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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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Edo Government Demolishes Cult-Linked Properties In Uromi

Seunmanuel Faleye by Seunmanuel Faleye
December 9, 2025
in Security
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Edo Government Demolishes Cult-Linked Properties In Uromi
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The Edo State Government has commenced the demolition of properties allegedly linked to cult activities in Uromi, Esan North-East Local Government Area, as part of intensified efforts to combat kidnapping, cultism, and other criminal activities across the state.

Dr. Patrick Akhere Ebojele, Chief Press Secretary to the Edo State Governor, disclosed this in a statement on Friday, explaining that the action followed a major security raid conducted on November 17, 2025.

The demolition exercise was executed after cult leaders failed to comply with a seven-day ultimatum to surrender following a violent clash in Uromi on November 16, 2025.

The initial security operation had been carried out by the State’s Special Security Squad in collaboration with the Nigerian Army and other security agencies, resulting in the arrest of 31 suspects at various hideouts. Leaders of the Black Axe and Eiye confraternities, accused of orchestrating the violent confrontation, were given the ultimatum to turn themselves in.

With the deadline expired and no compliance from the wanted cult leaders, authorities proceeded to demolish buildings where incriminating evidence had been uncovered. The government described the demolition as a clear demonstration of the administration’s determination to eradicate criminality.

The operation was led by the Principal Security Officer to Governor Monday Okpebholo, with support from the Divisional Police Officer in Uromi, local vigilante groups, the Esan North-East Anti-Kidnapping Committee, and personnel of the Nigerian Army.

Idemudia Noah, coordinator of the security outfit codenamed Operation Flush Out Kidnapping and Cultism, stated that the demolition became necessary after suspects failed to take advantage of both the ultimatum and an extended grace period.

“This demolition exercise should serve as a warning to landlords and property owners in Uromi to properly profile their tenants. These houses were demolished because incriminating evidence was found in them,” Noah declared.

He added that the affected properties would be taken over by the Edo State Government for use as operational bases for security forces.

Noah reaffirmed the commitment of the Okpebholo administration to eliminating cultism, kidnapping, and all forms of criminal activity. “We are serious about this exercise. We want Edo State to be crime-free. No one is above the law,” he emphasized.

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In a separate operation based on credible intelligence, the security squad raided the Hausa quarters in Uromi, arresting 15 individuals after illicit drugs were discovered in their possession. The suspects have been transferred to the Uromi Divisional Headquarters for profiling, further investigation, and eventual prosecution.

Noah explained that drug peddling in the area had become a magnet for hoodlums, cultists, and kidnappers. “We received information from our colleagues in Uromi on the ongoing illicit drug trade, which promotes nefarious activities. We swung into action and arrested both sellers and buyers,” he said.

One of the arrested suspects, a marijuana dealer identified as Tajudeen Lawal, admitted to selling drugs alongside two others in the Hausa quarters.

The twin operations demonstrate the Edo State Government’s resolve under Governor Okpebholo to tackle security challenges through decisive action against criminal elements and their enablers, sending a strong message that the state will not tolerate activities that threaten public safety and peace.

Seunmanuel Faleye
Seunmanuel Faleye

Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.

Tags: Edo

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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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