EFCC, CAC to tackle unregistered POS operators
The Economic and Financial Crimes Commission, (EFCC) and the Corporate Affairs Commission (CAC) have expressed concerns over risks being posed to businesses and national security by the activities of unregistered Point of Sale (POS) operators.
The concerns were expressed when the Board Chairman, CAC, Senator Ibrahim Ida, paid a courtesy visit to the Executive Chairman of the EFCC, Mr, Ola Olukoyede, on Thursday in Abuja.
Ida, accompanied by board members and management staff of the CAC, sought EFCC’s support in enforcing compliance among POS operators nationwide.
He said, “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 (CBN) Agent Banking Regulations 2026, which require all businesses operating under a business name to be duly registered.
“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.”
The board chairman warned that evidence increasingly suggests that criminal proceeds, including ransom payments linked to kidnapping cases, are sometimes routed through POS terminals.
Ida also said that the visit was aimed at engaging public institutions that maintain close working relationships with his Commission and applauded the EFCC for its role in the fight against economic and financial crimes.
He stressed that both institutions have interconnected mandates, explaining that while CAC registers and regulates companies in Nigeria, EFCC investigate and prosecute financial crimes.
He decried the misuse of some corporate entities for fraudulent activities in the country.
“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.”
According to the CAC chairman, stronger synergy between the two agencies requires focus on data and intelligence sharing on fraudulent companies, sensitisation of the public on financial risks and capacity building for staff.
He, therefore, expressed the CAC’s commitment to partner with the EFCC to deepen corporate compliance and protect the 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.
In remarks, Olukoyede also expressed concerns about POS operators, describing their activities as a major challenge to the nation’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, and reaffirmed the Commission’s commitment to working closely with the CAC in combating economic crimes and promoting regulatory compliance.
The EFCC’s boss described the CAC as the “gateway to economic growth in Nigeria because the first contact of foreign investors in Nigeria is the Corporate Affairs Commission.”
He disclosed that the EFCC had established a dedicated desk to handle matters involving the CAC while revealing that ongoing investigations involving about 200 companies had yielded considerable results.
“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. 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 those companies that you are regulating.”
He noted that most public corruption cases investigated by EFCC involve procurement and contract fraud carried out through companies regulated by CAC.
He stressed the need for both agencies to tackle insider deficits and strengthen internal accountability.
On data sharing and intelligence exchange, Olukoyede directed officials of both agencies to review and update an existing Memorandum of Understanding to reflect current realities, especially in the area of beneficial ownership information and data protection.
