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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

    Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline

    Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline

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    FG to Publish Poverty, Income Data to Measure Impact of Economic Reforms – Oyedele

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

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

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Afrobeats and Nollywood are shaping Africa’s gaming industry

Bird Story Agency by Bird Story Agency
December 6, 2023 - Updated on December 8, 2023
in Entertainment, Featured Story, Opinion Bite
Reading Time: 3 mins read
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Afrobeats and Nollywood are shaping Africa's gaming industry

Afrobeats and Nollywood are shaping Africa's gaming industry

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Game developers are blending music soundtracks from the continent and replicating narratives from African films in a bid to increase their cultural appeal among gaming enthusiasts.

Popular West African music genres, Afrobeats, and the Nollywood film category are emerging as favourites, with game developers from the continent and beyond looking to tap into their extensive consumer appeal to drive downloads and revenues.

A new report by Nigerian gaming studio, Maliyo, explains that this could fuel the gaming industry in Africa because “entertainment and culture are closely knit factors that influence social behavior and norms.”

“Over a relatively short period of time, new avenues for collaboration between markets and sectors have emerged,” the authors of the Africa Games Industry Report 2024 highlight.

Afrobeats and Nollywood are shaping Africa's gaming industry
[/media-credit] Afrobeats and Nollywood are shaping Africa’s gaming industry

A 2023 report by research firm Newzoo forecasts that the value of games sold in Africa will cross the US$1 billion mark for the first time next year.

Afrobeats and Nollywood are shaping Africa's gaming industry
[/media-credit] Afrobeats and Nollywood are shaping Africa’s gaming industry

The same report shows the number of gamers in Africa, excluding those in North Africa, was more than 186 million in 2021, more than double the 77 million gamers in 2015.

With growing interest in gaming driven by young subscribers, popular music tracks from the continent and narratives from the film industry could fast-track the sector’s appeal.

According to the report by Maliyo, “the recent rise and popularity of African cultural and creative products across genres may be a new lucrative avenue for economic development and wider societal prosperity.”

Nigeria, home to both Afrobeats and Nollywood, is a vibrant gaming market generating close to US$250 million a year in revenues in 2022, according to Newzoo, the largest share for any single country on the continent.

Afrobeats artists have been making a global impact in recent years, with some, like Rema and C’Kay, hitting record-high numbers on streaming platforms. This year, both have attained over a billion streams on the Spotify platform.

The track so some of the continent’s biggest names in music already feature in major international games.

In 2020, Burna Boy’s track ‘Gettin Money’ was made the official track of GTA’s ‘The Cayo Perico Heist’ an online game adventure. ‘Killin’ Dem,’ a 2019 collaboration track of his alongside Zlatan, made it to Grand Theft Auto’s playlist for their ‘iFruit’ edition. Another Nigerian track, ‘Naira Marley’ by Opotoyi, is also one of the tracks added to this edition.

In the same year, Fireboy DML’s single “Party Scatter” was made the soundtrack for FIFA 21, a football simulation game.

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Most recently, Rema’s ‘Calm Down’ has been among the 41 tracks on the Just Dance 2024 song list. Just Dance is a rhythm game series by Ubisoft, a French video game publisher.

Beyond music, Africa’s film industry, especially Nollywood, could also influence future game developments on the continent.

In May 2023, Nigerian game development companies Play Network Studios and Blue Portal launched the Aki and Pawpaw Epic Run game. The mobile game application is an adaptation of a 2002 Nollywood comedy featuring Nigerian film stars Chinedu Ikedieze and Osita Iheme.

Kristian Roberts, CEO of Nordicity, which contributed to the report’s creation, as reported by gamesindustry.biz, believes that the rich diversity of communities, cultural groups, and languages across the continent provides an opportunity for new and unique game IPs.

“The underlying premise of the whole report is that there’s massive market potential for games in Africa,” gamesindustry.biz reported him as saying during the report launch on December 1 on the sidelines of the 6th edition of Africa Games Week.

“We all already know, of course, that cultural content in Africa is supported around the world, from music to film to fashion, astronomy, arts. The world consumes African cultural content. The fundamental question is: What about games?”

Bonface Orucho, bird story agency

Useful links: https://africagamesreport.com/
https://www.gamesindustry.biz/the-african-games-industry-in-numbers

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Bird Story Agency

Bird Story Agency is a specialist news agency driven by the resolve to project Africa by telling positive stories about the continent.

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  • 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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