BREAKING: EFCC to arrest unregistered POS operators as CAC partnership targets financial crimes

Crime Diary

ABUJA, Nigeria (NPA) — The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have pledged stronger collaboration to curb the risks posed by unregistered Point of Sale (POS) operators, warning that their unchecked activities threaten businesses and national security.

The commitment was made when CAC Board Chairman, Senator Ibrahim Adah, led a delegation to the EFCC headquarters in Abuja to meet with Executive Chairman Ola Olukoyede.

Adah disclosed that “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 of Nigeria’s Agent Banking Regulations 2026.”

He stressed that unregistered operators create loopholes exploited by criminals, noting that ransom payments linked to kidnappings are sometimes routed through POS terminals.

Adah called for EFCC’s support in enforcing compliance nationwide and proposed the creation of a reliable database of POS operators for law enforcement use.

He emphasised that CAC and EFCC have interconnected mandates: while CAC registers and regulates companies, EFCC investigates and prosecutes financial crimes. “Neither of the two agencies can fight and win the war against economic and financial offences if we work alone. Collaboration is required,” he said, adding that stronger synergy should focus on data sharing, public sensitisation, and staff capacity building.

He assured that the CAC Board is fully committed to the partnership, describing EFCC as a strategic ally in safeguarding Nigeria’s financial system. “We see the EFCC as a serious and strategic partner in this drive to deepen corporate compliance, promote transparency, and safeguard the integrity of Nigeria’s financial system,” Adah stated.

Responding, EFCC Chairman Ola Olukoyede echoed concerns about POS operators, describing their activities as a major challenge to the nation’s financial ecosystem. “If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem,” he warned. Olukoyede reaffirmed EFCC’s commitment to working closely with CAC, revealing that the Commission has established a dedicated desk to handle CAC-related matters and is currently investigating about 200 companies.

He described CAC as the “gateway to economic growth in Nigeria,” noting that foreign investors’ first contact is often through the Commission.

Olukoyede stressed that EFCC’s enforcement role complements CAC’s regulatory mandate, ensuring that fraudulent companies are exposed and prosecuted.

The meeting underscored a united front between Nigeria’s corporate regulator and its foremost anti-graft agency, signalling tougher scrutiny of POS operators and corporate entities nationwide.