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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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Chief Of Army Staff Lagbaja Dies at 56

Madukwe Nwabuisi by Madukwe Nwabuisi
November 6, 2024
in News Bite
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Chief Of Army Staff Lagbaja Dies at 56

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President Bola Tinubu has announced the passing of the Chief of Army Staff, Lt. General Taoreed Abiodun Lagbaja, at age 56.

According to a statement released by the President’s spokesperson, Bayo Onanuga, on Wednesday, Lagbaja passed away on Tuesday night in Lagos after a period of illness. He, however, did not disclose the illness.

President Tinubu expressed his heartfelt condolences to the family and the Nigerian Armed Forces during this difficult time.

He wished Lt. General Lagbaja eternal peace and honours his significant contributions to the nation.

Born on February 28, 1968, Lagbaja served as the Chief of Army Staff for one year and four months following his appointment to the position by President Tinubu in June 2023.

His military career began when he enrolled in the Nigerian Defence Academy in 1987. On September 19, 1992, he was commissioned as a Second Lieutenant in the Nigerian Infantry Corps as a member of the 39th Regular Course.

Lt. General Lagbaja also served as a platoon commander in the 93 Battalion and the 72 Special Forces Battalion.

He played pivotal roles in numerous internal security operations, including Operation ZAKI in Benue State, Lafiya Dole in Borno, Udoka in Southeast Nigeria, and Operation Forest Sanity across Kaduna and Niger States.

An alumnus of the prestigious U.S. Army War College, he earned a Master’s degree in Strategic Studies, demonstrating his dedication to professional growth and excellence in military leadership.

Lt. General Lagbaja is survived by his beloved wife, Mariya, and their two children.

Death Rumours

Earlier in late October, there were rumours that the Chief of Army Staff had died in an undisclosed hospital abroad. However, the Defence Headquarters quickly dispelled the rumours, insisting that the CAS was on annual leave.

Also in a statement on October 20, Army spokesman, Onyema Nwachukwu, while insisting that there was no leadership vacuum in the Army, noted that the Chief of Policy and Plans (Army), Major General Abdulsalami Ibrahim, had been positioned to act on behalf of the COAS during his absence.

He had emphasised that Lagbaja’s absence was not affecting the operations of the service.

“There have even been insinuations that there is a leadership vacuum, with officers confused about what to do. Nothing could be further from the truth,” Nwachukwu had said.

“To be very clear, the Nigerian Army is a highly structured establishment with well-laid-out procedures and processes for dealing with different circumstances. Before proceeding on leave, necessary protocols were put in place for the Chief of Policy and Plans (Army), Major General Abdulsalami Bagudu Ibrahim, to act on behalf of the COAS while he was away.

“This is not peculiar to the NA, as there have been instances where unforeseen human frailty kept service chiefs away for about three months, and their Chiefs of Policy and Plans held sway in their absence. Claims of a leadership vacuum in the NA at present are therefore mere speculation, as all routine and scheduled activities of the service are on course.”

Oluyede appointed as Acting COAS

Meanwhile, as Lagbaja’s absence lingered, President Tinubu on October 30, appointed Major General Olufemi Olatubosun Oluyede as the Acting Chief of Army Staff.

He said Oluyede will hold sway as the COAS pending the return of Lt. General Taoreed Abiodun Lagbaja, who at the time was said to be indisposed and is receiving treatment abroad.

“President Bola Ahmed Tinubu, Commander-in-Chief of the Armed Forces, has appointed Major General Olufemi Olatubosun Oluyede as the acting Chief of Army Staff (COAS),” a statement by Onanuga read.

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“Oluyede will act in the position pending the return of the indisposed substantive Chief of Army Staff, Lt. General Taoreed Abiodun Lagbaja.”

Oluyede promoted to Lieutenant General

Following his appointment as the Acting Chief of Army Staff, Oluyede was on Tuesday decorated by President Tinubu as a Lieutenant General.

If confirmed by the Senate, Oluyede will become the substantive army chief, permanently replacing Lagbaja.

Until his appointment, Oluyede served as the 56th Commander of the elite  Infantry Corps of the Nigerian Army, based in Jaji, Kaduna.

The 56-year-old Oluyede and Lagbaja were coursemates and members of the 39th  Regular Course.

He was commissioned a second lieutenant in 1992, effective from 1987. He rose to Major-General in September 2020.

Oluyede has held many commands since his commissioning as an officer. He was Platoon Commander and adjutant at 65 Battalion, Company Commander at 177 Guards Battalion, Staff Officer Guards Brigade, Commandant Amphibious Training School.

General Oluyede participated in several operations, including the Economic Community of West African States Monitoring Group (ECOMOG) Mission in Liberia, Operation HARMONY IV in Bakassi, and Operation HADIN KAI in the North East theatre of operations, where he commanded 27 Task Force Brigade.

Oluyede has earned many honours for his meritorious service in various fields of operations. These include the Corps Medal of Honour, the Grand Service Star, Passing the Staff Course, and Membership in the National Institute.

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

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