The Corporate Affairs Commission (CAC) has stepped up enforcement action against unregistered Point of Sale (PoS) operators, warning that their widespread informality threatens national security and the integrity of Nigeria’s financial system. CAC Board Chairman Ibrahim Adah told the Economic and Financial Crimes Commission (EFCC) that only about 20% of PoS operators are registered with the CAC, a breach of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026. The CAC is asking the EFCC for support to compel compliance, create a reliable national database of PoS operators, and make it easier for law enforcement to trace suspicious activity.
Adah said intelligence indicates criminal proceeds, including ransom payments from kidnappings, are sometimes laundered through PoS terminals. He emphasized that CAC and EFCC must work together to tackle corporate-enabled economic crimes. During his visit to EFCC headquarters in Abuja, Adah handed over a list of about 200 companies to the EFCC for probe.
EFCC Chairman Ola Olukoyede agreed, calling unregulated PoS operations a serious threat to the financial ecosystem and noting that many corruption cases involve companies registered with the CAC. The EFCC said its investigations into businesses flagged by the CAC have already produced “interesting discoveries” and that charges were being prepared against some suspects prior to recent U.S. sanctions.
The EFCC also announced an ongoing probe into Lagos-based Bureau de Change operator Mukhtar Muhammad and three linked companies over alleged terrorism financing. The inquiry dovetails with U.S. sanctions that designate Muhammad and the firms as facilitators of Islamic State-linked financing. EFCC expects its work to complement international efforts to disrupt terror-financing networks.
