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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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Building Successor Generation Vital For Future, Says Otunba Engr. Gbenga Daniel As Kresta Laurel Hosts Engineering Undergraduates to Mark 35th Anniversary

Seunmanuel Faleye by Seunmanuel Faleye
May 15, 2025
in Brand & Business Bite
Reading Time: 4 mins read
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Building Successor Generation Vital For Future, Says Otunba Engr. Gbenga Daniel As Kresta Laurel Hosts Engineering Undergraduates to Mark 35th Anniversary
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Otunba Engr. Gbenga Daniel, FNSE, FAEng, FIOD, Chairman of Kresta Laurel Limited, has emphasised the need to start building a successor generation of engineers in Nigeria as part of efforts to ensure sustainable national development.

The former Governor of Ogun State and current Senator representing Ogun East district made this statement at an interactive session organised by Kresta Laurel Limited as part of its 35th Anniversary celebration. The event, held at the company’s corporate headquarters in Maryland, Lagos, brought together engineering undergraduates from three tertiary institutions in Lagos State.

“We need to start building successor generation,” Senator Daniel said, explaining that the interactive session was organised to expose undergraduates to what the company is doing so they can develop interest in the engineering profession. He noted that this approach is crucial for developing the next generation of Nigerian engineers who would continue to drive innovation and growth in the sector.

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Speaking further, Senator Daniel called on the Federal Government to support local industries to compete with foreign companies that are being supported and subsidised from their home countries. “The challenges local manufacturers face in Nigeria is that they provide practically all amenities for themselves, electricity, water, etc. Yet the companies are slammed with multiple taxes,” he lamented.

The Senator also expressed support for President Bola Ahmed Tinubu’s bold reforms in the economy, the Nigeria First initiatives, and the tax reforms, which he noted would hopefully grow local entrepreneurs’ confidence in the country and assist businesses to grow and thrive.

The interactive training program, which was organised for engineering undergraduates of the University of Lagos, Lagos State University of Science and Technology, and the Lagos State University on Thursday, underscores Kresta Laurel’s unwavering commitment to bridging the gap between theoretical knowledge and practical industry experience while investing in Nigeria’s engineering future.

“For 35 years, Kresta Laurel has maintained its position as a trailblazer in Nigeria’s engineering sector by consistently investing in knowledge development,” said Engr. Dideolu Falobi, FNSE, while presenting the company’s landmark history and scorecards to the students. “This initiative represents our dedication to nurturing young engineering talent and equipping them with practical skills needed to excel in the industry.”

The comprehensive training program included sessions on the rich history of Kresta Laurel Limited, presented by the Managing Director of the company, Engr. Dideolu Falobi, FNSE, while former Commissioner for Finance in Ogun State, Mr. Kehinde Sogunle, delivered a lecture on leadership. Additionally, Mr. Sunkanmi Adegorite, Executive Director of Sales, took the students through a crucial session on fire safety and prevention, while the company’s HSE Officer, Habib Lukman, shared valuable insights on health, safety, and environment best practices in the engineering industry.

According to some of the student participants, “the program has offered invaluable insights into real-world engineering applications while connecting with industry professionals who provided mentorship and guidance on career development opportunities.”

Since its inception in 1990, Kresta Laurel Limited has established itself as Nigeria’s foremost engineering company with distinctive competence in electro-mechanical systems. The company has built an impressive portfolio specialising in elevators and lifts, overhead travelling cranes and hoists, industrial uninterruptible power systems (UPS), welding machines, data centre enclosures, building maintenance units (cleaning cradles), and mobile shelving systems.

Under the visionary leadership of Otunba Engr. Gbenga Daniel Kresta Laurel has maintained exceptional standards of technical expertise and service delivery across various sectors of the Nigerian economy.

At 35, Kresta Laurel Limited has also unveiled new products and established various initiatives throughout the year, reinforcing the company’s position as an industry leader committed to corporate social responsibility and sustainable growth.

Established in 1990, Kresta Laurel Limited is Nigeria’s leading engineering company with distinctive competence and knowledge in electro-mechanical systems. The company provides cutting-edge engineering solutions to clients across various sectors, including oil and gas, banking, aviation, transportation, manufacturing, construction, and public infrastructure.

With 35 years of unparalleled service delivery, Kresta Laurel Limited continues to set the standard for engineering excellence in Nigeria and beyond. The company’s commitment to quality, innovation, and customer satisfaction has earned it a reputation as a reliable partner in Nigeria’s engineering landscape.

Kresta Laurel Limited’s corporate social responsibility initiatives, particularly in the area of education and skills development, demonstrate its dedication to not only business excellence but also to the development of Nigeria’s human capital. The company’s recent interactive session with engineering students from three Lagos tertiary institutions is a testament to this commitment.

As Kresta Laurel Limited celebrates its 35th anniversary, it remains focused on its mission to provide world-class engineering solutions while contributing to the growth and development of Nigeria’s engineering sector and the economy at large.

Seunmanuel Faleye
Seunmanuel Faleye

Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.

Tags: Gbenga DanielKresta Laurel Limited

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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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