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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 Law

Court Reserves Ruling in Ganduje, Seven Others’ Alleged Misappropriation Case

Madukwe Nwabuisi by Madukwe Nwabuisi
April 16, 2025
in Law
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A Kano State High Court has reserved ruling in the case of alleged bribery and misappropriation filed against  All Progressives Congress (APC) National Chairman Abdullahi Ganduje and seven others.

The Kano State Government instituted an eight-count bordering on bribery, misappropriation and diversion of public funds running into billions of Naira against Ganduje and seven others, including his wife, Hafsat Umar.

The others are Abubakar Bawuro, Umar Abdullahi Umar, Jibrilla Muhammad, Lamash Properties Limited,Safari Textiles Limited and Lasage General Enterprises Limited.

When the case came up for hearing of all pending applications, counsel to Ganduje, a former governor of the state and his wife, Offiong Offiong (SAN) applied for an extension of time and urged the court to grant the application.

“We also filed our preliminary objection challenging the jurisdiction of the court, dated November . 18, 2024, along with a 28-paragraph affidavit and a written address in support.

‘We also filed a reply on point of law dated April 4, 2025,” he said.

However, counsel to the state,   Ayodeji Adedipe (SAN), filed a reply to the notice of preliminary objection dated October  22, 2024, addressing all the respondents.

“The application is attached with a paragraph counter affidavit and a written address dated December .13, 2024 attached along with several documents as exhibits” Adedipe said.

He prayed the court to dismiss the respondents’ applications for lacking merit.

Counsel to the 3rd and 7th defendant,   Adekunle Taiye-Falola, filed a motion on notice of preliminary objection dated October.18, 2024, supported by a 14- paragraph affidavit and a written address.

“In reply to the complainant’s counter affidavit, we filed our further and better affidavit dated Dec.12, 2024 and a reply on point of law. We urge the court to grant the application as prayed” Taiye-Falola said.

Counsel to the 5th defendant  Sunusi Musa(SAN)  also filed a motion on notice on preliminary objection dated Oct.18, 2024 which was supported by an affidavit, exhibit and a written address.

“We also filed our affidavit, reply on point of law, and urged the court to grant the application with substantial costs against the complainant,” he said.

Counsel to the 6th respondent,  Ashafa Yusuf , also filed a notice of preliminary objection dated Sept.9, 2024, supported by a nine paragraph affidavit and a written address.

“My Lord, we filed a further and better affidavit dated Feb. 17, supported by an 11-paragraph affidavit. We also filed a reply on point of law and urged the court to grant the application,” he said.

Faruk Asekone, counsel to the 8th defendant, filed a notice of preliminary objection dated October. 18, 2024, supported by a five-paragraph affidavit and a written address.

“In reply to the complainant’s counter-affidavit, we filed our further and better affidavit and reply on point of law dated Feb. 13, 2025, and urge the court to grant the application,” Asdkome said.

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Justice Amina Adamu-Aliyu granted the application for an extension of time.

Adamu-Aliyu adjourned the matter for ruling on the notices of preliminary objection to a date that would be communicated to the parties at a later date.

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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  • 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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