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

EFCC Investigates 200 Companies Amid Concerns Over Unregistered POS Operators

The Economic and Financial Crimes Commission (EFCC) is currently investigating 200 companies referred to it by the Corporate Affairs Commission (CAC), as disclosed by EFCC Chairman Olanipekun Olukoyede during a meeting on Thursday. The meeting took place at the EFCC headquarters in Abuja and included officials from the CAC, led by Chairman Ibrahim M. Ida.

During the courtesy visit, Ida raised concerns regarding the registration status of Point of Sale (POS) operators across Nigeria. He noted that only about 20 percent of these operators are registered in compliance with the Companies and Allied Matters Act, 2020, and the Central Bank of Nigeria’s Agent Banking Regulations, 2026.

Ida indicated that there is emerging evidence linking unregistered POS terminals to the routing of funds from criminal activities, including ransom payments linked to kidnappings. He emphasized the need for enhanced collaboration between the EFCC and CAC to strengthen the integrity of Nigeria’s financial system.

Ida proposed three critical areas for partnership: data and intelligence sharing on suspicious companies, joint public awareness campaigns on corporate governance and financial crime risks, and capacity-building initiatives for staff to address emerging threats related to company law and economic crimes.

In response, Olukoyede highlighted that over 80 percent of financial crimes in Nigeria stem from procurement fraud, often involving registered companies. He acknowledged the regulation of POS operators as a significant challenge that must be addressed to protect the nation’s financial ecosystem.

Olukoyede also advocated for a review of the existing Memorandum of Understanding between the EFCC and CAC to enhance cooperation and support broader reforms aimed at combating financial crimes.

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