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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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How Ogun West Can Produce Governor, by Daniel

Contributor by Contributor
March 28, 2026
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At 70, Otunba Gbenga Daniel, two-term governor of Ogun State and senator representing Ogun East on the platform of the All Progressives Congress (APC), reflects on his tenure, post-governorship challenges, defection from the Peoples Democratic Party (PDP), relationship with Governor Dapo Abiodun, zoning hurdle in the Gateway State, and why President Bola Ahmed Tinubu deserves re-election in 2027. Deputy Editor EMMANUEL OLADESU reports.

To foster equity, fairness, and justice, some political parties and rational leaders are embracing the reality of zoning or rotation of elective positions at the national, state, and local governments.

The constitution of some parties also provides for zoning to prevent systematic domination, marginalisation, and exclusion. If zoning is not embraced as an element of political convention, certain electoral regions, districts, zones and constituencies may not be able to produce president, governor and senators because they are populated by ethnic minorities, or alliances between or among other zones may leave them in the cold.

That was the reality in 2011 when outgoing Ogun State Governor Gbenga Daniel pleaded with stakeholders to support the push for zoning to Ogun West Senatorial District so that the zone can produce his successor.

“Fair is fair,” recalled Daniel, who lamented that up to now. The district has yet to produce a governor 27 years after stable civil rule.

Senator Daniel, who spoke with reporters at his Asoludero Residence, Sagamu, ahead of his 70th birthday, also attributed why the slot eluded the Egbado/Yewa Division to disunity.

“I turned around the fortune of Ogun West. No deputy governor had come from there during the administrations of Onabanjo, Osoba, and Amosun. I picked my deputy from there.

“In 2011, I wanted to pick my successor from Ogun West. Ogun West lacks unity. It is not homogeneous. Egba used to agree. In the East District, when it is critical, they come together, whether it is Ijebu or Remo. That doesn’t happen in the West.

“In Ogun West, Aworis believe they are closer to Egba than Yewa. We have the Anagos, the Eguns in Ipokia local government. Ogun West aspirants are also pointing attention to the fact that they have ancestral roots in the East and Central.”

Urging Ogun West leaders to close ranks, he also advised them to link up and seek support, cooperation, and understanding of other zones.

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Hale and hearty, the septugenarian reflected on his life and career as a professional engineer, foray into politics, tenure as governor, his defection from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC), and relations with Governor Dapo Abiodun.

His public service experiences are captured in his books: ‘Daniel in the lion’s den,’ ‘Otunba Gbenga Daniel in the eyes of time,’ ‘My march through the courts,’ ‘Gbenga Daniel: Path to Justice’, written by Deji Enuseyin.

Daniel also spoke on critical national issues, including state police, electoral act review, consensus, and direct primary, and why Nigerians should re-elect President Bola Ahmed Tinubu in next year’s poll.

After hitting success in his lucrative business, the former governor turned attention to politics “to serve, add value, and make impact.”

“We didn’t see commensurate development, although many people making waves were from Ogun. It was a sleeping giant. Decades after, the situation has changed. The state has witnessed a turnaround. I laid a good foundation. Across the sectors, we were in a hurry to develop,” he reminiscensed.

The former governor recalled that he was able to make an impact because he adopted the Awolowo model. “Awo was an enigma; clear, specific, deliberate in action, meticulous, strategic in his intervention in education, agriculture, social services, infrastructural development. He was ahead of his time. Ideologically, I am quite in tune with ‘Awo’s ‘Life more abundant,” he said.

When he was governor, Daniel came under attack over some of his policies. But looking back, he said he has no regret for his actions in office. “I came with progressive ideas into a setting that was conservative,” he added.

Ogun, although Yoruba, has a heterogeneous outlook due to the struggle of diverse sub-Yoruba ethinc groups, including Ijebu, Remo, Egba, Awori, Egun, Anago for relevance. Daniel said that since his policies and programs were equitable and fair, he largely succeeded in managing the centrifugal forces, adding that his government also promoted healthy competition and even development.

