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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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After Igboho’s Release, Ohanaeze Asks Tinubu To Free Kanu

Madukwe Nwabuisi by Madukwe Nwabuisi
October 12, 2023
in News Bite, Politics
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The apex Igbo socio-cultural organisation, Ohanaeze Ndigbo, has appealed to President Bola Tinubu to withdraw all charges against the leader of the Indigenous People of Biafra, Nnamdi Kanu.

Ohanaeze said the appeal comes in light of the recent release of Sunday Adeyemo, popularly known as Sunday Igboho, a Yoruba Nation activist, from Beninoise prisons.

In a statement on Wednesday by its Secretary General, Mazi Okechukwu Isiguzoro, Ohanaeze commended President Patrice Talon of Benin Republic for the release of Igboho through the intervention of Yoruba leadership and political leaders, urging Tinubu to emulate Talon.

It said, “Ohanaeze Ndigbo expresses its heartfelt appreciation for the unwavering contributions of Yoruba leaders such as former President Olusegun Obasanjo, Prof. Banji Akintoye, Prof. Wole Soyinka, and Pa Ayo Adebanjo towards the release of Sunday Igboho.

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“The organisation recalls its October 1, 2023 Independence Day plea for the release of both Nnamdi Kanu and Sunday Igboho.

“Ohanaeze Ndigbo believes that this is an opportune time for President Bola Tinubu to demonstrate similar gestures and drop all charges against Mazi Nnamdi Kanu, allowing him to regain his freedom.”

The group added that the release of Kanu would play a pivotal role in restoring peace in the South-East region and help address the prevailing security challenges.

It also called on all Biafran groups to cease all acrimonies and offensive media wars against the Federal Government, urging Igbo leaders to focus on the importance of doing what was necessary for the betterment of the region.

“Ohanaeze Ndigbo firmly believes that President Tinubu will be hailed as a national hero if he seizes this opportunity to release Nnamdi Kanu.

“The organization acknowledges that Nigerians who felt denigrated by Kanu’s actions should find it in their hearts to forgive him, as his release will mark a significant step towards national unity and reconciliation.

“We express our gratitude to President Talon, Yoruba leaders, and political figures for their efforts in securing Sunday Igboho’s release. The organization remains hopeful that President Tinubu will embrace this historic opportunity and contribute to the restoration of peace and harmony in Nigeria,” it added

Sunday Igboho regained freedom on Sunday after being held in Benin Republic for two years.

He had fled Nigeria in the wake of a midnight raid on his Ibadan home by the Department of State Services in July 2021.

Igboho stirred the hornet’s nest when he began a campaign for the secession of Yoruba from Nigeria and also launched a campaign to chase killer herdsmen and kidnappers out of the South-West states.

Following the midnight raid, the Federal Government placed the Nigeria Immigration Service and the Nigeria Customs Service on alert to stop him from leaving the country, but Igboho resurfaced in Benin Republic.

He was, however, arrested at the Cardinal Bernardin International Airport in Cotonou while attempting to flee to Germany.

Madukwe B. Nwabuisi
Madukwe Nwabuisi

Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.

Tags: IgbohoOhanaeze

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  • Tinubu Wanted Young Female Deputy Governor, Says Hamzat
  • Bode George Blames Excessive Land Reclamation for Lagos Flooding

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