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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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Home News Bite Politics

Canadian Court Did Not Label Our Party A Terrorist Organisation – APC

admin by admin
August 16, 2025
in Politics
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The All Progressives Congress (APC)

The All Progressives Congress (APC)

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The All Progressives Congress has rubbished claims that a Canadian court labelled the party a terrorist organisation.

The party recently revealed that the court made no pronouncement on terrorism in its ruling.

Speaking via a press statement, APC’s National Publicity Secretary, Felix Morka, urged its members, supporters, and Nigerians at large to disregard the reports, describing them as fake and misleading.

According to him, contrary to widespread reports online, such a declaration never happened, and APC was barely referenced in the entire 16-page report.

“We wish to state categorically that the Canadian court did not declare APC as a terrorist organisation, contrary to highly erroneous media reports in circulation.

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As reported, the declaration was allegedly made in the case of Douglas Egharevba and the Minister of Public Safety and Emergency Preparedness, in which the applicant (Douglas Egharevba) sought judicial review of a decision by the Canadian Immigration Appeal Division [IAD] which determined that the applicant was inadmissible in Canada under its Immigration and Refugee Protection Act (IRPA).

In a decision in the matter dated June 17, 2025, Judge Phuong T.V. Ngo dismissed the application for judicial review on the ground that the qpplicant was a member of the Peoples Democratic Party (PDP) and that the PDP was an organisation engaged in acts of subversion pursuant to paragraph 34(1)(b.1) of the IRPA making him inadmissible in Canada.

In his analysis, the judge stated, ‘As such, applying the reasonableness standard of review, I cannot find the IAD’s conclusion that the elections in question constituted a democratic process or institution and that the PDP, its members and supporters engaged in subversive acts committed against the electoral process for the improper purpose of maintaining political power to be unreasonable.’

To be clear, the only reference to APC in the entire 16-paged decision was in the introductory Background, Paragraph 4, where the court referenced a Background Declaration Form in which the applicant stated that ‘he was a member of the People’s Democratic Party [PDP] of Nigeria from December 1999 until December 2007, and a member of All Progressives Congress [APC] party of Nigeria from December 2007 until May 2017, he said.

Felix Morka further noted that despite the applicant claiming that he was an APC member from December 2007 until May 2017, APC was not even in existence as of 2007.

He concluded by saying that any report saying that the APC was declared a terrorist organisation should be seen as mischievous henceforth.

“For the record, APC was not in existence as of 2007. The party was registered in 2013. The applicant’s claim of membership of APC as of 2007 is evidently false as he could not have been a member of APC that didn’t exist at the time.

For the avoidance of doubt, we make bold to state that the court never made any determination on the question of terrorism in its decision.

Clearly, reports that APC was declared as a terrorist organisation by the Canadian court in this matter is patently erroneous, if not mischievous.

The court did not make such a declaration, and could not have done so as that would be an unjustifiable overreach, and a major breach of fair hearing, among other due process rights, given that APC was not a party to the proceedings.

Such a decision would also have been of absolute irrelevance as being made without jurisdiction, and of no extraterritorial applicability or significance,” he added.

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