EFCC reports only 20% of POS operators registered, probes 200 companies

The Economic and Financial Crimes Commission (EFCC) Chairman, Olanipekun Olukoyede, revealed that investigations into 200 companies referred to the commission by the Corporate Affairs Commission (CAC) have produced significant findings.

Olukoyede made the disclosure on Thursday during a courtesy visit to the EFCC headquarters in Abuja, where he received the CAC Board led by its Chairman, Ibrahim M. Ida.

During the visit, Senator Ida highlighted that only about 20 percent of Point of Sale (POS) operators nationwide are registered with the CAC, a situation that contravenes the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026.

He noted that emerging evidence shows that proceeds from criminal activities—such as ransom payments from kidnapping cases—are sometimes routed through unregistered POS terminals.

Ida said the issue underscores the need for stronger collaboration between the two agencies to protect Nigeria’s financial system.

He proposed three key areas of partnership with the EFCC: sharing data and intelligence on suspicious companies, conducting joint public sensitisation on corporate governance and financial crime risks, and implementing capacity‑building programmes for staff to address emerging threats linked to company law and economic crimes.

Responding, Olukoyede said that more than 80 percent of financial crimes in Nigeria are committed through procurement fraud and the activities of registered companies.

He described the regulation of POS operators as a major challenge that requires urgent attention to safeguard the country’s financial ecosystem.

The EFCC chairman also called for a review of the existing Memorandum of Understanding between the commission and the CAC to strengthen cooperation and support broader reforms aimed at combating financial crimes.