede described the activities of unregistered POS operators as a major concern capable of undermining the country’s financial ecosystem if left unchecked.
“If you do not regulate the activities of such key players, you will continue to face major challenges within the financial system,” Olukoyede said.
He reaffirmed the EFCC’s commitment to working closely with the CAC to combat economic crimes and improve regulatory compliance.
Olukoyede also 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 seeking to establish businesses in the country.
He disclosed that the EFCC has created a dedicated desk to handle matters involving the CAC and revealed that ongoing investigations involving about 200 companies have already produced significant results.
The renewed partnership between the two agencies is expected to strengthen oversight of corporate entities, improve transparency in financial transactions, and curb the use of unregistered businesses and POS platforms for illicit financial activities.
