Only 20% of POS operators registered – EFCC reveals investigation of 200 companies

The Chairman of the Economic and Financial Crimes Commission, EFCC, Olanipekun Olukoyede, has disclosed that investigations into 200 companies referred to the commission by the Corporate Affairs Commission, CAC, have uncovered significant findings.

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

During the visit, Senator Ida expressed concern that only about 20 per cent of Point of Sale, POS, operators across the country are registered with the CAC, contrary to the provisions of the Companies and Allied Matters Act, CAMA, 2020 and the Central Bank of Nigeria’s Agent Banking Regulations, 2026.

He said emerging evidence indicates that proceeds of criminal activities, including ransom payments from kidnapping cases, are sometimes routed through unregistered POS terminals.

According to him, the situation underscores the need for stronger collaboration between the two agencies to safeguard Nigeria’s financial system.

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

Responding, Olukoyede said more than 80 per cent of financial crimes in Nigeria are perpetrated 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 protect 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 tackling financial crimes.