The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have pledged to strengthen collaboration in tackling the growing challenge posed by unregistered Point of Sale (POS) operators, warning that their activities pose significant risks to Nigeria’s financial system and national security.
The commitment was made 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 Commission’s headquarters in Abuja on Thursday.
Leading a delegation of senior CAC officials, Adah appealed for the EFCC’s support in enforcing registration compliance among POS operators across the country. He disclosed that only about 20 percent 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 for operators conducting business under a registered name.
He also emphasized the need for closer cooperation in creating a comprehensive database of POS operators that would be accessible to the EFCC and other law enforcement agencies for monitoring and investigative purposes.
According to Adah, intelligence reports increasingly indicate that criminal proceeds, including ransom payments linked to kidnapping, are sometimes processed through POS terminals, making stronger oversight essential.
He noted that the visit formed part of the CAC’s broader engagement with key public institutions, while commending the EFCC for its sustained efforts in combating economic and financial crimes.
Adah explained that both agencies have complementary responsibilities, with the CAC overseeing company registration and regulation, while the EFCC investigates and prosecutes financial crimes. He warned that the misuse of registered businesses for fraud and money laundering undermines the mandates of both institutions and requires a coordinated response.
He stressed that effective collaboration in intelligence sharing, public awareness campaigns, and staff capacity development would strengthen corporate compliance and help safeguard the integrity of Nigeria’s financial system.
Reaffirming the Commission’s commitment, Adah described the EFCC as a strategic partner in promoting transparency, accountability, and corporate governance across the country.
Responding, EFCC Chairman Ola Olukoyede described the operations of unregistered POS businesses as a growing threat to the nation’s financial ecosystem, warning that failure to regulate critical players in the sector could create serious economic and security challenges.
He assured the CAC of the EFCC’s readiness to deepen collaboration in enforcing regulatory compliance and combating financial crimes.
Olukoyede also described the CAC as the gateway for investment into Nigeria, noting that it serves as the first point of contact for many foreign investors seeking to establish businesses in the country.
He further disclosed that the EFCC has already established a dedicated desk to handle matters relating to the CAC and revealed that investigations involving about 200 companies are currently ongoing, with significant progress already recorded.
