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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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COURT: 33 Ex-Workers Demand N30bn from CBN Over Sacking

Madukwe Nwabuisi by Madukwe Nwabuisi
January 7, 2025
in Law
Reading Time: 3 mins read
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CBN Temporary Restricts Payment of Dividends, Bonuses by Small Group of Banks

Central Bank of Nigeria-CBN

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Disengaged staff members of the Central Bank of Nigeria (CBN), who were laid off in a mass termination last year, have taken the apex bank before the National Industrial Court of Nigeria in Abuja.

In an originating summons filed on July 4, 2024, under the NICN Civil Procedure Rules 2017 and obtained by our correspondent on Monday, the claimants, 33 in number, raised several issues for the court to address.

Among other matters, the former employees asked the court to determine whether their constitutional right to a fair hearing was violated before and after their appointments were terminated.

They also alleged that the CBN breached internal policies, Nigerian labour laws, and their contractual rights.

The claimants include Stephen Gana, Kabiru Idris, Benedict Agbo, Peter Adeyemi, John Yisa, Eleanor Ihua, and others. Represented by Okwudili Abanum in a class action lawsuit, they argued that the termination process, carried out through letters titled “Reorganisational and Human Capital Restructuring” dated April 5, 2024, contravened the CBN’s human resources policies and procedures manual as well as Section 36 of the 1999 Constitution.

The claimants further asserted that the termination process lacked the mandatory consultation and fair hearing required by law.

They described the termination letters, issued under the guise of restructuring, as arbitrary, illegal, and unconstitutional.

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On these grounds, the former staff members sought an order declaring their dismissal null and void.

They also requested a restraining order to prevent the CBN from terminating their employment without adhering to proper procedures.

Additionally, the claimants demanded an immediate reinstatement of their positions, with payment of salaries and benefits from the date of termination.

They cited Article 16.4.1 of the Human Resources Policies and Procedures Manual (HRPPM), which mandates consultation with the Joint Consultative Council and adherence to fair procedures before taking employment actions that adversely affect staff.

According to the claimants, the CBN flagrantly disregarded this provision, giving them only three days to vacate their positions and hand over official property.

The group is also seeking N30bn in general damages for psychological distress, hardship, and reputational harm caused by the dismissal, as well as an additional N500m to cover the cost of the suit.

During the first mention of the case on November 20, 2024, the presiding judge, Justice O. A. Osaghae, urged both parties to pursue an amicable resolution.

“This is a new matter, mentioned for the first time. I have reviewed the processes and believe that the parties should attempt an amicable resolution of this dispute. Consequently, parties are encouraged, pursuant to Section 20 of the NICA 2006, to seek amicable settlement,” Justice Osaghae said.

The CBN, represented by a legal team led by Inam Wilson (SAN), informed the court of a preliminary objection to the claimants’ suit filed on November 4, 2024.

 The CBN’s counsel also noted that they had recently been served with the claimants’ response to the objection.

Following submissions by the defendant’s counsel, Justice Osaghae adjourned the case to January 29, 2025, for a hearing on the preliminary objection.

It should be recalled that in 2024, the apex bank terminated the appointments of approximately 1,000 staff in four batches between March and May.

Some affected staff claimed they received severance payments as low as N5,000, while others said their gratuities were entirely absorbed to offset outstanding loans.

Although the layoff was officially attributed to “reorganisation and human capital restructuring,” the affected staff argued that the process violated the CBN Act, which requires board approval for significant employment decisions.

On December 4, 2024, the apex bank stated that its early exit package was entirely voluntary and came without negative repercussions for eligible staff.

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.

Tags: CBNWorkers

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  • 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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