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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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GLOBAL FIREPOWER INDEX: Nigerian Army Ranked 39th Bravest -COAS Lagbaja

Madukwe Nwabuisi by Madukwe Nwabuisi
June 25, 2024
in News Bite, Security
Reading Time: 4 mins read
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Chief of Army Staff, Lt General Taoreed Lagbaja has announced that the Nigerian Army has been ranked 39th bravest in terms of confronting any adversary out of over 145 countries assessed in the Global Firepower Index in 2024.

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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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Speaking at a press briefing to kickstart activities marking the Nigerian Army Day Celebration (NADCEL) 2024 with the theme “Transforming the Nigerian Army: Imperative for Combating Contemporary Security Challenges within a Joint Environment”, Lagbaja who was represented by the Chief of Policy and Plans, Army, Major General Abdulsalami Ibrahim noted that after 161 years of varied challenges, this year’s NADCEL is a celebration of one of the greatest Armies in the world with an eventful history.

He said; “Nigerian Army has also made significant contributions to national development and progress in several areas such as security, education, engineering, health, science, sports and many other spheres.

“It is due to these accomplishments that the NA always seizes the opportunity presented by the period culminating into 6 July to celebrate and give glory to Almighty God.

“As you may all know, the date; 6 July itself symbolically signifies the day in the Nigerian Civil War when the First Shot was fired in Nigerian Army’s quest to keep the nation united and indivisible.

“The Nigerian Army Day Celebration aims to showcase the Army as an instrument of national unity, integration, and development as well as highlight the achievements, capabilities and enduring reputation of the Nigerian Army and President Bola Ahmed Tinubu will grace the Grand Finale as the Special Guest of Honour.

“The series of activities culminates into a Gala Nite at Gowon Hall, Crispan Hotel in Jos, Plateau State. Additionally, throughout the celebration period, there would be broadcasts of goodwill messages from our gallant troops in operational theatres across the Country on various television and radio stations.

“Activities lined up for this year’s Celebration are in consonance with the Chief of Army Staff Command Philosophy of transforming the Nigerian Army into a well-trained, equipped and highly motivated force towards achieving its constitutional responsibility within a joint environment.

“Therefore, we want to put God first because we believe, as inscribed as our motto that victory is from God alone. Hence, special Jumma’at Prayers and Interdenominational Church Services would hold across all our formations and units on Friday 28th and Sunday 30th June respectively.

“On 3rd July, we shall have speaking engagement visits to at least one secondary school in each state of the Country and the Federal Capital Territory. The speaking engagement seeks to enlighten the young minds in the selected schools about their Army and promote patriotism and selfless service.

“This would be followed by the conduct of Free Medical Outreach and commissioning of quick impact projects within the host community to elicit their support and cooperation.

“The Nigerian Army Day Celebration 2024 special Lecture is scheduled to take place at Gowon Hall, Crispan Hotel, Jos on 4th July. The lecture would deliberate on topical issues affecting all aspects of the Nigerian Army’s transformation so that, going forward the Army can better meet its constitutional obligations.

“Award ceremony for the maiden Chief of Army Staff Literary Competitions which the Chief of Army Staff instituted this year would hold immediately after the celebration’s lecture.

“The events for Thursday 4th July would climax with the Veteran’s Happy Hour which promises to be an exciting and nostalgic reunion for retired and discharged Nigerian Army personnel. On Friday 5th July, serving and retired personnel as well as other Golf lovers would be treated to a Golf Tournament at Rhino Country Golf Club, Maxwell Khobe Cantonment, Jos.

“The crescendo for the Nigerian Army Day Celebration for this year is the Grand Finale that would hold at the 3 Division Physical Training Ground, Maxwell Khobe Cantonment on 6th July.

“This event involves a parade and the Chief of Army Staff Commendation Award as well as armament and equipment display and exhibitions on the historical transformation of the Nigerian Army and some research and development efforts of the Army including some of our partners.

“In its 161 years of existence, the Nigerian Army has displayed bravery and as it is evolves, Nigerian Army has continually built capacity and modernized to effectively meet its responsibilities.

“The capabilities and doggedness of the Nigerian Army ensured its troops participated in the First and Second World War and numerous peacekeeping and peace support operations in different parts of the world.

 “The Nigerian Army also took active part in the unfortunate Nigerian Civil War, which ended with the slogan “No victor, no vanquish”; reuniting the country in 1970. Its heroic exploits in Peacekeeping especially in the last 2 decades are well acknowledged globally and particularly by the United Nations.

“The effectiveness of the Nigerian Army in peacekeeping has resulted in several requests for its deployment in various troubled countries, and despite our security challenges, Nigeria submit to calls for increased participation of her troops in international peace efforts.

“Nigerian Army under the leadership of Lt Gen TA Lagbaja the 23rd Chief of Army Staff will continue to conduct kinetic and non kinetic operations to ensure the quick resolution of our security challenges.”

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: COASNigerian Army

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  • 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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