The Corporate Affairs Commission and the Economic and Financial Crimes Commission have agreed to deepen their collaboration to ensure the registration of Point of Sale operators across Nigeria, as authorities intensify efforts to curb financial crimes linked to unregistered businesses.

The renewed partnership was announced on Thursday during a courtesy visit by the Chairman of the CAC Board, Senator Hussaini Ibrahim Idah, to the Executive Chairman of the EFCC, Ola Olukoyede, at the commission’s headquarters in Abuja.

The two agencies expressed concern over the low level of compliance among PoS operators, warning that the continued operation of unregistered businesses poses significant risks to Nigeria’s financial system and national security.

The renewed push comes months after the deadline set by the CAC for all PoS operators to register their businesses expired, with many operators yet to comply.

Speaking during the visit, Idah revealed that only about 20 per cent of PoS operators nationwide are registered with the CAC, despite existing legal requirements.

He said the low compliance rate contravenes the provisions of the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026, both of which mandate that businesses operating under a business name must be duly registered.

“Presently, only about 20% of PoS operators are registered with CAC, a situation inconsistent with the Companies and Allied Matters Act, CAMA 2020, and the Central Bank of Nigeria Agent Banking Regulations 2026,” he said.

Idah said the CAC is seeking the support of the EFCC to enforce compliance nationwide and establish a comprehensive database of PoS operators to strengthen law enforcement and regulatory oversight.

He warned that intelligence available to the commission indicates that PoS terminals are increasingly being exploited to facilitate the movement of illicit funds, underscoring the need for stricter regulation and enhanced monitoring of the sector.

Responding, EFCC Chairman Ola Olukoyede described the proliferation of unregulated PoS operators as a significant concern for Nigeria’s financial ecosystem.

He warned that weak regulatory oversight creates loopholes that could be exploited by criminals, stressing the need for stronger enforcement and closer collaboration between regulatory and law enforcement agencies.

“If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem,” Olukoyede said.

Olukoyede reaffirmed the EFCC’s commitment to strengthening its partnership with the Corporate Affairs Commission (CAC) to improve regulatory compliance and combat economic and financial crimes across the country.

He described the CAC as a strategic institution in Nigeria’s economic development, noting that it is often the first point of contact for foreign investors seeking to establish businesses in the country.

The EFCC chairman also disclosed that the commission has created a dedicated desk to handle matters relating to the CAC, adding that ongoing investigations involving about 200 companies have already produced significant breakthroughs.