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Partners with EFCC on security and fraud concerns
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The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have expressed concern over the growing activities of unregistered Point of Sale (POS) operators, warning that they pose significant risks to businesses, the financial system and national security.
The concern was raised on Thursday in Abuja when the Chairman of the CAC Board, Senator Ibrahim Adah, led a delegation of the commission’s management staff on a courtesy visit to the Executive Chairman of the EFCC, Mr Ola Olukoyede, at the anti-graft agency’s headquarters.
Adah disclosed that only about 20 per cent of POS operators in Nigeria are currently registered with the CAC, describing the situation as a violation of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026, which require businesses operating under business names to be duly registered.
He appealed for stronger collaboration between both agencies to enforce compliance and develop a reliable database of POS operators for law enforcement purposes.
According to him, emerging evidence indicates that criminal proceeds, including ransom payments from kidnapping activities, are sometimes channelled through POS terminals.
“We seek closer cooperation in developing a reliable database of POS operators for use by the EFCC and other law enforcement agencies,” Adah said.
He noted that the visit was part of efforts to strengthen partnerships with institutions whose mandates intersect with that of the CAC, particularly in combating financial crimes.
The CAC chairman stressed that the two agencies could not effectively tackle economic and financial crimes in isolation, especially those involving corporate entities.
“When companies are misused for fraud or money laundering, the mandates of both institutions are directly affected. Neither of the two agencies can therefore fight and win the war against economic and financial offences if we work alone,” he said.
Adah identified data and intelligence sharing, public sensitisation on financial risks, and staff capacity building as critical areas for deeper collaboration, reaffirming the CAC’s commitment to protecting the integrity of Nigeria’s financial system.
Responding, Olukoyede described the activities of unregulated POS operators as a major challenge to the country’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 said.
The EFCC chairman assured the CAC of the commission’s readiness to strengthen cooperation in tackling economic crimes and promoting regulatory compliance.
He described the CAC as the gateway to economic growth in Nigeria, noting that foreign investors often have their first engagement with the country through the commission.
Olukoyede revealed that the EFCC had established a dedicated desk to handle matters relating to the CAC and disclosed that the commission was currently investigating about 200 companies referred to it by the corporate regulator.
“As a matter of fact, I think we have about 200 companies that you forwarded to us that we are currently investigating and we have made reasonable progress.
“We have made very interesting discoveries, which will help you when you lay your hands on the report,” he said.
He added that many public corruption cases handled by the EFCC involve procurement and contract fraud perpetrated through companies registered by the CAC.
Olukoyede also underscored the need for both agencies to address insider-related challenges and improve internal accountability mechanisms.
On information sharing, he directed officials of both organisations to review and update their existing Memorandum of Understanding to reflect current realities, particularly regarding beneficial ownership information and data protection.
The renewed partnership, according to both agencies, is aimed at deepening corporate compliance, enhancing transparency and safeguarding the integrity of Nigeria’s financial system.
