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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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Coronation: Ibadan Stands Still As Rashidi Ladoja Becomes 44th Olubadan

admin by admin
September 27, 2025
in Politics
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Rashidi Ladoja

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The ancient city of Ibadan played host to prominent Nigerians home and abroad, traditional rulers and politicians, who united to witness the historical inauguration of Oba Rashidi Ladoja as the 44th Olubadan of Ibadanland. The ancient Mapo Hall, venue of the coronation, came alive with pride and celebration on Friday.

The coronation, described to be the apex of a lifelong journey, was a historical moment in Nigeria, as it became the first time that a former governor, senator and successful businessman would become imperial majesty.

Ladoja, who clocked 81 on Thursday, emerged from the civil line of the Olubadan throne, specifically from the Otun Olubadan position, which is the most senior chief in the civil line.

Ibadan’s special rotational traditional system permits throne alternation between the civil (Otun) and military (Balogun) lines, a structure which has been carefully maintained for the past 170 years.

The Olubadan stool became vacant following the demise of Oba Owolabi Olakulehin on July 7, at the age of 90 years.

Early on Friday morning, residents and dignitaries had started to storm the iconic Mapo Hall, venue of the event. The gathering of high-ranking traditional rulers, top politicians, religious leaders and business tycoons from every part of Nigeria symbolised national recognition of Ladoja’s significance beyond Yorubaland.

The Ooni of Ife, Oba Enitan Ogunwusi, during a courtesy visit to Ladoja’s residence on Sunday, described Ladoja as a man who has seen it all as a former governor, senator and experienced business magnate.

Also speaking, Peter Obi noted that the socio-economic and political history of Nigeria would not be complete without Ibadan being mentioned, as Ibadanland has always played a pivotal role in both the socio-economic and political history of Nigeria.

Hailing Rashidi Ladoja’s political journey, he stressed that the 44th Olubadan of Ibadanland has the required experience to uplift the city further.

“The ancient city is blessed with the likes of Ladoja, who has seen it all as former governor and senator of the Federal Republic of Nigeria.

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It is expected that his wealth of experience will be brought to bear in his new royal assignment as the 44th Olubadan of Ibadanland,” he said.

Major markets like Oja-Oba, Ayeye, Oje and Ita-merin were temporarily shut as a mark of honour and deep respect for Ibadan traditional institutions. (NAN)

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  • Supreme Court Orders Final Forfeiture of Emefiele’s Assets to Federal Government
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  • 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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