The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has said that more than 80 per cent of financial crimes in Nigeria are perpetrated through procurement fraud and the use of registered companies.
Olukoyede hinted at this while receiving the Board of the Corporate Affairs Commission (CAC), led by its Chairman, Senator Ibrahim Ida, during a courtesy visit to the EFCC headquarters, according to a statement issued by the CAC late Thursday.
He said investigations into 200 companies handed over to the anti-graft agency by the CAC had produced significant findings.
“Over 80% of financial crimes in Nigeria are carried out through procurement fraud and via registered companies,” Olukoyede said.
The EFCC chairman also described the regulation of Point of Sale (POS) operators as a major challenge requiring urgent attention to protect the country’s financial system.
He called for a review of the existing Memorandum of Understanding between the EFCC and the CAC to strengthen cooperation and drive more comprehensive reforms.
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Earlier, CAC Board Chairman, Senator Ibrahim Ida, proposed closer collaboration between the two agencies in three critical areas to strengthen their partnership and protect Nigeria’s financial ecosystem.
Ida expressed concern that only about 20 per cent of POS operators across the country are registered with the CAC, contrary to the provisions of the Companies and Allied Matters Act (CAMA) 2020 and the CBN Agent Banking Regulations, 2026, which require all businesses operating under a business name to be registered.
He said emerging evidence indicates that proceeds of criminal activities, including ransom payments in kidnapping cases, are sometimes channelled through unregistered POS terminals.
To address the challenge, the CAC chairman proposed stronger collaboration on data and intelligence sharing on suspicious companies, joint public sensitisation on corporate governance and financial crime risks, and capacity-building for staff on emerging threats at the intersection of company law and economic crime.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X