CAC and EFCC deepen collaboration as authorities warn unregistered agents may be linked to money laundering, kidnapping ransom flows, and other financial crimes…..
The Chairman of the Corporate Affairs Commission (Corporate Affairs Commission) board, Ibrahim Adah, has revealed that just about 20 percent of point-of-sale (POS) operators in Nigeria are currently registered with the commission, raising fresh concerns over regulatory compliance and financial security risks in the sector.
Adah disclosed this during a courtesy visit to the headquarters of the Economic and Financial Crimes Commission (Economic and Financial Crimes Commission) in Abuja on Thursday, where both agencies met to strengthen cooperation in tackling financial crimes linked to unregulated business operations.
According to him, the low level of registration is inconsistent with the provisions of the Companies and Allied Matters Act (CAMA 2020) and the Central Bank of Nigeria’s agent banking framework, which require proper documentation and oversight of financial agents operating across the country.
He warned that the growing number of unregistered POS operators presents a serious loophole that could be exploited for illicit financial activities, including the movement of ransom payments in kidnapping-related cases and other forms of money laundering.
“There is increasing evidence suggesting that proceeds of crime are sometimes channelled through POS terminals,” Adah said, stressing the need for tighter regulation and stronger enforcement mechanisms nationwide.
He added that the CAC is seeking closer collaboration with the EFCC to build a comprehensive database of POS operators, improve compliance, and support law enforcement agencies with reliable corporate records for investigations.
Adah further emphasized that both agencies share overlapping responsibilities when companies are misused for fraud or financial crimes, making inter-agency cooperation critical in addressing economic offences effectively.
“No single institution can successfully tackle these challenges alone,” he noted, urging sustained joint action against corporate misuse and financial irregularities.
On his part, EFCC Chairman Ola Olukoyede confirmed that the anti-graft agency is currently investigating about 200 companies referred by the CAC, describing the ongoing probe as “progressing significantly” with notable findings already emerging.
He stressed that unregulated financial agents remain a major vulnerability in Nigeria’s financial system, warning that failure to properly regulate key actors could deepen risks within the broader economy.
Olukoyede also described the CAC as a central gateway to Nigeria’s business environment, noting that many corruption cases handled by the EFCC involve companies registered under its watch, particularly in procurement and contract fraud schemes.
He reaffirmed the commission’s commitment to working closely with the CAC through improved data sharing, intelligence exchange, and enhanced access to beneficial ownership information.
Both agencies also agreed to review and update their existing Memorandum of Understanding to strengthen coordination in the fight against economic and financial crimes.