Daniel’s succession plan failed in 2011 when he put forth Gboyega Isiaka as candidate in another party after former President Olusegun Obasanjo insisted on the late Gen. Idowu Olurin is a PDP candidate. The duo lost to Senator Ibikunle Amosun of the defunct Action Congress of Nigeria (ACN). After serving as Director-General of Atiku Campaign Organisation, he left the PDP for APC. He came under criticism for jumping ship.

Defending his action, he said:”I did not jump from the PDP. I have already been part of the progressives. I was part of the Afenifere/AD. I saw the need to develop Ogun, but the AD/Afenifere was not in a position to offer me the opportunity to serve. The road was closed. We remained in Afenifere as members of PDP. Chief Bola Ige wrote the constitution and manifestos.

“I vied for PDP nstional chairman. They said if I became chairman, I would hand over the party to Jagaban. I had to step down without a fight. When I was in the PDP, Obasanjo would always refer to me as Asiwaju’s friend.”

Daniel added: “In Ogun, party gave ticket to Ladi Adebutu; court gave it to Kashamu. Asiwaju asked me to support Dapo (Abiodun) for the governor. After that, our people came to me to join APC. I knew Asiwaju wanted to run.”

After leaving power, Ogun politics has also been characterised by face-offs between him and his successors. He said his advice that “we should be responsible and respond to the expectations of our people” were sometimes ignored. The rifts have often degenerated to litigations. Exuding confidence, the former governor said:”I have gone to court over 30 times against governments, and I have not lost.”

Yet, his assessment of Amosun was fair and devoid of hostility. “Ibikunle is ajagungbade. He fought and won the crown,” he said, adding: “Before my swearing him for the second term, he started his campaigns to succeed me.”

Daniel said he supported Amosun’s successor, saying that “ without people like us, Dapo would not have been governor.”

He refrained from criticising the governor further, merely stressing that “a number of people in position of authority gets carried away.”

In his view, mature people should appreciate the fact that there are other things beyond ego. Daniel lamented that Ogun lost the sitting of the Dangote Refinery in Lagos. But, he gave kudos to Abiodun for completing the airport project in Iperu-Remo.

It is an open secret that crisis is brewing between Daniel and the governor over the Ogun East senatorial ticket. While the former governor is interested in retaining the seat in 2027, Abiodun is also eyeing the slot. An experienced politician, Daniel, parried the question, apparently deferring his response till the appropriate time.

At 70, Daniel described himself as an elderstateman, whose commentary on national issues derived from his rich experience about the polity. He hailed President Tinubu for his stand on state police. “Ideologically, this is where I stand,” he said.

Daniel added that state policing implied discentralising policy, adding that the move would enable the police to effectively tackle insecurity through better intelligent gathering as a result of their full knowledge of their areas of operation.

He also threw his weight behind the consensus and direct primary for choosing candidates for elections. “It is not new. Indirect is prone to corruption. A delegate is a bastion of corruption. Only a few minorities elect candidates. If people agree, consensus is good,” he stressed.

Danied applauded the National Assembly for passing the Electoral Act Bill. He rejected the insinuation that the law is solely to the advantage of the ruling party. “It can not be an agenda for any political party,” he said.

Lending his voice to the real-time election result transmission debate, he urged the critics to embrace the reality of network failure that may not be easily overcomed. “In Makomi and Odo -Omi in Ijebu Waterside, there is no road. I have been there. Yo, go through water. There is no network there,” he added.

Daniel urged Nigerians to vote for President Tinubu for the second term. “A highly intelligent person, he knows the country well. In terms of the present economic circumstances, there is nobody who could have done it better or who would have tackled the challenges with courage,” he said.

The senator said the president aligned with the economic experts who believed that fuel subsidy should be removed, noting that “only Tinubu has the courage to implement it.”

“Those profiting from subsidy in the past are fighting. The masses who are affected are also complaining. That is why the government is finding ways of ameliorating,” he added.

States and local governments now receive more money from the Federation Account. Therefore, there should be no weak distribution of wealth, Daniel said.

He noted the impact of diversification,pointing out that solid minerals are bringing money to the country.

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“The is steady recovery and improvement. The indices are becoming right,” Daniel added.

Credit: The Nations

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