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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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There Are Enough Opportunities For Our Youths To Explore In Nigeria’s Space Sector – NASRDA

admin by admin
May 23, 2025
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The National Space Research and Development Agency (NASRDA)

The National Space Research and Development Agency (NASRDA)

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The Director General of the National Space Research and Development Agency (NASRDA), Dr. Matthew Adepoju, has come out to announce its plans to equip 200,000 Nigerian youths with key skills to explore opportunities in the growing space economy.

He recently revealed that there are a lot of opportunities waiting to be explored in the space sector.

Speaking during the 2025 NASRDA top management retreat held in Uyo, Akwa Ibom State, Adepoju revealed that the skills will not just transform the lives of beneficiaries, they will also go a long way towards addressing the current youth unemployment crisis across Nigeria.

“We are introducing some skills acquisition for youth employment because we have observed that they need skills, wherever you have problems, that is potential money, that is potential jobs, that is opportunities.

But when you don’t have the skills to tackle the problems and turn the situation to wealth creation is the problem.

That’s why we brought up the skills acquisition hub, which is taking off soon,” he said.

For the implementation of the programme, NASRDA is planning to establish skills acquisition hubs across all six geopolitical zones of Nigeria, and the 1st regional centre is set to be commissioned in 2025.

According to him, the training hubs will provide practical, market-ready skills that would empower Nigerian youths to solve problems and contribute their quota to national development.

“The first one out of the six regional centres will be completed and commissioned this year, where we can train up to 200,000 youths every year in every region,” Adepoju said.

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He also shared that NASDRA is about to launch 2 new satellites into space within the next year to replace the old satellite launched 14 years ago.

Announcing that the new satellite’s launch is being executed in collaboration with the United States-based Space Exploration and Research Agency (SERA), Matthew stated that the programme of the first Nigerian, first African to be in space would be a reality once it happens.

“In the next six months to one year, definitely, NASRDA will launch at least two out of the four satellites into orbit. Then the programme of the first Nigerian, first African to be in space would have been a reality too, because we have already secured the seat in Blue Origin.

Many of the services rendered to us in Nigeria are substandard. Let’s look at direct-to-home television, even telephone, you are in the middle of a telephone call, and everything is dropping, because of the transponder they are using.

I was really disappointed in the room while I was listening to the President’s acceptance speech, and because it was cloudy and about to rain, everything went off the screen.

It is because nobody is regulating the space sector, which is the function of NASRDA, both the upstream, midstream, and downstream,” he added.

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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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