The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have expressed concerns over the risks posed to businesses and national security by the activities of unregistered Point of Sale (POS) operators.
The concerns were expressed in Abuja on Thursday, June 25, 2026, when the Chairman of the CAC Board, Senator Ibrahim Adah, paid a courtesy visit to the Executive Chairman of the EFCC, Mr. Ola Olukoyede, at the corporate headquarters of the Commission.
Adah, who was accompanied by some management staff of the CAC, sought the EFCC’s support in enforcing compliance among POS operators nationwide, disclosing that:
“Presently, only about 20% of POS operators are registered with the CAC, a situation inconsistent with the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s 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.”
He warned that evidence increasingly suggests that criminal proceeds, including ransom payments linked to kidnapping cases, are sometimes routed through POS terminals.
Adah also said that his visit was aimed at engaging public institutions that maintain close working relationships with the 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 the CAC registers and regulates companies in Nigeria, the EFCC investigates and prosecutes financial crimes.
Decrying the misuse of some corporate entities for fraudulent activities, he stated:
“When companies are misused for fraud or money laundering, the mandates of both institutions are directly affected. Neither of the two agencies can fight and win the war against economic and financial crimes, especially those perpetrated through corporate entities, if we work alone. Collaboration is required in that regard. A strong CAC registry makes the work of the EFCC easier, just as strong EFCC enforcement protects the integrity of the CAC corporate registry.”
According to him, stronger synergy between the two agencies requires a focus on data and intelligence sharing on fraudulent companies, public sensitisation on financial risks, and capacity building for staff.
He therefore expressed the CAC’s commitment to partnering 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 response, 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.
He reaffirmed the Commission’s commitment to working closely with the CAC in combating economic crimes and promoting regulatory compliance.
The EFCC chairman described the CAC as the “gateway to economic growth in Nigeria because the first point of contact for 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 from the list you forwarded to us that we are currently investigating, and we have made reasonable progress in those investigations. We have made very interesting discoveries, which will assist you by the time you receive the report. We will continue to work together to ensure regulatory compliance among the companies you regulate.”
He noted that 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 internal control weaknesses and strengthen accountability mechanisms.
On data sharing and intelligence exchange, Olukoyede directed officials of both agencies to review and update an existing Memorandum of Understanding (MoU) to reflect current realities, especially in the areas of beneficial ownership information and data protection.
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