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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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HUNGER PROTEST: Police Begin Prosecution of 1,135 Detained Demonstrators

Madukwe Nwabuisi by Madukwe Nwabuisi
August 12, 2024
in News Bite, Security
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HUNGER PROTEST: Police Begin Prosecution of 1,135 Detained Demonstrators
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Several state Police Commands in the northern part of the country have begun the prosecution of arrested protesters during the 10-day #EndBadGovernanceInNigeria nationwide protest.

While the protests were relatively peaceful in the South, it turned violent in the North with several lives lost, property worth billions of naira destroyed, leading to the declaration of curfew in no fewer than five states.

The protests, which held from August 1-10, was against the rising cost of living, which has been fueled by fuel subsidy removal, surging inflation at a 28-year high and government economic policies that pushed the naira to a record low against the dollar.

At least 17 persons were reportedly killed in Abuja, Kano, Niger, Borno, Kaduna and Jigawa, and several others injured on the opening day of the protest with Amnesty International condemning the use of deadly action against the protesters and accusing the security operatives of killing at least 21 protesters.

Police arrested protesters, some of whom waved the Russian flag, in Kano, Kaduna, Gombe, Katsina, Yobe, Bauchi, Borno and Jigawa as the demonstrations assumed a violent dimension, announcing that they would be duly prosecuted.

1,135 for trial

Findings by our correspondents show that at least 1,135 arrested persons during the protest would be charged to court beginning from Monday (today).

On Sunday, the Yobe State Command said it would arraign 108 persons, who were arrested for various offences, including violating the imposed curfew during the hunger protest.

DSP Dungus Abdulkarim, Police Public Relations Officer, Yobe Command, stated that the apprehended suspects would be brought before the court to face charges related to their alleged involvements in the protests.

Many of the accused individuals, who were first arraigned August 8, denied the charges against them, setting the stage for further legal proceedings on Monday (today), Abdulkarim added.

“Monday, August 12, 2024 has been earmarked for the continuation of the case, where those facing charges will have the opportunity to either accept or contest the allegations.

“Should they choose to accept the charges, they will undergo a summary trial presided over by a judge at the Magistrate Court in Damaturu, Yobe State.”

In Kano, a total of 632 persons arrested for alleged destruction of property during the anti-hunger protest in the state and were remanded by a Kano State Mobile Court since last Tuesday will appear in court on August 19, The PUNCH learnt.

Several public and private facilities, including the Kano State Printing Press, Nigerian Communications Commission, Kano State High Court and a number of vehicles parked within the premises were vandalised and looted.

Popular supermarket in the city, Barakat Stores, was among the worst hit with a reported loss of over N5bn to the hoodlums.

The arrested persons were charged with criminal conspiracy, theft, unlawful assembly, inciting disturbance, trespass and mischief by fire.

A mobile court, which sat at the premises of the Kano Police Command Headquarters at Bompai, was presided over by three senior judicial officers, Senior Magistrate Ibrahim Yola, Senior Magistrate Hadiza Bello and Chief Magistrate Abba Dandago respectively.

After the remand order, the court adjourned sitting until August 19 for hearing.

Earlier, the state’s Director Public Prosecution, Salisu Tahir, had informed the court that the defendants committed the alleged offences on August 1, the opening day of the protest.

He alleged that on the same date the defendants, during the protest,  trespassed and vandalised government and public property in the state.

“The defendants broke into people’s shops and looted their goods,” the DPP told the court.

The prosecutor said that the offences contravened the provision of sections 97, 287, 229, 336, 349 and 247 of the Penal Code.

While some of the defendants pleaded guilty, others pleaded not guilty to the charge.

After the court sitting, the state Attorney General and commissioner of Justice, Haruna Dederi, told journalists that the State Government set up three mobile courts within the premises of the State Police Command to prosecute the defendants.because of their large number.

In Gombe, 14 protesters out of the 111 suspects arrested were freed on Saturday 14 by a special court presided over by the Gombe State Chief Judge Justice Halima Mohammed.

The freed protesters, who were charged for unlawful assembly and other crimes, were initially arraigned within the Gombe Medium Custodial Centre on Friday but subsequently released on grounds of ill health and being underage.

Defence counsel Saidu Muazu-Kumo confirmed this to one of our correspondents on Sunday.

The 97 others still in custody will appear in court on Tuesday and Thursday, Muazu-Kumo stated.

Flag tailor charged

In the same vein, the Kaduna State Police Command announced that 25 protesters arrested on the first day of the protest, who were remanded in a correctional centre in the state, would be charged to court along with an additional 39 others, including the tailor who allegedly sewed the Russian flag, after investigations were completed within the week.

According to the command’s PPRO, ASP Mansir Hassan, the protesters were promptly arraigned in court following their arrest.

Also, the Bauchi State Police Command confirmed the arrest of over 50 protesters in the state.

The state commissioner of police, Auwal Mohammed, stated this while giving an update on the protest in the state.

