- Odibo Victory
The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have raised concerns over the risks posed to businesses and national security by the activities of unregistered Point of Sale (POS) operators across the country.
The concerns were expressed in Abuja on Thursday when the Chairman of the CAC Board, Senator Ibrahim Adah, paid a courtesy visit to the Executive Chairman of the EFCC, Ola Olukoyede, at the Commission’s headquarters.
This was contained in a statement issued by the EFCC on Thursday.
Adah, who was accompanied by members of the CAC management team, sought the support of the EFCC in enforcing compliance among POS operators nationwide.
According to him, only about 20 percent of POS operators are currently registered with the CAC.
He noted that the situation is inconsistent with 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 a business name to be duly registered.
“Presently, only about 20% of POS operators are registered with CAC, a situation inconsistent with the Companies and Allied Matters Act, CAMA 2020, and the Central Bank Nigeria Agent Banking Regulations 2026, which require all businesses operating under a business name to be duly registered,” he said.
Adah also called for stronger collaboration between both agencies in building a reliable database of POS operators.
“Furthermore, Mr. Chairman, we seek closer cooperation in developing a reliable database of POS operators for use by the EFCC and other law enforcement agencies,” he added.
He warned that available evidence increasingly suggests that criminal proceeds, including ransom payments linked to kidnapping cases, are sometimes routed through POS terminals.
The CAC chairman said his visit was also aimed at strengthening engagement with public institutions that maintain close working relationships with the Commission.
He commended the EFCC for its efforts in the fight against economic and financial crimes.
Adah stressed that the mandates of both agencies are closely linked, explaining that while the CAC is responsible for registering and regulating companies in Nigeria, the EFCC investigates and prosecutes financial crimes.
He decried the misuse of corporate entities for fraudulent activities, noting that such actions directly affect the mandates of both institutions.
“When companies are misused for fraud or money laundering, the mandates of both institutions are directly affected.
“Neither of the two agencies can therefore fight and win the war against economic and financial offences, especially those perpetrated through corporate entities, if we work alone.
“Collaboration is required in that regard. A strong CAC registry makes the work of EFCC easier, just as strong EFCC enforcement protects the integrity of the CAC corporate registry,” he said.
According to him, stronger synergy between the two agencies should focus on data and intelligence sharing on fraudulent companies, public sensitisation on financial risks and capacity building for staff.
He reaffirmed the CAC’s commitment to partnering with the EFCC to deepen corporate compliance and protect the nation’s financial system.
“The CAC Board is fully committed to this partnership.
“We see the EFCC as a serious and strategic partner in this drive to deepen corporate compliance, promote transparency and safeguard the integrity of Nigeria’s financial system,” he said.
Responding, Olukoyede also expressed concerns over the activities of POS operators, describing them as a major challenge to Nigeria’s financial system.
“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.
The EFCC chairman reaffirmed the Commission’s commitment to working closely with the CAC in combating economic crimes and promoting regulatory compliance.
He described the CAC as the “gateway to economic growth in Nigeria,” noting that the Commission is often the first point of contact for foreign investors seeking to do business in the country.
Olukoyede disclosed that the EFCC has established a dedicated desk to handle matters involving the CAC.
He also revealed that ongoing investigations involving about 200 companies referred to the Commission by the CAC had recorded significant progress.
“As a matter of fact, I think we have about 200 companies that you forwarded the list to us that we are currently investigating and we have made reasonable progress in that investigation,” he said.
“We have made very interesting discoveries, which will help you by the time you lay your hands on the report.
“We will continue to work together to ensure regulatory compliance in part of those companies that you are regulating.”
According to him, most public corruption cases investigated by the EFCC involve procurement and contract fraud carried out through companies regulated by the CAC.
He also stressed the need for both agencies to address insider-related challenges and strengthen internal accountability mechanisms.
On data sharing and intelligence exchange, Olukoyede directed officials of both agencies to review and update their existing Memorandum of Understanding (MoU) to reflect current realities, particularly in the areas of beneficial ownership information and data protection.