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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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MASSOB, IPOB Clash Over Okiro as Ohanaeze Leader

Madukwe Nwabuisi by Madukwe Nwabuisi
January 9, 2025
in News Bite
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MASSOB, IPOB Clash Over Okiro as Ohanaeze Leader

Mike-Okiro

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The Movement for the Actualisation of the Sovereign State of Biafra (MASSOB) and the Indigenous People of Biafra (IPOB) are presently at opposing ends regarding the candidature of former Inspector General of Police, Mike Okiro for President-General of Ohanaeze Ndigbo.

Though the two groups support the zoning of the Ohanaeze Ndigbo PG to Rivers State, the indigeneship of Okiro is in the contest.

While MASSOB held that Okiro was a true son of Rivers State, the IPOB is of the position that the former IGP is from Imo State and hence not eligible to contest.

A Wednesday statement by the MASSOB National Leader, Uchenna Madu said Okiro being of Rivers extraction was confirmed by his endorsement by the Egbema ethnic nationality in Rivers and Imo States for the position.

The statement added that Okiro’s eligibility was confirmed by the National President General of Ogbakor Egbema Alinso, Ifi Francis Igwebuike, and the Nzeobi of Egbema Kingdom in Rivers State, Eze Evaristus Amuda.

“They emphasised that Okiro is a true son of Rivers State, with his entire career as a public servant tied to the state’s quota,” the statement further referenced.

However, IPOB in a statement on Tuesday, warned Okiro not to be misled by an “alleged endorsement from a faceless group purportedly called Ogbako Egbema to contest for the leadership of the apex Igbo socio-cultural organisation.”

It accused powerful influential figures within the Imo State government of orchestrating the endorsement to undermine Okiro’s integrity and disrupt Igbo unity.

It called on Okiro not to fall for the temptation of contesting the stool insisting that Mike Okiro, is from Imo State, and should not become the President-General.

Furthermore, IPOB urged Okiro not to “permit himself to be manipulated into disrupting the cohesion of the Igbo race.”

“The attention of the noble family of IPOB, led by our leader Mazi Nnamdi Kanu, has been drawn to the purported endorsement of Mr Mike Okiro by a faceless group supposedly called ‘Ogbako Egbema’ for him to contest for the next President-General of Ohanaeze Ndigbo.

“It is evident that some influential individuals in the Imo State government are behind this move to tarnish Okiro’s reputation and destabilise Ohanaeze Ndigbo, just as they have sought to destroy Imo State. This faceless group is working on behalf of the enemies of Ndigbo, whose goal is to disorganise Alaigbo.

“These individuals cannot override the legitimate right of Rivers State to produce the next President-General of Ohanaeze Ndigbo. While many well-meaning organisations are actively advocating for the unification of all Igbo territories—from Igbanke to Isoko—others are determined to perpetuate the divisive narratives of our adversaries, portraying Igboland as irreparably fragmented.

“The President-General position is reserved for Rivers State Igbos. Okiro, who previously contested against the late Prof. George Obiozor during Imo State’s turn, lost that election.

“Anyone or group attempting to involve Okiro in this contest against Rivers State Igbos is deliberately provoking trouble. IPOB will respond appropriately to any such provocation,” the IPOB statement further read.

The statement further declared that IPOB would no longer tolerate political manipulation of Ohanaeze Ndigbo’s leadership.

 It called on Igbo governors and politicians to allow the organisation to function as a respected socio-cultural body rather than as an extension of the South-East Governors’ Forum.

“Any attempt to manipulate the outcome of the forthcoming election to exclude or deny Rivers State Igbos their rightful opportunity will be firmly resisted by IPOB. Those responsible for such actions will be held accountable. The era of allowing Ohanaeze Ndigbo to serve as a tool for the enemies of Ndigbo to control our political destiny is over,” IPOB said.

The office of the President-General of Ohanaeze Ndigbo became vacant on July 25, 2025, when Chief Emmanuel Iwuanyanwu died at the age of 82 years.

The Igbo apex socio-cultural organisation is currently in search of Iwuanyanwu’s successor, with some stakeholders saying it is the turn of Rivers State to produce the next Ohanaeze leader.

Meanwhile, an Enugu State High Court has ordered parties involved in the January 10 election of a new President-General of Ohanaeze to maintain the current status until it rules otherwise.

The pan-Igbo socio-cultural group scheduled Friday for a fresh election for all the positions, even as it proposed that Rivers State would produce the next President-General for the association.

The court order came after a former governor of Imo State, Dr Ikedi Ohakim, in suit number E/01M/2025, dragged the Ohanaeze Ndigbo, the outgoing PG, Nze Chukwu; Ambassador Okey Emuchay; Chief Ejiofor Onyia; Chidi Ibe; Okechukwu Ishiguzoro; and Chief Richard Ozubu to an Enugu State high court.

Justice N.R. Oji, on Friday, January 3, 2025, after listening to Aloy Ejimakor, who represented Ohakim, ordered that parties should maintain the current status.

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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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The order read, “That the alternative prayer is hereby granted, parties to maintain status quo ante bellum in the matter pending the hearing and determination of the motion on notice for interlocutory injunction.

“Leave is hereby granted to the applicant for substituted service of the motion on notice, by pasting them at the entrance gate of Ohanaeze Ndigbo headquarters at 7, Park Avenue, GRA Enugu.

“An order for abridgement of time is hereby granted for the hearing of the motion on notice for interlocutory injunction on 7th January 2025.”

The court adjourned the matter to January 7 for a hearing of the motion on notice for interlocutory injunction, which will either allow or suspend the proposed election.

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: OhanaezeOkiro

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