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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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N80.2 BILLION MISAPPROPRIATION OF FUND: Court Adjourns Ruling In EFCC’s Suit Against Bello To May 10

Madukwe Nwabuisi by Madukwe Nwabuisi
April 23, 2024
in Crime, Law
Reading Time: 4 mins read
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A Federal High Court in Abuja on Tuesday adjourned till May 10 for ruling in the suit filed by the Economic and Financial Crimes Commission, EFCC, against the immediate past governor of Kogi State, Yahaya Bello.

Bello, facing a 19-count charge bordering on money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.At the last hearing, Justice Emeka Nwite had adjourned for arraignment and ruling after Bello failed to show up in court for his arraignment.Just like last week, Bello was again absent for his arraignment in court on Tuesday.

On this ground, Justice Nwite ordered the EFCC to serve a copy of the proof of evidence and charge against Bello on his counsel while he Cited Section 382(4) and (5) of the Administration of Criminal Justice Act, ACJA, 2015.Justice Nwite ordered that the counsel who had announced unconditional appearance for Bello be the one to receive the service of the charge.“I make an order for the charge and the proof of evidence to be served on counsel who had unconditionally announced appearance for the defendant”.

Abdulwahab Mohammed who last week had declared unconditional appearance for Bello however initially declined to accept the charge as he had instructed a junior lawyer in his team to receive it. Justice Nwite however insisted that he accepts it.

The court held that the law allows for substituted means of service in a situation where it becomes practically impossible to effect personal service of a legal process on a defendant.

Justice Nwite held that this could be done by handing the same to either his counsel or any adult in his household.

Justice Nwite said the court cannot assume jurisdiction in the absence of effective service of the Originating Summon.

He held that service of any process of court on a defendant is fundamental to ensure jurisdiction.

“Any decision reached in the absence of service will be subject to an appellate attack no matter how brilliant the decision reached”, Nwite had said.

A member of Bello’s legal team, Mr Adeola Adedipe (SAN) had appealed to the court to set aside the warrant of arrest hanging over his client.

Adedipe said his client would have loved to show up in court but he is afraid of the order of arrest.

Adedipe urged the court to set aside the exparte order of arrest it issued against his client.

Justice Emeka Nwite had last week Wednesday issued a warrant of arrest on Yahaya Bello.

EFCC counsel, Kemi Pinheiro (SAN) had however said the arrest warrant could be set aside if Bello were to show up in court as required.

Pinehero assured saying “As his prosecution, I will personally apply that the arrest warrant be set aside if he comes to court next adjourned date.

“If he gives an undertaking that his client will be in court on the next date, I can assure him that the arrest warrant will not be executed”, Pinehero had said.

Adedipe, however, stated that as at the time the order of arrest was issued on his client, the charge had not been served on him as required by the law.

“As at the time the warrant was issued, the order for substituted service had not been made. That order was just made this morning”.

Pinheiro, on his part, urged the court to refuse the application unless the defendant made himself available for his trial.

He stated that the defendant cannot stay in hiding and file numerous applications for his arrest warrant to be vacated.

He held that Bello should not be heard on the applied application.

“The main issue should be ascertaining the whereabouts of the defendant. All these applications he is filing are nothing but dilatory tactics intended to delay his arraignment and frustrate the proceedings.

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“Our position is that the defendant should be denied the right of being heard until he is physically present before this court.”

Pinehero also held that as stated in section 396 of ACJA, 2015, the court cannot effectively assume jurisdiction to decide any application or objection in the matter, until the defendant is arraigned.

After taking arguments from both parties, Justice Nwite adjourned for ruling.

“The Case has been adjourned till 10/5 for ruling.”

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: BelloEFCC

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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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