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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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I Owe Nigeria A Duty To Correct My Mistake Of Supporting Tinubu In 2023 – El-Rufai

admin by admin
June 24, 2025
in Politics
Reading Time: 3 mins read
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DSS arrests former Kaduna Governor, El-Rufai shortly after EFCC release

Nasir El-Rufai

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Former Kaduna State Governor Nasir El-Rufai has said that President Bola Tinubu’s cabinet lacks quality.

He recently revealed that the cabinet is not competent enough to tackle Nigeria’s challenges.

Speaking during a political programme aired on Arise News, El-Rufai shared that he expected BAT to replicate the inclusive governance model he adopted when he was Lagos State Governor.

According to him, the bloated and underperforming cabinet Tinubu ended up setting up has been a massive disappointment thus far, and only 5 of the selected members actually qualify to be referred to as a minister.

Describing the cabinet as a joke, El-Rufai lamented how low the country has sunk from the era of Ngozi Okonjo-Iweala and Oby Ezekwesili as ministers.

“Look at his cabinet—it’s a joke. It is the largest in Nigeria’s history, and maybe only five of them can be called real ministers.

In my time as a minister 20 years ago, we had individuals of the calibre of Ngozi Okonjo-Iweala and Oby Ezekwesili.

Who do you see in this cabinet that fits that profile? There is simply no quality. We brought a tragedy upon Nigeria,” he said.

El-Rufai further noted that he is also to blame for the tragedy that has befallen Nigeria because he supported Tinubu during the 2023 elections.

He, however, maintained that BAT had his backing mainly because of his past achievements in Lagos State.

He concluded by saying that he was never a Tinubu follower, stressing that Muhammadu Buhari was the politician he had close ties to when he was an APC member.

“I supported him because I believed in his Lagos legacy. He was inclusive. He brought in professionals like Yemi Osinbajo and Wale Edun from the private sector. He appointed Igbos and Hausas in key roles, and he got things done. But now… this?

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I feel like I owe Nigeria a duty to correct this mistake. I am 65 now, approaching retirement, but I cannot rest knowing that I helped bring in a government that is hurting Nigerians.

I will do all I can, with others, to reverse this trajectory. If we leave this unchecked, Nigeria will be destroyed.

I was never close to Tinubu. In the party, I was a ‘Buhari boy.’ Tinubu had his boys.

The person I connected with was Baba Bisi Akande. I served as his deputy national secretary.

So Tinubu never liked me. But when he won the ticket, I set my personal feelings aside and worked hard to deliver Kaduna for him. That was my duty as a party man,” he added.

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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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