By Adesakin Adefemi
The Economic and Financial Crimes Commission, EFCC, and the Corporate Affairs Commission, CAC, have raised alarm over the security and financial risks posed by unregistered Point of Sale, POS, operators across Nigeria. The two agencies pledged closer collaboration to enforce compliance and protect the nation’s financial system.
The concern was voiced in Abuja on Thursday, June 25, 2026, during a courtesy visit by the CAC Board Chairman, Senator Ibrahim Adah, to the EFCC Executive Chairman, Mr. Ola Olukoyede, at the Commission’s corporate headquarters. Adah was accompanied by senior CAC management staff.
Adah told the EFCC boss that only about 20% of POS operators are currently registered with the CAC, a situation he said contravenes the Companies and Allied Matters Act, CAMA 2020, and the Central Bank of Nigeria’s Agent Banking Regulations 2026. Both laws mandate that all businesses operating under a business name must be duly registered.
The CAC chairman said the lack of proper registration complicates oversight and creates loopholes for illicit activity. “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 stated.
He warned that evidence increasingly shows criminal proceeds, including ransom payments linked to kidnapping cases, are sometimes routed through POS terminals. According to him, the trend underscores the urgent need to bring all operators into the formal regulatory net.
Adah explained that the mandates of both institutions are interconnected. While the CAC registers and regulates companies in Nigeria, the EFCC investigates and prosecutes financial crimes. “When companies are misused for fraud or money laundering, the mandates of both institutions are directly affected,” he said.
He argued that neither agency can win the fight against economic and financial offences perpetrated through corporate entities if they work in isolation. “A strong CAC registry makes the work of EFCC easier. Just as strong EFCC enforcement protects the integrity of the CAC corporate registry,” Adah noted, calling for data and intelligence sharing, public sensitisation, and joint capacity building.
Responding, Olukoyede described unregulated POS operations as “a major challenge to the nation’s financial system.” He said, “If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem,” and reaffirmed the EFCC’s commitment to work closely with CAC on enforcement and compliance.
The EFCC chairman also disclosed that investigations into about 200 companies forwarded by CAC are ongoing, with “very interesting discoveries” already made.
He directed both agencies to review and update their existing Memorandum of Understanding to cover beneficial ownership information and data protection, noting that most public corruption cases probed by the EFCC involve procurement and contract fraud carried out through CAC-regulated companies.
