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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

    Bode George Blames Excessive Land Reclamation for Lagos Flooding

    Bode George Blames Excessive Land Reclamation for Lagos Flooding

    FG to Publish Poverty, Income Data to Measure Impact of Economic Reforms – Oyedele

    FG to Publish Poverty, Income Data to Measure Impact of Economic Reforms – Oyedele

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

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

    FG Renames Lagos-Calabar Coastal Highway in Honour of Tinubu

    FG Renames Lagos-Calabar Coastal Highway in Honour of Tinubu

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

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

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Major Blow For Trump As Judge Rejects To Delay Historic Election Fraud Trial, Sets March 4 For Hearing

Madukwe Nwabuisi by Madukwe Nwabuisi
August 30, 2023
in International, Law
Reading Time: 3 mins read
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In a major setback for former US President Donald Trump, a court has set March 4, 2024, as the historic trial date in the federal case in Washington charging him with trying to overturn the results of the 2020 election.

Rejecting a defence request to push back the case by years, US District Judge Tanya Chutkan rebuffed claims by Trump’s attorneys that an April 2026 trial date was necessary to account for the huge volume of evidence they say they are reviewing and to prepare for what they contend is a novel and unprecedented prosecution.

But she agreed to postpone the trial slightly beyond the January 2024 date proposed by special counsel Jack Smith’s prosecution team. “The public has a right to a prompt and efficient resolution of this matter,” Chutkan said.

Why March would be a disastrous month for Trump?

If the current date holds, it would represent a setback to Trump’s efforts to push the case back until well after the 2024 presidential election, a contest in which he’s the early front-runner for the Republican nomination.

The March 2024 date would also ensure a blockbuster trial in the nation’s capital in the heat of the GOP presidential nominating calendar, forcing Trump to juggle campaign and courtroom appearances and coming the day before Super Tuesday — a crucial voting day when more than a dozen states will hold primaries and when the largest number of delegates are up for grabs.

“I want to note here that setting a trial date does not depend and should not depend on the defendant’s personal or professional obligations,” Chutkan said.

Judge raises concerns over Trump’s public and social media comments

Chutkan has so far appeared cool to Trump’s efforts to delay the case but also concerned by social media comments he’s made outside court. This month, she warned Trump’s legal team that there were limits on what he can say publicly about evidence in the investigation. She reiterated her intention on Monday for Trump to be “treated with no more or less deference than any defendant would be treated.”

The Washington case is one of four prosecutions Trump is facing. A March 4 trial would take place just weeks before a scheduled New York trial in a case charging him in connection with a hush money payment to a porn actress. Meanwhile, in Atlanta on Monday, where Trump and 18 others were charged with trying to overturn the 2020 election in Georgia, former White House chief of staff Mark Meadows argued to try to get the charges against him transferred from state court to federal court.

The setting of the trial date came despite strong objections from Trump lawyer John Lauro. He said defence lawyers had received an enormous trove of records from Smith’s team — a prosecutor put the total at more than 12 million pages and files — and said the case concerned novel legal issues that would require significant time to sort out.

“This is one of the most unique cases from a legal perspective ever brought in the history of the United States. Ever,” Lauro said, calling it an “enormous, overwhelming task” to review such a “gargantuan” amount of evidence.

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Prosecutor Molly Gaston countered that the public had an “exceedingly” strong interest in moving the case forward to trial and said that the basic allegations in the indictment have long been known to the defence. Trump, she noted, is accused of “attempting to overturn an election and disenfranchise millions.” “There is an incredibly strong public interest in a jury’s full consideration of those claims in open court,” Gaston said.

Trump facing multiple charges

Trump, a Republican, was charged this month in a four-count indictment with scheming to undo his loss to Democrat Joe Biden in the 2020 election. Smith’s team has brought a separate federal case accusing him of illegally retaining classified documents at his Palm Beach, Florida, property, Mar-a-Lago, and refusing to give them back. That case is currently set for trial next May 20.

Trump also faces the state cases in New York and Georgia. A spokesperson for New York’s state court system, Lucian Chalfen, said Chutkan recently spoke with the judge in Trump’s Manhattan criminal case, Juan Manuel Merchan, about their respective trials ahead. Chalfen said no decision has been made regarding postponing or rescheduling the Manhattan trial, which is to begin on March 25, 2024.

Trump surrendered Thursday in the Georgia case, posing with a scowl for the first mug shot in American history of a former U.S. president. He has claimed the investigations of him are politically motivated attempts to damage his chances of winning back the White House.

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: ElectionTrump

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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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