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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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HARDSHIP: PDP Govs Task Tinubu on Economic Policies

Madukwe Nwabuisi by Madukwe Nwabuisi
November 23, 2024
in Politics
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State governors elected on the platform of the Peoples Democratic Party (PDP) have called on President Bola Tinubu to review his administration’s economic policies to address current hardship in the land.

The governors made the call in a communique issued in Jos, Plateau State, after their two-day meeting, which ended on Saturday.

The Communique signed by Senator Bala Mohammed, Bauchi State Governor, who is the chairman of the Governor’s forum, read, “The Forum empathizes with Nigerians who are groaning under the oppressive economic hardship foisted on the nation by the policies and decisions of the APC-led Federal Government.

“The Forum calls on the President to urgently review both macroeconomic and fiscal policies that will address the welfare and well-being of Nigerians.

“The Forum wishes to pledge that all PDP Governors will continue to aggressively pursue policies and programs that will reduce the hardship and ensure progress and development.”

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The meeting, held at the Plateau State Government House, Little Rayfield, Jos, was attended by the principal organs of the party: l NWC, PDP-GF, BOT, NASS Forum, Former Governors Forum, Former Ministers’ Forum and other leaders of the party.

The communique added, “The Forum notes the concerns of Nigerians, PDP founding fathers, elders and members of our great Party of seeming divisions within the ranks and files. The Forum wishes to state categorically that it remains resolute in its determination to ensure unity and cohesion of this great Party that Nigerians have come to trust as the best platform for democratic governance.

“The Forum is constrained to accept the latest postponement of the National Executive Council (NEC) of the Party in empathy with our colleague, H.E. Governor Eno Bassey, whose late dear wife will be buried on the same day earlier scheduled for NEC. Once again, the Forum wishes to commiserate with our colleague and pray that God will grant him and the family the fortitude to bear this irreparable loss.

“The Forum is strongly advising the NWC to call NEC by the first week of February 2025 to allow for elaborate consultations with critical stakeholders of the Party. The period between November and February is to address the existential problems confronting the Party, with a deliberate timeline of activities within the period under review to address issues of leadership and litigations confronting the Party.

“The Forum notes with concern the rape of democracy in Edo Governorship elections. It is clear to everyone with a conscience that INEC manipulated results in favour of the APC candidate when, in fact, the majority of lawful votes were won by the PDP candidate, Mr. Asue Ighodalo. Meanwhile, we are still examining the documents in the Ondo elections, where the APC manipulated results after openly buying votes. The Forum calls on the judiciary to save Nigerian democracy and the National Assembly to look into our electoral laws to make it difficult for institutional sabotage of the will of the people.

“The Forum recognises the good work that the majority of members of NASS are doing. NASS is therefore called upon to critically interrogate all bills to ensure fairness, equity, national balance and even development nationally.

“The Forum commiserates with the Government and people of Plateau State on the recent Katako market fire incident, which destroyed properties worth millions of Naira. The Forum also commiserates with the Government and people of Jigawa State on the recent tanker expulsion whereby scores of people lost their lives, and several others were injured.

“The Forum expresses its gratitude to the Government and People of Plateau State for not only hosting the meeting but extending to all the participants the hospitality for which Jos is reputed. In particular, the meeting commends the Government of the State for the visible and laudable transformation in social services, tourism and transportation that have taken place and ensures all Nigerians look forward, with GENUINE HOPE, to the replication of this not only presently but after 2027 when the party would reclaim its rightful position in the Nigerian political scene.”

Our Correspondent reports that the Governors who attended the meeting included Senator Bala Mohammed (Bauchi State) – Chairman of the PDP Governors’ Forum; Caleb Mutfwang (Plateau State) – Host Governor; Agbu Kefas (Taraba State); Ahmadu Umaru Fintiri (Adamawa State); Seyi Makinde (Oyo State); and Dauda Lawal (Zamfara State).

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: PDPTinubu

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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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