“More than 50 protesters, including women, have been arrested by the Bauchi State Police Command following the protest in the state capital,” he said.

Mohammed confirmed that the protesters were arrested following their violent behavior during the protest. He said that they were arrested for breaches of law and order and for not getting police permission before embarking on the demonstration.

According to him, 45 protesters had been charged to court while the minors among those arrested would be counseled to avoid jeopardising their future of becoming better citizens.

The Katsina State Police Command Public Relations Officer, ASP Abubakar Sadiq, told one of our correspondents that that first batch of protestesters – 64 of them – have been charged to court.

 “Yes, we have charged them to court and the first batch was 64. They were all charged between Monday and Friday last week,” he said.

The Niger State Police command has revealed that 23 protesters, who were arrested in the state, were taken to the Niger State Criminal Investigation Department.

“All suspects were transferred to SCID Minna for further investigation and they will be arraigned in court for prosecution as soon as the ongoing investigation is concluded,” Abiodun Wasiu, the Niger command PPRO, stated.

He added that several stolen items were recovered from the persons arrested.

“The following items were recovered from the suspects: wooden bench/office chairs, car side mirror, extension wire, reflective jacket, ceiling fan, table calculator, laptop and generator, ceiling sheets and office television. The items were returned to the LGA secretariat.”

The protest turned violent in Suleja and Tafa Local Government Areas in the state, leading to the reported killing of six protesters and the partial burning of Tafa LGA secretariat.

The Borno State Police Command confirmed that it arrested 97 individuals in the Maiduguri metropolises during the nationwide protest, which left four people and scores injured in the state.

The Command Public Relations Officer, ASP Nahum Daso, said they are yet to fix a date for the suspects to be tried.

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Of the 97 arrested protesters, seven include social media influencers who were arrested for inciting violence and insulting government officials, religious leaders, and traditional figures, while another seven individuals were apprehended for displaying foreign flags, which posed a perceived threat to national security.

Daso added that the remaining 83 suspects were arrested across various locations in Maiduguri for vandalism, theft, arson and rioting.

“They were arrested for vandalism and theft at the WFP Warehouse on Baga Road, including office supplies and food items,  removal of interlocks, flower vessels, streetlights and pedestrian bridge barricades at Bulumkutu, Lagos Street, Gwange and Baga Road, damage to vehicle windows and burning of tyres on major roads, vandalism of offices and vehicles at Mechanical Village and looting at the UNHRC facility on Baga Road,” Daso stated.

Daso said police recovered several items from the suspects, including two packs of Hilltop tea, one air conditioner, two office chairs, seven foreign flags, three bags of NPK fertilizer, half bag of cannabis, one sewing machine, 30 blankets, one water dispenser, one control switch set, ashes of tires, one office table, and iron rods.

In the FCT, the police did not announce the number of protesters arrested during the End Bad Governance protest, but Amnesty International and a Civil Society Organisation, Enough is Enough, said over 50 protesters were arrested across the Federal Capital Territory.

The FCT command spokesperson Josephine Adeh could not be reached on the matter as calls to her line indicated it was not reachable. She was yet to respond to a message sent to her while filing this.

However, a police source said those arrested with no involvement in any criminal activity during the protest were being released after being profiled.

Meanwhile, human rights activist and National Coordinator of the Take It Back Movement, Juwon Sanyaolu, condemned the trial of the protesters, noting that they would equally challenge the police in court and ensure the release of everyone arrested.

Sanyaolu said the Tinubu-led administration had outdone former President Muhammadu Buhari in areas of rights violation and in clamping down freedom of expression and free press.

“No doubt, the Tinubu government has now outdone former President Buhari in the areas of rights violation, having nothing but hatred for freedom of expression, and free press. We do not only condemn the actions of the police as an unfortunate ploy to criminalise dissent, we are also prepared to challenge the police in court, and ensure everyone who is arrested on the account of protests are released. No one will be left behind.”

Similarly, Omole Ibukun, Initiator, Creative Change Centre, under the Network of Abuja Left Groups, condemned the trials, stating that any attempt to try the protesters would result in a resumption of the protests.

He added that spates of violence during the #EndBadGovernance protests were in response to repression by security agencies, noting that such response to the agencies’ repression was understandable.

“Any attempt to try protesters will only mean a resumption of the protests very soon. No protester should be tried for protesting. Any violence or vandalism that occurred during the #EndBadGovernance protest was triggered as a response to the violent repression of the protests by the Nigerian government, using the police, Army and other paramilitary forces. Such response in self-defence or in defiance to an unconstitutional repression by the state is very understandable.

“Any country that understands patriotism and wishes to imbibe it in the citizens will not try those protesters. The trial stands condemned. If the government tries peaceful protesters, the government is simply calling for the next round of protests to be violent enough to match the state violence that the masses have experienced this time,” he said.

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: Hunger ProtestPoliceProsecution

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