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    Supreme Court Orders Final Forfeiture of Emefiele’s Assets to Federal Government

    Supreme Court Orders Final Forfeiture of Emefiele’s Assets to Federal Government

    President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a unified framework to regulate virtual assets and strengthen Nigeria's digital economy. The President signed the order pursuant to Section 5 of the 1999 Constitution (as amended), and it took effect immediately, according to a statement issued Friday by presidential spokesperson, Bayo Onanuga. The statement explained that the order was designed to address a fragmented regulatory landscape, where overlapping and disjointed oversight by government agencies had exposed Nigerians to risks such as money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses. It noted that unregistered operators had exploited these gaps in the past to defraud unsuspecting citizens. To close these loopholes, the order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). The Council will set policy direction, foster cooperation among the agencies, and collaborate with the Attorney-General of the Federation to build a harmonised legal and institutional framework for the sector. A Virtual Asset Office will also be created as the Council's operational arm, with its secretariat based at the CBN. The office will coordinate information sharing, applications and reporting among agencies through an integrated supervisory technology platform. The statement clarified that the order does not create a new regulator or strip any agency of its existing powers. Instead, registration of virtual asset activities will be determined by the nature of the asset involved — the SEC will register security-related activities, while the CBN will handle payment, settlement, custody and other non-security virtual asset services. The Council will resolve any disputes over jurisdiction. As part of the coordinated approach, the CBN is proceeding with a regulatory sandbox that will allow eligible operators to test virtual asset products and blockchain-based solutions under close supervision before they reach the wider market. The NRS is also expected to release a tax policy for the virtual assets sector to strengthen compliance and ensure the industry contributes fairly to national revenue. Additionally, the Federal Government is finalising a Virtual Assets White Paper that will outline the country's long-term policy direction for the sector. The Council has been given 30 days to develop a Harmonised Implementation Framework to guide agencies in enforcing the order.

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    Supreme Court Orders Final Forfeiture of Emefiele’s Assets to Federal Government

    Supreme Court Orders Final Forfeiture of Emefiele’s Assets to Federal Government

    President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a unified framework to regulate virtual assets and strengthen Nigeria's digital economy. The President signed the order pursuant to Section 5 of the 1999 Constitution (as amended), and it took effect immediately, according to a statement issued Friday by presidential spokesperson, Bayo Onanuga. The statement explained that the order was designed to address a fragmented regulatory landscape, where overlapping and disjointed oversight by government agencies had exposed Nigerians to risks such as money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses. It noted that unregistered operators had exploited these gaps in the past to defraud unsuspecting citizens. To close these loopholes, the order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). The Council will set policy direction, foster cooperation among the agencies, and collaborate with the Attorney-General of the Federation to build a harmonised legal and institutional framework for the sector. A Virtual Asset Office will also be created as the Council's operational arm, with its secretariat based at the CBN. The office will coordinate information sharing, applications and reporting among agencies through an integrated supervisory technology platform. The statement clarified that the order does not create a new regulator or strip any agency of its existing powers. Instead, registration of virtual asset activities will be determined by the nature of the asset involved — the SEC will register security-related activities, while the CBN will handle payment, settlement, custody and other non-security virtual asset services. The Council will resolve any disputes over jurisdiction. As part of the coordinated approach, the CBN is proceeding with a regulatory sandbox that will allow eligible operators to test virtual asset products and blockchain-based solutions under close supervision before they reach the wider market. The NRS is also expected to release a tax policy for the virtual assets sector to strengthen compliance and ensure the industry contributes fairly to national revenue. Additionally, the Federal Government is finalising a Virtual Assets White Paper that will outline the country's long-term policy direction for the sector. The Council has been given 30 days to develop a Harmonised Implementation Framework to guide agencies in enforcing the order.

    Tinubu Signs Executive Order To Regulate Virtual Assets, Digital Economy

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7% Allocation To Education In 2025 Budget Can’t Change Anything -ASUU Tells Tinubu

Madukwe Nwabuisi by Madukwe Nwabuisi
January 1, 2025
in Education
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7% Allocation To Education In 2025 Budget Can't Change Anything -ASUU Tells Tinubu
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The Academic Staff Union of Universities, ASUU, has declared that seven per cent budgetary allocation to education in 2025 by the Federal Government will not bring any change to the sector.

The union made this declaration via a statement signed by its chairman, University of Ibadan chapter, Processor Ayo Akinwole on Wednesday, January 1, 2025.

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Akinwole in the statement said that the poor welfare conditions of public varsities’ lecturers is leading to the reluctance of qualified hands to take up jobs in the university system.

The statement read in part;

“The result of this has been the proliferation of private schools, most of which are out of the reach of the poor due to the exorbitant fees they charge.

The university system witnessed stagnation in 2024, but for the sacrifices of the lecturers, the university system would have been thrown into another industrial crisis because of the lacklustre attitude of Federal Government to the plights of lecturers.

“Nigeria’s education is likely to remain the same because it has been allocated about 7 per cent (N3.52trillion) in the 2025 budget (47.90trillion) “which falls far below the benchmark of 15%-20% educational budget for underdeveloped countries like Nigeria, specified by both UNESCO and United Nations Fund for Population Activities (UNFPA), which has been advocated by our Union.

“To be sure, since 2017, various committees had been put in place by the Government to renegotiate the agreement with ASUU.

“For instance, the Babalakin-led Joint Renegotiation Committee was set up, followed by Emeritus Professor Munzali Jubril-led Committee, and followed by Late Prof. Nimi Briggs-led Committee, which yielded a draft Agreement between the Committee and ASUU in 2021.

“Unfortunately, the Buhari administration refused to sign the Agreement reached by a Committee set up by it.

“It is, therefore, our opinion that instead of a fresh renegotiation of the Agreement, the Tinubu-led administration should rather set in motion a process that will lead to the review and signing of the Nimi Briggs-led renegotiated draft agreement as a mark of goodwill and assured hope for Nigeria’s public universities.”

“This misbegotten policy will have huge and adverse implications for the university system in Nigeria. This is, no doubt, an attempt to destroy the major source of infrastructural funding for already struggling public tertiary institutions.

“It is also an attempt to commodify university education in Nigeria.”

Madukwe B. Nwabuisi
Madukwe Nwabuisi

Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.

Tags: ASUUEducation

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  • Supreme Court Orders Final Forfeiture of Emefiele’s Assets to Federal Government
  • Tinubu Signs Executive Order To Regulate Virtual Assets, Digital Economy
  • Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline
  • Tinubu Wanted Young Female Deputy Governor, Says Hamzat
  • Bode George Blames Excessive Land Reclamation for Lagos Flooding

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