The Corporate Affairs Commission (CAC) says only about 20 per cent of Point of Sale (POS) operators in Nigeria are registered.

Chairman of the CAC board, Ibrahim Ida, made this known during a courtesy visit to the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, at the commission’s headquarters in Abuja.

Mr Ida said, “The low registration rate contravened the Companies and Allied Matters Act (CAMA) 2020 and the CBN Agent Banking Regulations 2026.

“Both laws also require businesses operating under a business name to be duly registered with the CAC.”

Mr Ida expressed concern that emerging evidence linked some unregistered POS terminals to the movement of proceeds of crime.

The CAC chairman said ransom payments in kidnapping cases were sometimes channelled through unregistered POS operators.

He therefore called for stronger collaboration between the CAC and the EFCC to address the challenge and protect Nigeria’s financial ecosystem.

Mr Ida proposed three key areas of cooperation, including data and intelligence sharing on suspicious companies and transactions.

He also advocated joint sensitisation campaigns to educate businesses and the public on corporate governance and financial crime risks.

The CAC chairman further called for capacity-building programmes to help staff members tackle emerging threats related to company law and economic crime.

Responding, Mr Olukoyede said more than 80 per cent of financial crimes in Nigeria were perpetrated through procurement fraud and the use of registered companies.

Mr Olukoyede disclosed that investigations into 200 companies earlier handed over by the CAC had produced significant findings.

He agreed that the regulation of POS operators remained a major challenge requiring urgent attention.

He said stronger oversight was necessary to protect the integrity of the nation’s financial system.

The EFCC chairman also called for a review of the existing memorandum of understanding between the two agencies.

According to him, updating the agreement will facilitate more comprehensive reforms and strengthen institutional collaboration in the fight against economic and financial crimes.

Both agencies reaffirmed their commitment to deepening cooperation to improve corporate regulation, strengthen financial integrity and curb illicit financial activities in the country.

 (NAN)