By Ogungbayi Adeyemi S. | adeyemi@ddnewsonline.com
Editor, DDNews |
The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have begun moves to crack down on unregistered Point of Sale (POS) operators across the country.
The two agencies made this known 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 Commission’s headquarters in Abuja.
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Senator Adah, accompanied by top management staff of the CAC, sought the EFCC’s support in enforcing compliance among POS operators. He revealed that currently, only about 20 percent of POS operators are duly registered with the CAC — a situation he described as inconsistent with the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria Agent Banking Regulations 2026.
The CAC Chairman expressed concern that many POS terminals are being used to route criminal proceeds, including ransom payments from kidnapping cases, warning that the lack of proper registration poses serious risks to the financial system.
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He emphasised the need for stronger collaboration between both agencies in building a reliable database of POS operators for use by law enforcement agencies.
“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,” Senator Adah stated.
He called for enhanced data and intelligence sharing, public sensitisation on financial risks, and capacity building for staff of both institutions.
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In his response, EFCC Chairman Ola Olukoyede described the unregulated activities of POS operators as a major challenge to the nation’s financial system. He pledged the Commission’s full commitment to working with the CAC to promote regulatory compliance and combat economic crimes.
Olukoyede described the CAC as “the gateway to economic growth in Nigeria,” noting that it is usually the first point of contact for foreign investors. He disclosed that the EFCC has established a dedicated desk to handle CAC-related matters and that ongoing investigations involving about 200 companies have already produced significant results.
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He directed officials of both agencies to review and update their existing Memorandum of Understanding (MoU) to reflect current realities, particularly in the areas of beneficial ownership information and data protection.
The joint crackdown is expected to lead to stricter enforcement, including possible sealing of unregistered POS outlets and prosecution of operators involved in suspicious financial transactions.
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By Ogungbayi Adeyemi S. (Beedee)
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