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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.

    Tinubu Signs Executive Order To Regulate Virtual Assets, Digital Economy

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JOINT TRAINING: Lagos, Ogun Army to Better Cooperation with Other Security Organisations

Madukwe Nwabuisi by Madukwe Nwabuisi
March 5, 2025
in Security
Reading Time: 3 mins read
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Don't Panic when you See Heavy Movement of Troops and Equipment -Army Tells Enugu Residents

Nigerian-Army

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To enhance security within Lagos and Ogun states, the 81 Division of the Nigerian Army (NA) yesterday began this year’s operations planning cadre for officers.

Themed: “Enhancing Operational Readiness Through Effective Planning, Collaboration and Capacity Development”, the training which held at the Army Officers Mess, Marina, brought together security operatives from the military, police, Nigeria Customs Service (NCS), Nigeria Immigration Service (NIS) and other relevant stakeholders.

At the event, the General Officer Commanding (GOC) 81 Division, Maj.-Gen. Farouk Mijinyawa, said the forum presented an opportunity for officers to develop improved strategies and facilitate interaction with various security personnel.

“The Operations Planning Cadre is significant in that it affords the Nigerian Army a forum to brainstorm extensively and come up with better ways to project activities of the NA and to interface and rub minds with Officers within 81 Division AOR as well as representatives of sister services and other security agencies.

“It is also an avenue to enhance operations planning values and competencies amongst participants for effective and optimal performance,” he said.

According to the GOC, the training programme was structured to provide officers with the crucial skills needed to plan and lead effectively, as well as to foster better cooperation with other security organisations, particularly during combined operations.

He emphasized that the inclusion of various security agencies in the training was intended to create a more authentic learning experience, reflecting the reality of joint operations in domestic security.

Mijinyawa urged participants to actively contribute their insights and perspectives to ensure the cadre’s goals are met. Similarly, the Commander, Nigerian Army, Corps of Electrical and Mechanical Engineers, Maj.-Gen. Baba Umaru Yahya, noted the need for enhanced operational readiness in light of current security challenges.  He emphasized that training, discipline, and commitment were crucial for successful operations.

He said: “The discourse on operations has consistently remained in the front burner of most military engagements in the country. This has become our reality as our nation is currently facing a multitude of security challenges which necessitates an increased involvement of various security agencies in combating non-state actors who pose threats to law-abiding citizens.

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“These involvements have also placed enormous demands on the Nigerian Armed Forces to step up its operations in support of civil authority.

“I, therefore wish to reiterate that training, discipline and commitment to duty are all part of essential components in achieving success in operations.”

Noting the multidimensional and complex nature of security threats confronting the country, Yahya said the Army’s response has also been robust,    holistic and dynamic with adequate support, improved inter-agencies cooperation and mission specific training across all cadres.

“However, the dynamic nature of threats which continues to evolve amplifies the need for training that is constantly adaptive and as such it is envisaged that this operations planning cadre would deliver the requisite training,” he said.

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: Nigerian Armytraining

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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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