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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.

    Tinubu Signs Executive Order To Regulate Virtual Assets, Digital Economy

    Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline

    Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline

    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

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    Bode George Blames Excessive Land Reclamation for Lagos Flooding

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    Barcelona Reveals Story Behind Messi’s Iconic Photo With Baby Lamine Yamal

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    NLC Moves To End NURTW Crisis As MC Oluomo, Baruwa Agree To Peace Talks

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INTERNET FRAUD: Court Sentences University of Port Harcourt Final-Year Student to 14 Years Imprisonment

Madukwe Nwabuisi by Madukwe Nwabuisi
October 31, 2024
in Crime, Education
Reading Time: 2 mins read
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INTERNET FRAUD: Court Sentences University of Port Harcourt Final-Year Student to 14 Years Imprisonment
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A final-year student of the University of Port Harcourt in Rivers State, has been convicted and sentenced to 14 years in prison for internet fraud.

Henry Nathaniel Ekanem was jailed on Wednesday, October 30, by Justice A. T. Mohammed of the Federal High Court in Port Harcourt. 

The development follows his arraignment by the Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), on seven counts bordering on obtaining money under false pretence and impersonation.

One of the counts reads: “That you, Henry Nathaniel Ekanem on or about 17th September, 2024, at Choba in Port Harcourt, Rivers state, within the jurisdiction of this honourable court, with intent to defraud, did obtain the sum of Twenty Two United states of America dollars ($22)  from Diana Roskov by fraudulently representing yourself as Coran Capsha, manager of the singer, Chris Stapleton, a pretence you knew to be false and thereby committed offence contrary to Section 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and other Fraud- Related Offences Act 2006.”

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He pleaded guilty when the charges were read to him.

In view of his plea, prosecution counsel, A. Abubakar called witnesses, tendered some documents as evidence which were admitted by the court and marked as exhibits. He thereafter prayed the court to convict and sentence the defendant accordingly.
 
F. T. Fred-Boufini, counsel for the defendant did not oppose the prayers by the prosecution. However, she prayed the court to temper justice with mercy, stressing that the defendant was a first-time offender with no previous criminal records.

However, Justice Mohammed convicted and sentenced the defendant to two years imprisonment on each of the seven counts or an option of fine of Two Hundred Thousand Naira (N200,000) payable into the Consolidated Revenue Account of the Federal Government of Nigeria. 
 The judge also ordered that all the phones recovered from the convict be forfeited to the government, being proceeds of crime.  
 

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: CourtINTERNET FRAUDUniversity of Port Harcourt

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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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