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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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BURIAL: “Lagbaja’s Death ‘ll Inspire Military to Defeat the Nation’s Enemies” – Chief of Defence Staff

Madukwe Nwabuisi by Madukwe Nwabuisi
November 16, 2024
in Security
Reading Time: 4 mins read
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BURIAL: "Lagbaja’s Death 'll Inspire Military to Defeat the Nation’s Enemies" - Chief of Defence Staff
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Emotions ran high as the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, was laid to rest at the National Military Cemetery in Abuja, on Friday.

The ceremony brought together family, colleagues, and dignitaries to bid a final farewell to the late army chief.

The grief-stricken family members and colleagues struggled to contain their tears.

Even the nose mask worn by his widow, Mariya, couldn’t conceal the steady stream of tears that dropped from her eyes.

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President Bola Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, Chief of Defence Staff, Gen. Christopher Musa, Minister of Defence, Mohammed Badaru, and the Inspector General of Police, Kayode Egbetokun, each took turns laying wreaths at the grave.

Speaking at the event, the Chief of Defence Staff, Musa, assured Nigerians that Lagbaja’s death would inspire the military to defeat the nation’s enemies wherever they may be.

Musa stated that the military took solace in the fact that the late army chief lived a purposeful life, urging the troops to honour his memory by committing themselves to the ideals he stood for.

Musa said, “We will not leave you alone. We know your loss is immeasurable, but please take solace in knowing that he lived a life of purpose and left behind a legacy that will never fade. To my fellow officers and men, let us use this moment to recommit ourselves to the ideas for which General Labaja stood for.

“Let us ensure that his sacrifice and service continue to guide our steps as we defend this great nation. We are going to use his passing away to resolve further to defeat all enemies of the state, wherever they are, whether within or outside. As we lower him today into the embrace of the earth, let us raise our voices in prayer and gratitude for a life well lived. “

Reflecting on Lagbaja’s tenure, Musa noted that he took bold and decisive actions against terrorists, bandits, and other threats.

He said, “His tenure was marked by decisive actions against insurgency, banditry, and other threats to our nation’s peace. His efforts significantly enhanced the operational readiness and the morale of the Nigerian Army. But beyond his professional achievement, General Labaja was a man of profound faith, kindness, and humility.

“His commitment to safeguarding our nation’s sovereignty and ensuring the security of our citizens was unwavering. From his early days as a young officer to his ascension to the esteemed office of the Chief of Army Staff, General Lagbaja consistently demonstrated a rare blend of intellect, bravery, and humanity. He understood the complexities of modern warfare and the need for innovation in our strategies.

“Yet, he never lost sight of the human element, the men and women who serve under the flag and the citizens whose freedom they defend.

In his remarks, the Minister of Defence, Muhammed Badaru, said Lagbaja embodied the core values of soldiering and served Nigeria without reservation for over 30 years.

Badaru said the late army chief was not only courageous but also an inspiring leader who lived from the front, exemplifying his tedious dedication to the service of the nation.

At the event, Tinubu conferred a posthumous national honour, Commander of the Federal Republic, on Lagbaja.

Tinubu said the conferment was to appreciate Lagbaja’s service to the nation.

The President described Lagbaja as one of his best appointees.

He said, “Lagabaja was a true soldier, a general and officer who symbolised the best of his profession and whose commitment to the nation he loved was singular and undiluted.

“He was more than I could have hoped for. He was one of my best appointments. Lieutenant General Lagbaja embodied the finest ideas of a patriot and a soldier. He had an abiding faith in the capability and readiness of our armed forces to save and keep us”.

Tinubu described Lagbaja as a trusted advisor, adding that he was a man of prudent action who cared about the nation and the men who served under him.

“He displayed uncommon valor in the charge of his duty and the administration of the rank and file for he cared about their welfare and that of their families.

“For me, he was a trusted advisor whose formidable intellect and breadth of knowledge served this nation well,” he added.

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: LagbajaMilitary

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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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