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 in Abuja on Thursday, when the Board Chairman of CAC, Senator Ibrahim Idah paid a courtesy visit to the Executive Chairman of the EFCC, Ola Olukoyede at the corporate headquarters of the Commission.
Idah, who came with some management staff of the CAC, sought EFCC’s support in enforcing compliance among PoS operators nationwide, disclosing that, “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.
“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 suggested that criminal proceeds, including ransom payments linked to kidnapping cases, were sometimes routed through PoS terminals.
Idah also said that his 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 investigates and prosecutes financial crimes.
Decrying the misuse of some corporate entities for fraudulent activities. According to Idah, stronger synergy between the two agencies required 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.
In response, EFCC Chairman Olukoyede also expressed concerns about PoS operators, describing their activities as a major challenge to the nation’s financial system. He reaffirmed the Commission’s commitment to working closely with the CAC in combating economic crimes and promoting regulatory compliance. He also stressed the need for both agencies to tackle insider deficits and strengthen internal accountability.
