Ransom Payments, Kidnapping Cases Channelled through Operators
Emerging Evidence Links Unregistered POS Terminals to Movement of Crime Proceeds
Only 20% of Operators Registered
Concerns are mounting over the role of Point of Sale terminals in Nigeria’s crime economy, with fresh evidence showing that ransom payments and illicit funds are being funnelled through unregistered operators.
The Corporate Affairs Commission (CAC) has revealed that only about 20 per cent of POS operators nationwide are properly registered, leaving the vast majority outside the regulatory framework.
This gap, according to the commission, has created fertile ground for criminal exploitation, with kidnappers and fraudsters increasingly turning to POS terminals to move proceeds of crime.
Senator Ibrahim Ida, Chairman of the CAC Board, raised the alarm during a visit to the headquarters of the Economic and Financial Crimes Commission (EFCC) in Abuja.
He explained that the low registration rate contravenes both the Companies and Allied Matters Act 2020 and the Central Bank’s Agent Banking Regulations 2026, which require businesses to be duly registered.
Ida called for stronger collaboration between the CAC and EFCC, stressing that Nigeria’s financial ecosystem must be protected from abuse.
He proposed closer intelligence sharing, joint sensitisation campaigns to educate businesses and the public, and capacity‑building programmes to help staff confront emerging threats.
Responding, EFCC Chairman Olanipekun Olukoyede acknowledged the scale of the challenge.
He noted that more than 80 per cent of financial crimes in Nigeria are perpetrated through procurement fraud and registered companies, and disclosed that investigations into 200 companies handed over by the CAC had already produced significant findings.
Olukoyede agreed that regulation of POS operators remains a pressing issue and called for a review of the Memorandum of Understanding between the two agencies to strengthen oversight.
Both agencies reaffirmed their commitment to deepen cooperation, improve corporate regulation, and curb illicit financial flows undermining Nigeria’s economy.
