The Corporate Affairs Commission (CAC) has expressed concern about the activities of 20 percent of Point of Sale operators saying they are not registered with the commission and are suspected to be involved in criminal enterprise.
CAC Board Chairman Ibrahim Adah raised this alarm on Thursday when he paid a visit to EFCC Executive Chairman Ola Olukoyede at the anti-graft commission’s headquarters in Abuja.
Adah described the situation as a breach of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria (CBN) Agent Banking Regulations 2026.
He said the CAC was seeking EFCC’s support to enforce compliance among PoS operators nationwide and develop a reliable database of operators for use by law enforcement agencies.
According to him, intelligence gathered by authorities suggests that criminal proceeds, including ransom payments linked to kidnapping cases, are sometimes moved through PoS terminals.
“Neither of the two agencies can fight and win the war against economic and financial offences, especially those perpetrated through corporate entities, if we work alone,” Adah said.
In his response, Olukoyede remarked that unregulated PoS operations was a major threat to Nigeria’s financial ecosystem, saying: “If you do not regulate the activities of such key players, you will have major problems and challenges within your financial ecosystem.”
The EFCC boss revealed that the agency was investigating about 200 companies forwarded by the CAC, with the probe already yielding “interesting discoveries.”
