The Corporate Affairs Commission (CA) has disclosed that only about 20 per cent of Point of Sale (POS) operators in Nigeria are registered with the commission, raising concerns over compliance and financial crime risks.
Chairman of the CAC Board, Sen. Ibrahim Ida, revealed this during a courtesy visit to the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Olanipekun Olukoyede, at the EFCC headquarters in Abuja.
Ida said the low registration rate violated provisions of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) Agent Banking Regulations 2026.
According to him, both regulations require businesses operating under a business name to be duly registered with the CAC.
The CAC chairman expressed concern that some unregistered POS terminals had been linked to the movement of proceeds of crime.
He noted that investigations had shown that ransom payments in kidnapping cases were sometimes routed through unregistered POS operators.
“The low registration rate is a matter of concern because emerging evidence suggests that some unregistered POS terminals are being used to facilitate illicit financial transactions,” he said.
Ida called for stronger collaboration between the CAC and the EFCC to tackle the challenge and safeguard Nigeria’s financial system.
He proposed enhanced cooperation in areas such as data and intelligence sharing on suspicious companies and transactions, joint public sensitisation campaigns, and capacity-building programmes for personnel of both agencies.
According to him, greater awareness is needed to educate businesses and the public on corporate governance obligations and the risks associated with financial crimes.
Responding, EFCC Executive Chairman, Olukoyede, said more than 80 per cent of financial crimes in the country were perpetrated through procurement fraud and registered companies.
He disclosed that investigations into 200 companies previously referred to the anti-graft agency by the CAC had yielded significant findings.
Olukoyede agreed that the regulation of POS operators remained a major challenge and stressed the need for stronger oversight to protect the integrity of the nation’s financial system.
The EFCC chairman also called for a review of the existing Memorandum of Understanding (MoU) between the two agencies to strengthen collaboration and support broader reforms.
According to him, updating the agreement will enhance institutional cooperation in the fight against economic and financial crimes.
Both agencies reaffirmed their commitment to deepening collaboration aimed at improving corporate regulation, promoting financial integrity and curbing illicit financial activities across the country.
