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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

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    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

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

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Alleged Fraud: Gandujes’ Trial Over Fraud Delayed as Court Adjourns Hearing Until February 13

Madukwe Nwabuisi by Madukwe Nwabuisi
December 11, 2024
in Law
Reading Time: 2 mins read
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Ganduje’s New FAAN Role: A Nod to Party Loyalty, Says APC Leader

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A Kano State High Court has fixed February 13, 2025, for the hearing of all pending preliminary objections in the ongoing case of alleged bribery and misappropriation of funds against the National Chairman of the All Progressives Congress, Dr. Abdullahi Ganduje, and seven others.

It will be recalled that the Kano State government filed an eight-count charge alleging bribery, misappropriation, and division of public funds running into billions of naira against Ganduje, alongside his wife, Hafsat Umar, as well as Abubakar Bawuro, Umar Abdullahi Umar, Jibrilla Muhammad, Lamash Properties Limited, Safari Textiles Limited, and Lasage General Enterprises Limited.

When the case came up for hearing on Wednesday, counsel to Ganduje, his wife, and Umar, M.N. Duru, SAN, holding brief for Offiong Offiong, SAN, requested the court to strike out their application seeking to withdraw their request for facilities and witness statements dated October 21.

He stated, “My lord, we urge the court to strike out this application. We intend to proceed with a new application dated November 18 instead.

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“This motion, having not been moved, cannot be dismissed. We agree that it is not ripe for hearing, and we are requesting another date to make some corrections to the affidavit’s date.”

Counsel to the applicant, Adeola Adedipe, SAN, contended that the 1st, 2nd, and 4th defendants served them with a new application on December 10, which is not yet ripe for hearing. Adedipe requested the court not to strike out Ganduje’s application for withdrawal but to dismiss it instead.

“We have filed our counter-affidavit dated November 15, 2024. We also filed two additional counter-affidavits and responses dated October 18 and October 21,” Adedipe explained.

Counsel to the 3rd and 7th defendants, Mr. M.N. Duru, SAN, informed the court that he had filed a further and better affidavit and a motion on notice dated and filed October 18, 2024.

Counsel to the 5th defendant, Mr. Sunusi Musa, SAN, sought an adjournment to enable him to make some corrections in their processes.

Counsel to the 6th respondent, Mr. Abubakar Ahmed, revealed that he had filed a notice of preliminary objection dated September 9, supported by a nine-paragraph affidavit.

“We filed a written address dated September 9, a counter affidavit dated October 24, and a further and better affidavit dated November 15, 2024,” Ahmed said.

Counsel to the 8th defendant, Faruk Asekome, mentioned that they had filed their preliminary objection dated November 10, 2024.

Justice Amina Adamu-Aliyu overruled the applicant’s objection and struck out Ganduje’s application. She adjourned the matter until February 13, 2025, for the hearing of all preliminary objections.

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.

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Recent Posts

  • 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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