EFCC, CAC move to clampdown on unregistered POS operators
The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have initiated moves to clampdown on unregistered Point of Sale (POS) operators.
The two agencies made this known in Abuja on Thursday, June 25, 2026, when the Board Chairman of the CAC, Senator Ibrahim Adah, paid a courtesy visit to the Executive Chairman of the EFCC, Mr. Ola Olukoyede, at the corporate headquarters of the Commission.
Senator Adah, who was accompanied by management staff of the CAC, sought the support of the EFCC in enforcing compliance among POS operators nationwide.
He disclosed that presently, only about 20 percent of POS operators are registered with the CAC, a situation that is 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 further noted that the CAC seeks closer cooperation in developing a reliable database of POS operators for use by the EFCC and other law enforcement agencies, warning that evidence increasingly suggests criminal proceeds, including ransom payments linked to kidnapping cases, are sometimes routed through POS terminals.
Adah also stated that his visit was aimed at engaging public institutions that maintain close working relationships with his commission, and he 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 the CAC registers and regulates companies in Nigeria, the EFCC investigates and prosecutes financial crimes.
Decrying the misuse of some corporate entities for fraudulent activities, he stressed that when companies are misused for fraud or money laundering, the mandates of both institutions are directly affected.
He noted that neither of the two agencies can win the war against economic and financial offenses, especially those perpetrated through corporate entities, if they work alone.
“Collaboration is required because a strong CAC registry makes the work of the EFCC easier, just as strong EFCC enforcement protects the integrity of the CAC corporate registry,” he said.
According to him, a stronger synergy between the two agencies requires a focus on data and intelligence sharing regarding fraudulent companies, public sensitization on financial risks, and capacity building for staff.
He expressed the commitment of the CAC to partner with the EFCC to deepen corporate compliance and protect the financial system.
In response, Olukoyede also expressed concerns about POS operators, describing their activities as a major challenge to the nation’s financial system.
He added that failure to regulate the activities of such key players creates major challenges within the financial ecosystem, and he reaffirmed the commission’s commitment to working closely with the CAC to combat economic crimes and promote regulatory compliance.
The EFCC boss described the CAC as the gateway to economic growth in Nigeria because the first contact for foreign investors in Nigeria is the Corporate Affairs Commission.
He disclosed that the EFCC has established a dedicated desk to handle matters involving the CAC, while revealing that ongoing investigations involving about 200 companies have yielded considerable results.
He noted that most public corruption cases investigated by the EFCC involve procurement and contract fraud carried out through companies regulated by the CAC.
He also stressed the need for both agencies to tackle internal deficits and strengthen accountability.
On data sharing and intelligence exchange, Olukoyede directed officials of both agencies to review and update their existing Memorandum of Understanding to reflect current realities, especially in the area of beneficial ownership information and data protection.