EFCC and CAC Collaborate Against Unregistered POS Operators

The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have united to tackle the risks associated with unregistered Point of Sale (POS) operators in Nigeria. This collaboration was highlighted during a courtesy visit by CAC's Board Chairman, Senator Ibrahim Adah, to EFCC's Executive Chairman, Ola Olukoye, on Thursday at the EFCC headquarters in Abuja.

The EFCC expressed concerns regarding the lack of compliance among POS operators, noting that only 20 out of many are registered with the CAC. The partnership aims to develop a reliable database of POS operators and enhance enforcement of compliance with the Companies and Allied Matters Act (CAMA) 2020 and Central Bank of Nigeria regulations.

Olukoye warned of increasing evidence linking POS operators to criminal activities, including ransom payments in kidnapping cases. The EFCC has established a dedicated desk to handle matters involving the CAC and is currently investigating 200 companies, with findings expected to aid regulatory compliance efforts.