EFCC, CAC Move Against Unregistered POS Operators Over Financial Crime Risks

The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have raised concerns over the growing risks posed by unregistered Point of Sale (POS) operators to businesses, the financial system and national security.

The concerns were highlighted on Thursday, June 25, 2026, when the Chairman of the CAC Board, Senator Ibrahim Adah, led a delegation of the commission’s management team on a courtesy visit to the Executive Chairman of the EFCC, Mr Ola Olukoyede, at the commission’s headquarters in Abuja.

Adah, while seeking stronger collaboration between both agencies, disclosed that only about 20 per cent of POS operators across the country are currently registered with the CAC, a situation he described as inconsistent with the requirements of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) Agent Banking Regulations 2026.

He stressed the need for enforcement of compliance among POS operators nationwide, noting that proper registration would enhance transparency and strengthen efforts to combat financial crimes.

“Presently, only about 20 per cent of POS operators are registered with CAC, a situation inconsistent with the Companies and Allied Matters Act, CAMA 2020, and the Central Bank of Nigeria Agent Banking Regulations 2026, which require all businesses operating under a business name to be duly registered,” he said.

The CAC chairman also called for the development of a reliable database of POS operators that could be accessed by the EFCC and other law enforcement agencies to support investigations and intelligence gathering.

He warned that emerging evidence indicates that proceeds from criminal activities, including ransom payments linked to kidnapping cases, are sometimes channelled through POS terminals.

Adah explained that the visit was aimed at strengthening institutional cooperation between the two agencies, which he described as having interconnected responsibilities in protecting Nigeria’s economy.

According to him, while the CAC is responsible for registering and regulating companies operating in Nigeria, the EFCC investigates and prosecutes economic and financial crimes.

He noted that misuse of corporate entities for fraudulent activities and money laundering affects the mandates of both institutions, stressing that neither agency could effectively tackle economic crimes without collaboration.

“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.

He added that improved cooperation between both agencies would focus on intelligence sharing, tracking fraudulent companies, public awareness on financial risks and capacity building for personnel.

Responding, the EFCC Chairman, Ola Olukoyede, expressed similar concerns over the activities of POS operators, describing their regulation as critical to maintaining the integrity of Nigeria’s financial ecosystem.

“If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem,” Olukoyede stated.

The EFCC chairman reaffirmed the commission’s commitment to working closely with the CAC to promote regulatory compliance and strengthen the fight against economic crimes.

He described the CAC as the “gateway to economic growth in Nigeria,” noting that foreign investors’ first point of contact with the country’s business environment is the commission.

Olukoyede also disclosed that the EFCC had established a dedicated desk to handle matters involving the CAC and revealed that investigations into about 200 companies referred by the commission were ongoing, with significant progress already recorded.

“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,” he said.

He further noted that several public corruption cases investigated by the EFCC involved procurement and contract fraud carried out through companies registered and regulated by the CAC.

The EFCC boss emphasised the need for both agencies to strengthen internal accountability and address institutional weaknesses while directing officials from both organisations to review and update an existing Memorandum of Understanding (MoU).

The updated agreement, he said, would reflect current realities, particularly in the areas of beneficial ownership information, data protection and intelligence sharing.

Both agencies pledged to deepen their partnership in safeguarding Nigeria’s financial system, promoting transparency and ensuring greater compliance among businesses operating in the country.