The Board of the Corporate Affairs Commission (CAC) has proposed three critical areas of collaboration to strengthen its partnership with the Economic and Financial Crimes Commission (EFCC) and protect Nigeria’s financial ecosystem….
The Board of the Corporate Affairs Commission (CAC) has proposed three critical areas of collaboration to strengthen its partnership with the Economic and Financial Crimes Commission (EFCC) and protect Nigeria’s financial ecosystem.
CAC Board Chairman, Senator Ibrahim M. Ida, made the proposal today during a courtesy visit to the Executive Chairman of EFCC, Mr. Olanipekun Olukoyede, at the EFCC headquarters.
Senator Ida expressed concern that only about 20% of Point of Sale (POS) operators nationwide are registered with CAC, in violation of the Companies and Allied Matters Act (CAMA) 2020 and the CBN Agent Banking Regulations, 2026, which mandate registration of all businesses operating under a business name.
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He noted that emerging evidence shows proceeds of criminal activities, including ransom payments in kidnapping cases, are sometimes channeled through unregistered POS terminals.
To address this, the CAC Chairman called for closer collaboration in three critical areas of Data & intelligence sharing on suspicious companies, Joint sensitization of businesses and the public on corporate governance and financial crime risks.
Capacity-building training for staff on emerging threats at the intersection of company law and economic crime was another area that deserves attention, he added.
In his response, EFCC Executive Chairman Mr. Olanipekun Olukoyede stated that over 80% of financial crimes in Nigeria are carried out through procurement fraud and via registered companies. He noted that investigations into 200 companies handed over by CAC had yielded significant discoveries.
Mr. Olukoyede agreed that POS regulation remains a major challenge requiring urgent attention to safeguard the financial system.
To deepen cooperation, the EFCC Chairman called for a review of the existing Memorandum of Understanding between both agencies to ensure more comprehensive reforms.
