The Corporate Affairs Commission (CAC) has disclosed that only about 20 per cent of Point of Sale (POS) operators in Nigeria are duly registered, a shortfall it says contravenes the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026.
CAC Board Chairman Ibrahim Ida made the revelation during a courtesy visit to EFCC Executive Chairman Olanipekun Olukoyede at the Commission’s Abuja headquarters. Mr Ida expressed concern that emerging evidence links unregistered POS terminals to the movement of crime proceeds, including ransom payments in kidnapping cases.
To tackle the threat, the CAC proposed enhanced collaboration with the EFCC across three fronts: data and intelligence sharing on suspicious entities, joint sensitisation campaigns on corporate governance and financial crime risks, and capacity-building programmes for staff to address evolving economic crime patterns.
In his response, Mr Olukoyede noted that more than 80 per cent of financial crimes in Nigeria are perpetrated through procurement fraud and registered companies. He disclosed that investigations into 200 companies earlier referred by the CAC had yielded significant findings, and agreed that stronger oversight of POS operators is urgently needed to safeguard the financial system.
The EFCC chairman also called for a review of the existing memorandum of understanding between the two agencies, arguing that an updated agreement would enable more comprehensive reforms and deepen institutional cooperation.
Both agencies reaffirmed their commitment to improving corporate regulation, strengthening financial integrity, and curbing illicit activities across the country.
