Nigeria’s Corporate Affairs Commission (CAC) is seeking closer collaboration with the Economic and Financial Crimes Commission (EFCC) to combat financial crimes linked to unregistered businesses and improve oversight of the country’s growing Point of Sale (POS) sector.
The proposal was made during a courtesy visit by the CAC Board Chairman, Senator Ibrahim M. Ida, to the EFCC headquarters, where both agencies discussed ways to strengthen Nigeria’s financial system and address emerging economic crimes.
Ida expressed concern that only about 20 per cent of POS operators in Nigeria are registered with the CAC, despite legal requirements under the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s 2026 Agent Banking Regulations. These rules require businesses operating under a registered business name to be formally incorporated with the commission.
According to the CAC chairman, intelligence reports and investigations suggest that proceeds from criminal activities, including ransom payments linked to kidnapping cases, are sometimes channelled through unregistered POS terminals. He warned that the lack of proper registration creates vulnerabilities that can be exploited for financial crimes.
To improve oversight, the CAC proposed three key areas of cooperation with the EFCC. These include enhanced data and intelligence sharing on suspicious businesses, joint public awareness campaigns promoting corporate governance and financial crime prevention, and capacity-building initiatives to equip staff with the skills needed to tackle emerging risks involving company regulation and economic offences.
Responding to the proposal, EFCC Chairman Olanipekun Olukoyede said that procurement fraud and the misuse of registered companies account for more than 80 per cent of financial crimes investigated by the agency. He added that investigations involving 200 companies previously referred by the CAC had produced significant findings.
Olukoyede acknowledged that regulating the expanding POS industry remains a major challenge and stressed the importance of taking swift action to protect the integrity of Nigeria’s financial system.
He also called for a review of the existing memorandum of understanding between the EFCC and CAC to strengthen cooperation and support wider regulatory reforms.
The discussions reflect growing concern among regulators and law enforcement agencies about the potential misuse of digital payment channels. As electronic transactions continue to increase across Nigeria, authorities are placing greater emphasis on improving compliance, enhancing oversight and closing gaps that could facilitate financial crime.
