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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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Fubara Joined APC Ahead of Wike to Control Party Structure Sources Reveal

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December 10, 2025
in Politics
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Rivers Assembly Moves to Impeach Fubara, Deputy as Lawmakers Cite Gross Misconduct
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(Apples Bite Magazine) – Rivers State Governor Siminalayi Fubara has defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) following strategic advice from his political allies, who urged him to join the ruling party before his predecessor, Nyesom Wike, to secure control of the APC’s structure in the state.

Fubara announced his defection on Tuesday at a stakeholders meeting held at the Government House in Port Harcourt, after receiving President Bola Tinubu’s approval during a meeting on Monday.

A source close to the governor revealed that Fubara’s advisers convinced him that joining the APC ahead of Wike was essential to securing his political future and controlling the party machinery in Rivers State ahead of the 2027 elections.

“Governor Fubara agreed with the calculation to join the APC first. They convinced him that this was the best way to secure his political future,” the source explained.

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The governor was initially hesitant about the move, concerned about showing disrespect to his former political benefactor and reigniting the crisis that had just been resolved between them.

“The governor was reluctant at first. He felt it would be disrespectful to join the APC before his former boss and political benefactor. He was also concerned about reigniting the crisis that had just been resolved,” said the source.

Fubara’s Address to Stakeholders

Speaking at the meeting, Fubara acknowledged President Tinubu’s role in his political survival and explained the rationale behind his decision.

“The truth is, without Mr. President, there won’t be any His Excellency Sir Siminalayi Fubara; it would have been the former governor,” he stated.

He added that the decision to join the APC was necessary to demonstrate full support for the president. “We can’t support Mr. President in isolation, and we can’t show that support if we don’t fully identify with him, not backyard support.”

The governor assured his supporters that he had received the president’s full backing to leave the PDP, where he claimed they received no protection, and move to the APC.

Wike’s Limited Access to Tinubu

Sources indicate that Wike, who currently serves as the Federal Capital Territory Minister, has not had access to President Tinubu in the last two months due to ongoing conflicts within the PDP. This development reportedly provided Fubara with an opportunity to strengthen his position with the president.

Wike and his ally, Senator Mao Ohuabunwa, the factional Chairman of the PDP Board of Trustees, have been involved in disputes within the opposition party ahead of the 2027 elections.

Background of the Fubara-Wike Rift

The defection comes months after Fubara resolved a bitter political feud with Wike that began in late 2023. The conflict saw pro-Wike lawmakers in the Rivers State House of Assembly attempt to impeach the governor over alleged disagreements concerning control of state resources and appointments.

The crisis escalated when arsonists set fire to part of the State House of Assembly complex in October 2023, just hours before the planned impeachment proceedings.

At the height of the tensions, President Tinubu declared a State of Emergency in Rivers State in March 2025, suspending Fubara, his deputy Ngozi Odu, and all elected members of the House of Assembly for six months. Former Chief of Naval Staff Ibok Ekwe Ibas was appointed as sole administrator during the suspension period.

Fubara and the suspended officials were restored to their positions in September 2025 after the emergency measures were lifted.

Fubara’s Political Rise

Governor Fubara’s political career began in the finance department of the Rivers State civil service, where he eventually became accountant general in 2020. In May 2022, he won the PDP governorship primary with Wike’s endorsement and went on to defeat the APC candidate Tonye Cole in the March 2023 governorship election by over 300,000 votes.

With his defection now official, Fubara positions himself as the leader of the APC in the oil-rich state, and his supporters and loyalists are expected to follow him to the ruling party in the coming days.

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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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