Abuja: The Corporate Affairs Commission (CAC) has revealed that only about 20 per cent of Point of Sale (POS) operators in Nigeria are registered with the commission. This was disclosed by the Chairman of the CAC Board, Sen. Ibrahim Ida, during a courtesy visit to the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, at the commission’s headquarters in Abuja.
According to News Agency of Nigeria, Ida highlighted that the low registration rate contravened the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) Agent Banking Regulations 2026. Both laws mandate that businesses operating under a business name must be duly registered with the CAC. The chairman expressed concern over emerging evidence suggesting that some unregistered POS terminals are linked to the movement of proceeds of crime, including ransom payments in kidnapping cases.
Ida called for stronger collaboration between the CAC and EFCC to tackle these challenges and protect Nigeria’s financial ecosystem. He proposed three key areas of cooperation: data and intelligence sharing on suspicious companies and transactions, joint sensitisation campaigns to educate businesses and the public on corporate governance and financial crime risks, and capacity-building programmes to help staff members address emerging threats related to company law and economic crime.
Responding, EFCC Executive Chairman 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 handed over by the CAC had yielded significant findings, emphasizing that the regulation of POS operators remains a major challenge requiring urgent attention. Olukoyede stressed the necessity of stronger oversight to protect the integrity of the nation’s financial system.
The EFCC chairman also called for a review of the existing Memorandum of Understanding between the two agencies. Updating the agreement, according to Olukoyede, will facilitate more comprehensive reforms and enhance institutional collaboration in the fight against economic and financial crimes. Both agencies reaffirmed their commitment to deepening cooperation to improve corporate regulation, strengthen financial integrity, and curb illicit financial activities in the country.