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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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How Wike, Bauchi Gov’s Face-Off Teared PDP

Madukwe Nwabuisi by Madukwe Nwabuisi
October 12, 2024
in News Bite, Politics
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How Wike, Bauchi Gov’s Face-Off Teared PDP

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The crisis rocking the Peoples Democratic Party (PDP) related to issues in Rivers State and the conflict between the Minister of Federal Capital Territory, Nyesom Wike, and the Bauchi State Governor, Bala Mohammed, has factionalised the party’s National Working Committee.

Since taking over after Senator Iyorchia Ayu was removed by a court, the party’s factional acting National Chairman, Umar Damagum, had faced mounting criticism within the party, leading to calls for his resignation.

The crisis escalated when Damagum and other NWC members, in support of Wike, secured approval for controversial PDP Congresses in Rivers State and postponed the National Executive Committee meeting from September 26 to October 24.

The lingering conflict between Wike and the current Rivers State Governor, Siminalayi Fubara, also intensified on August 24 as the PDP governors publicly declared their supports for their Rivers counterpart and urged a review of the state congresses.

In response, Wike August 31 threatened to disrupt activities in the governors’ states if they continued to interfere in Rivers State matters, but the PDP Governors’ Forum, led by the Bauchi State governor labelled Wike’s threats as irresponsible on September 3.

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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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Meanwhile, Fubara oversaw local government elections on October 5, resulting in a setback for Wike’s camp, as 22 of the 23 newly elected chairmen were from the Action Peoples Party.

But in a surprised move, the NWC in a statement by the party’s National Director of Publicity, Chinwe Nnorom on Friday announced the suspension of its National Publicity Secretary, Debo Ologunagba, and National Legal Adviser, Kamaldeen Ajibade (SAN).

It was earlier reported that Ologunagba and Ajibade (SAN) had been heading the NWC group that consistently opposes Damagum’s efforts to hand over control of the PDP to Wike, especially regarding issues in Rivers State.

The statement read in part, “The National Working Committee of the Peoples’ Democratic Party arising from its 593rd Meeting today, Thurday, October 10, 2024, has directed the National Publicity Secretary, Debo Ologunagba and National Legal Adviser, Kamaldeen Adeyemi Ajibade, SAN, to step aside, respectively.

“As a result, the NWC constituted a committee to be chaired by the Deputy National Chairman (South), H.E. Amb. Taofeek Arapaja, to investigate the issues raised against the officers in compliance with the provisions of the Constitution of the Party.”

“Following the NWC’s Decision, it directed their respective deputies (DNPS and DNLA) to assume office in acting capacity with effect from Friday, October 11, 2014, pending the conclusion of investigation by the Committee. The officers are:  “Ibrahim Abdullahi Manga, Esq, Acting National Publicity Secretary and Barr. Okechukwu Osuoha, Acting National Legal Adviser”.

Moments later, a statement signed by Ologunagba on Friday revealed that the NWC had suspended Damagum and National Secretary, Sen. Samuel Anyanwu, for alleged disloyalty to the PDP.

The Ologunagba faction of the NWC also appointed National Treasurer Yayari Ahmed Mohammed as acting National Chairman.

The statement read in part “The National Working Committee (NWC) of the PDP has extensively considered the series of complaints raised against the Acting National Chairman, Amb. Illiya Damagum and National Secretary, Sen. Samuel Anyanwu particularly with regard to the letter addressed by them to the Court of Appeal in Appeal No:CA/PH/307/2024 against the Party’s position in the case involving the 27 former members of the Rivers State House of Assembly who vacated their seats upon decamping from the PDP to the All Progressives Congress.

“The NWC condemned this anti-party activity of the Acting National Chairman and the National Secretary which is in gross violation of the provisions of the PDP Constitution (as amended in 2017) and their Oath of Office.

“Consequently, the NWC, pursuant to Sections 57, 58 and 59 of the PDP Constitution, has suspended Amb. Illiya Damagum and Sen. Samuel Anyanwu as Acting National Chairman and National Secretary of the Party respectively and referred them to the National Disciplinary Committee for further action.

“Following the suspension of His Excellency, Amb. Illiya Damagum as the Acting National Chairman of our great Party, the Peoples’ Democratic Party, the National Working Committee has approved the appointment of Alhaji Yayari Ahmed Mohammed as the Acting National Chairman.”

It was learnt that Wike directed his supporters in the NWC led by Damagum to suspend Ologunagba and Ajibade (SAN) for opposing his interests in Rivers State and obstructing his control of the party structure at national.

A senior NWC member from the Mohammed’s faction, speaking anonymously, stated that Ologunagba and Ajibade (SAN) were suspended not only for the Rivers issue but also for their consistent criticism of Damagum’s management of party funds.

The source stated, “The NWC has been divided for a while. The division was largely caused by Wike and Fubara’s conflict over Rivers structure. But the division became known to the public on Thursday after the rancorous NWC meeting.”

\In a press conference in Abuja on Thursday, Ibrahim Abdullahi, the acting National Publicity Secretary of the Damagum faction, also confirmed that the suspension of Ajibade and Ologunagba is linked to the Rivers crisis.\Abdullahi clarified that the Damagum-led NWC is following Wike’s agenda and denied allegations that they were financially incentivised to suspend those individuals.

Abdullahi, reading a statement signed by Anyanwu, explained that Ajibade and Ologunba were suspended due to allegations of abuse of office, insubordination, and failure to follow the directives of the NWC.

In response to the suspensions from both factions, the PDP Board of Trustees urged the factional members of the National Working Committee to restore the previous state of affairs.

PDP BoT Chairman Sen. Adolphus Wabara, who stated this in a statement on Friday, urged the factional NWC to sheath their swords and de-escalate the tension.

Wabara asserted that the Board of Trustees is fully dedicated to fostering peace, unity, and progress within the PDP. 

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: BauchiWike

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