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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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IBADAN FUNFAIR STAMPEDE: IG Heads Probe as Detained Ooni’s Ex-Queen Collapses

Madukwe Nwabuisi by Madukwe Nwabuisi
December 21, 2024
in News Bite
Reading Time: 5 mins read
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After 21-Day Remand, Ooni’s Ex-Queen, Hamzat, Others Regain Freedom

Prophetess Naomi Silekunola

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Following the uproar sparked by the death of 35 children during a stampede at a funfair in Ibadan, the Inspector General of Police, Kayode Egbetokun, has taken charge of investigations into the tragic incident.

The stampede occurred when participants rushed to gain access to the venue of the event reportedly organised by the ex-queen of the Ooni of Ife, Prophetess Naomi Silekunola, and an Ibadan-based broadcaster, Oriyomi Hamzat.

Apart from the 35 children who lost their lives in the stampede, six others who were injured were rushed to hospitals.

The event was said to have been initially planned for 5,000 children, but over 7,500 children showed up, worsening the tense situation.

Naomi, who was arrested by the police, reportedly collapsed on Friday.

A popular broadcast journalist in Ibadan, Seun Aribikola, revealed this in a Facebook post.

According to him, she was immediately rushed to the Police Hospital at Eleyele for medical treatment.

The broadcast journalist said the ex-queen was taken to the hospital alongside the Chairman of Agidigbo FM, Hamzat.

“It is confirmed. But she is responding to treatment,” he said.

A senior staff member of the police hospital also confirmed the development to one of our correspondents.

“Both of them are currently at the hospital. They brought them in today. But I can’t give you further details because it is a sensitive matter and the police have barricaded the whole hospital,” the hospital worker said.

The spokesperson for the Oyo State Police Command, Adewale Osifeso, had in a statement, said eight individuals were arrested in connection with the incident.

However, a top police source on Friday said the matter had been taken over by the IG.

The source said, “The IG is now in charge of the case. Anything you want, I think you should call Abuja.”

When contacted, the Force Public Relations Officer, Muyiwa Adejobi, declined comment.

It was gathered that Agidigbo FM House, one of the hosts of the tragic event, has been shut.

Dead, injured victims

Speaking on the incident, the Chairman of Medical Advisory Council of Adeoyo State Specialist Hospital, Adeoye Allen-Taylor, said four children were on admission at the hospital.

Asked to mention the number of casualties brought dead to the hospital, he said, “Some were brought dead; I think the government has already released the number.

“I have seen online the number and the total, and I will only be able to echo what has been announced. The children were brought here at the same time. The Commissioners of Health and Women Affairs and the Commissioner of Police worked together as a team.”

Allen-Taylor said the government was footing the bills, as everything was being centrally coordinated.

The Public Relations Officer of the University College Hospital, Ibadan, Funmi Adetuyibi, said five people were confirmed dead in the facility.

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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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She, however, noted that none of the bodies was taken to the hospital’s mortuary.

Govt fumes as Makinde cancels birthday

In response to the incident, the Oyo State Government, through the Commissioner for Information and Culture, Prince Dotun Oyelade, in a statement, mandated all media houses hosting end-of-year children’s funfairs or public events to ensure the implementation of stringent safety measures.

The government also warned that any organisers of social gatherings, who jeopardised public safety, especially for children and the elderly, would face strict penalties as the year concludes.

Governor Makinde on Friday said he would put off his December 25th birthday celebrations in honour of the children who died in the stampede.

Makinde stated this in Ibadan on Friday while receiving the South-East delegation of the Peoples Democratic Party, led by its Board of Trustees Chairman, Senator Adolphus Wabara, to condole with him.

The governor described the incident as painful, unfortunate and preventable.

He said due to the incident; he would have to put off his December 25th birthday celebrations and remain alone indoors.

“I will not go out; no birthday celebration this year,” he said.

PDP, Fayemi condole with victims

In another development, the South-West chapter of the Peoples Democratic Party has expressed condolences to the government and people of Oyo State following the tragic incident.

The Publicity Secretary of the PDP, South-West, Chief Sanya Atofarati, in a statement on Friday in Ado Ekiti, sympathised with Governor Seyi Makinde and the affected families, praying for divine comfort.

Atofarati attributed the tragedy to the harsh economic conditions in the country, which he said pushed families to seek free entertainment for their children.

Atofarati, however, lauded the swift intervention of the Seyi Makinde-led government of Oyo State and the rescue efforts which saved the lives of some of the children, who sustained injuries and the probing of the incident.

Also, the former Governor of Ekiti State, Kayode Fayemi, expressed deep sorrow over the incident.

Fayemi, in a statement on Friday by the Head of his Media Office, Ahmad Sajoh, described the incident as heartbreaking and casting a pall of sadness over the Christmas celebrations.

The former governor condoled with the families of the victims and the Oyo State Government and prayed for the injured and grieving families.

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: FunfairOoni

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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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