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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.

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William Ruto is a Break From the Norm in Kenyan Democracy Says Timi Frank

Seunmanuel Faleye by Seunmanuel Faleye
August 17, 2022
in International, News Bite, Politics, Press Release
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William Ruto is a Break From the Norm in Kenyan Democracy Says Timi Frank

A former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has congratulated the President-elect of Kenya, Mr William Ruto.

Frank in a statement in Abuja, lauded the people of Kenya for their peaceful disposition during the presidential election and for voting for change in the East African country.

He called on them to stand with Ruto who represents a complete break from the established system of political succession in the country which had appeared to be restricted to the offsprings of former leaders who fought for the independence of the country. 

William Ruto: Atiku Hails Kenyan Democracy, Congratulates President-elect

Frank who is the United Liberation Movement for West Papua (ULMWP) Ambassador to East Africa and Middle East, also called on the outgoing President of Kenya, Uhuru Kenyatta, to urgently initiate a peace and reconciliation process among the key actors during the election in order to curb the pockets of restiveness in some parts of the country. 

He urged him to follow the precedent laid by President Goodluck Jonathan in 2015 by officially congratulating Ruto.

He said: “The people of Kenya have decided that the ‘Hustler-In-Chief-of-Kenya’ should be their next President through the ballot. Therefore, let the will of the people prevail. 

“Kenya needs peace to move forward and President Kenyatta has a great role to play in bringing parties in the electoral conflict to the discussion table just like he did during the last election whose results were highly disputed. 

“Kenya is a peaceful country therefore, the political actors must eschew any action that can plunge the nation into a needless political crisis following the emergence of Ruto as President. 

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“The election of Ruto marks a new political dawn for Kenya, therefore, let the votes count.

“On his part, the President-elect, must be magnanimous in victory by immediately reaching out to his opponents with assurances of his readiness to work with them in the overall interest of peace and development of the country.

“We equally call on the presidential candidate of the opposition political party, Raila Odinga, to as a matter of necessity call his supporters to order in the interest of peace for the generality of Kenyans.

“Let him approach the appropriate court to challenge the results of the poll if he feels there were irregularities during the electoral process that may have denied him victory.”

Frank also called on the Independent National Electoral Commission (INEC) of Nigeria to borrow a leaf from its Kenyan counterpart that never considered the existing power blocks in the country but courageous declared Ruto as the President-elect after he scored the highest number of votes during the election.

END

Signed

Comrade Timi Frank
ULMWP Ambassador to East Africa and Middle East

Seunmanuel Faleye
Seunmanuel Faleye

Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.

Tags: William Ruto: Atiku Hails Kenyan Democracy Congratulates President-elect

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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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