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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

    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

    Bode George Blames Excessive Land Reclamation for Lagos Flooding

    Bode George Blames Excessive Land Reclamation for Lagos Flooding

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

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

    Barcelona Reveals Story Behind Messi’s Iconic Photo With Baby Lamine Yamal

    Barcelona Reveals Story Behind Messi’s Iconic Photo With Baby Lamine Yamal

    FG Renames Lagos-Calabar Coastal Highway in Honour of Tinubu

    FG Renames Lagos-Calabar Coastal Highway in Honour of Tinubu

    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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Atiku Narrows VP Search To Amaechi, Ihedioha, Duke

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June 2, 2026
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Former Rivers State Governor Rotimi Amaechi, former Imo State Governor Emeka Ihedioha and former Cross River State Governor Donald Duke have emerged as top contenders for the vice presidential ticket of the African Democratic Congress (ADC), Apples Bite Magazine has learnt.

A source familiar with deliberations on who will run alongside the party’s presidential candidate, Atiku Abubakar, said the discussion have entered the final stage.

The source confirmed that Amaechi, Ihedioha, and Duke, who emerged as presidential candidate of the Peoples Redemption Party (PRP) days ago, are top considerations.

Duke was governor of Cross River State between 1999 and 2007. While some believe he could attract support beyond traditional party lines, there are questions about his political relevance after nearly two decades out of office. The source added that an alignment between the ADC and PRP could be reached to have Duke on the ticket.

Amaechi is a former governor of Rivers State and served as Minister of Transportation in the last administration. He secured 509,397 votes in the ADC presidential primary to emerge second behind Atiku, who polled 1,846,370 votes.

Amaechi had rejected the outcome of the poll on the grounds of alleged irregularities and widespread voter disenfranchisement.

Ihedioha, a former Deputy Speaker of the House of Representatives and former governor of Imo State, is considered equally experienced, having served as presiding officer in the National Assembly.

The source said considerations are centred on the electoral advantages and possible drawbacks attached to each of the three candidates.

“They are looking at different factors, including political strength, regional calculations and acceptability across the country,” the source said.

Atiku, who served as vice president from 1999 to 2007 under President Olusegun Obasanjo, has attempted the presidency six times without success.

He aspired for the office in 1993, 2007, 2011, 2015, 2019 and 2023 under various political platforms.

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In 2023, he said he would not contest the presidency again, before he reversed himself and declared 2027 his “last outing.”

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: ADCAmaechiAtikuDonald Duke

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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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