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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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Gbenga Daniel Links Tanker Explosions to Weak Safety Oversight, Calls for Urgent Engineering Reforms

Seunmanuel Faleye by Seunmanuel Faleye
August 7, 2025
in News Bite
Reading Time: 3 mins read
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Ogun State Risks Losing Federal Road Funding by December Unless Stop Work Order Is Lifted, Gbenga Daniel Warns

Otunba Engr. Gbenga Daniel

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Otunba Engr. Gbenga Daniel, a senator representing Ogun East and former Ogun State governor, has called for sweeping reforms in Nigeria’s engineering sector, warning that the spate of preventable disasters, ranging from building collapses to tanker explosions, reflects a troubling failure of regulatory oversight.

Speaking at the 2025 Engineering Week organised by the Nigerian Society of Engineers (NSE), Trans Amadi Branch, Senator Daniel lamented the growing toll of engineering-related accidents, which he said continue to claim innocent lives and erode public trust.

“We see tankers falling, buildings collapsing, and explosions claiming lives. These are not just accidents, they’re failures of enforcement,” Senator Daniel said in a media chat at the event. “There are no sanctions, no deterrents. People flout regulations and walk away freely. If we are serious about safety, we must empower regulatory bodies to act decisively.”

He urged the National Assembly to work closely with engineering stakeholders to enact legislation that strengthens safety institutions and gives them the legal authority to enforce compliance, especially in sectors critical to public health and infrastructure.

The event, themed ‘Engineering the Future: Innovation, Infrastructure and Sustainability’, brought together engineers, government officials, academics and business leaders to explore the future of the profession in Nigeria.

A major highlight of the week was the recognition of TotalEnergies for its impressive 16-year safety record on the Akpo Floating Production Storage and Offloading (FPSO) facility, operating without a single lost-time injury (LTI). Senator Daniel praised the feat as a shining example of what is possible when safety is taken seriously.

“To run complex engineering operations for 16 years without a single LTI is no small feat,” he said. “This milestone proves that Nigerian engineers, given the right support and environment, can deliver world-class results.”

The President and Chairman-in-Council of the NSE, Engineer Margaret Oguntala, echoed this sentiment, noting that engineering remains central to nation-building. She called for deeper investments in sustainability, mentorship and innovation.

“There’s no future without engineering. From our roads to our energy grids, engineers build the backbone of society,” she stated.

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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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Dr. Jonathan Francis, Chairman of the Trans Amadi Branch of NSE, explained that the engineering week aimed to spotlight locally developed solutions to Nigeria’s unique infrastructure challenges. Among the innovations featured was a drone prototype designed by a University of Lagos student to clean high-rise buildings—a potential game-changer for urban maintenance.

“We understand our challenges better than anyone else. The solutions must come from within,” he said.

Representing the Council for the Regulation of Engineering in Nigeria (COREN), Engineer Olaolu Ogunduyile highlighted the push to align Nigeria’s engineering standards with global benchmarks, including efforts to join the Washington Accord—a move that would allow Nigerian engineers to practice internationally.

Engineer Oluseun Faluyi, National Chairman of the Nigerian Institute of Safety Engineers, stressed that safety must be ingrained in every stage of engineering design and execution. Using TotalEnergies’ success as a benchmark, he dismissed the myth that only foreign firms can maintain high safety standards.

“This proves that even in challenging environments, safety is possible. And it was Nigerians who delivered this result,” Faluyi said.

Senator Gbenga Daniel concluded by calling for accountability-driven governance in the engineering space. Without enforceable laws and empowered institutions, he warned, Nigeria would continue to suffer avoidable losses.

“The time to act is now. Safety must not be optional—it must be the foundation of every engineering decision in this country,” he declared.

Seunmanuel Faleye
Seunmanuel Faleye

Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.

Tags: Gbenga Daniel

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  • 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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