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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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    NLC Moves To End NURTW Crisis As MC Oluomo, Baruwa Agree To Peace Talks

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ADC Crisis Deepens as Obi, Kwankwaso Move to NDC Ahead of Monday Defection Announcement

Contributor by Contributor
May 3, 2026
in Politics
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2027: Kwankwaso Backs Peter Obi for Presidency, Predicts Election Victory
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The internal crisis within the African Democratic Congress (ADC) has intensified following reports that former presidential candidates Peter Obi and Rabiu Kwankwaso are preparing to exit the party and join the Nigeria Democratic Congress (NDC).

Sources within the opposition coalition said both politicians are finalising arrangements to formally announce their defection on Monday, after concluding talks with leaders of the NDC, including former Bayelsa governor Seriake Dickson.

According to insiders, the move was triggered by concerns over the rising influence of former Vice President Atiku Abubakar within the ADC, which many in the coalition had initially adopted as a common platform for a united presidential bid ahead of the 2027 elections. There are fears that Atiku may dominate the party’s ticket process.

The development comes just days after opposition figures reached a consensus at a summit in Ibadan, Oyo State, where they pledged to present a single presidential candidate in what they called the “Ibadan Declaration,” aimed at unseating the ruling party in 2027.

However, the latest political realignment appears to have unsettled that agreement, with party insiders warning that the unity arrangement may be collapsing before it fully takes shape.

A senior figure in the New Nigeria People’s Party (NNPP), Buba Galadima, confirmed that Obi and Kwankwaso would soon unveil their new political platform, noting that preparations for the announcement were already at an advanced stage.

Sources further disclosed that meetings involving both leaders and NDC officials were concluded over the weekend, with final documentation signed ahead of the expected declaration.

One insider claimed the defection was also influenced by fears of internal rivalry within the ADC, suggesting that key actors were trying to avoid a repeat of previous coalition breakdowns.

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Political commentator Isaac Fayose, brother of former Ekiti State governor Ayodele Fayose, expressed support for the emerging Obi–Kwankwaso alliance, describing it as a strong alternative political movement capable of reshaping the 2027 contest.

Meanwhile, analysts have warned that the latest wave of defections could further fragment the opposition. A political analyst, Adebayo Abubakar, noted that distrust and competing ambitions among opposition leaders remain major obstacles to forming a stable coalition capable of challenging the ruling party.

He argued that instead of consolidation, recent developments point to deeper divisions, which could weaken the opposition’s overall electoral strength if not urgently addressed.

READ ALSO:

  • 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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Tags: ADCKwankwasoNDCObi

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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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