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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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NATASHA RECALL: INEC Writes Senate Over Constituents Amendment of Petition

Madukwe Nwabuisi by Madukwe Nwabuisi
March 27, 2025
in Politics
Reading Time: 5 mins read
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The Independent National Electoral Commission (INEC) on Wednesday wrote to the Senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan and the Presiding Officer of the Senate Godswill Akpabio, confirming that the contact details of the petitioners’ representatives in the recall process have now been corrected.

This followed an amendment made by the constituents of Kogi Central Senatorial District to address an earlier error in the recall petition.

In a statement issued, the National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, revealed that the updated contact information— including phone numbers, email addresses, and other details—was submitted to INEC Chairman, Prof. Mahmood Yakubu, today (Wednesday).

The update came after INEC had raised concerns in an earlier statement on Tuesday, which pointed out that the petitioners had initially failed to provide the necessary contact details, such as addresses and phone numbers, as required under the Commission’s 2024 Regulations and Guidelines for Recall.

As a result of the amendment, INEC confirmed that it had sent an official letter to Senator Akpoti-Uduaghan informing her of the receipt of the recall petition. The letter was delivered to her official address and copied to the presiding officer of the Senate. The updated details were also made publicly available on INEC’s website.

“Further to the statement issued yesterday, Tuesday 25th March 2025, the Commission hereby confirms that the contact address of representatives of the petitioners, their telephone numbers and e-mail addresses have now been provided in a letter addressed to the Chairman of the Commission dated today Wednesday 26th March 2025.

“As provided in Clause 2(a) of the Commission’s Regulations and Guidelines for Recall 2024, a letter has been written to notify the Senator sought to be recalled about the receipt of the petition and delivered to her official address.

“The same letter has been copied to the presiding officer of the Senate and published on the Commission’s website,” the statement read in part.

The statement noted that the next phase in the process would involve INEC verifying whether the petition has been endorsed by more than 50 percent of the registered voters in Kogi Central.

The outcome of this verification will determine the next steps in the recall procedure, which will be publicly disclosed in the coming days.

INEC assured the public that the entire process will be conducted transparently, with full adherence to the legal guidelines.

“The next step is to scrutinise the list of signatories submitted by the petitioners to ascertain that the petition is signed by more than one half (over 50 percent) of the registered voters in the Constituency. This will be done in the coming days. The outcome, which will be made public, shall determine the next step to be taken by the Commission.

“We once again reassure Nigerians that the process will be open and transparent,” the statement concluded.

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The petition, presented on behalf of the constituents by Charity Ijese, was received and stamped by INEC’s Secretary, Rose Oriaran-Anthony, on Monday at the Commission’s headquarters in Abuja.

The recall petition followed a series of contentious events involving Akpoti-Uduaghan, who was suspended from the Senate on March 6 for alleged “gross misconduct” after a dispute with Akpabio.

She had previously accused Akpabio of sexual harassment.

The constituents, who claim to have met the constitutional requirements for the recall process, stated that over 200,000 registered voters, more than half of the district’s electorate, signed the petition.

The petition, titled “Constituents’ Petition for the Recall of Senator Natasha Akpoti-Uduaghan on Grounds of Loss of Confidence,” calls for the Senator’s removal due to a series of allegations, including gross misconduct, abuse of office, and a pattern of deceitful behavior.

In their petition, the constituents explained, “We, the undersigned, being duly registered voters of the Kogi Central Senatorial District, hereby invoke our rights under the laws of the Federal Republic of Nigeria to formally demand the recall of Senator Natasha Akpoti-Uduaghan from the Nigerian Senate.”

Meanwhile, Ebonyi North Senator Onyekachi Nwebonyi has expressed no regrets over his heated exchange with former Minister of Education, Oby Ezekwesili, during a hearing on a petition on Tuesday accusing the Senate President of sexual harassment.

Earlier on Tuesday, Ezekwesili appeared before the Senate Committee on Ethics, Privileges, and Public Petitions, which was reviewing the petition filed by  Akpoti-Uduaghan, alleging Akpabio’s sexual harassment.

Ezekwesili was accompanied by Zubairu Yakubu, who signed the petition on Akpoti-Uduaghan’s behalf, and the senator’s legal counsel, Abiola Akiyode.

During the hearing, Nwebonyi and Ezekwesili became involved in a heated verbal exchange. The incident began when Nwebonyi requested permission to make his submission if Ezekwesili’s team was not ready to proceed. Ezekwesili interrupted, telling the senator, “Can you shut up?”

In response, an irate Nwebonyi launched an attack on Ezekwesili, stating, “You will never be a senator” and calling her “an insult to womanhood.” He angrily questioned, “Why should you talk to a senator like that?”

Nwebonyi, who was representing the Senate President at the hearing, justified his reaction in an interview with Channels Television on Tuesday night, stating that he was simply responding to what he saw as disrespect.

“How can I regret the scenario? I gave it to her. Is it right for her to address me that way? As a former minister of the Federal Republic of Nigeria, a grandmother, ask her first.

“I only replied to her. How can I be emotional? She was the one being emotional. It is unfortunate that a mother, a grandmother, the person of her standard can be so moved by her emotion to call a sitting senator a hooligan and I should shut up when I was asking for clarification from a presiding officer. I was not addressing her. I was talking to the chairman of the Senate Committee on Ethics, so I don’t have business with her,” he said.

Following the altercation, Ezekwesili defended her actions, stating in an appearance on Channels Television’s Sunrise Daily on Wednesday that she was satisfied with the exchange.

She argued that the incident highlighted the challenges women face in a patriarchal society.

“I was very pleased with what happened yesterday because now it is in the public domain what women endure in many instances, and the rest of society may know a little about it but has not focused on it. It has now come to the top of our public agenda that we should not allow for a society that shuts down voices,” she remarked.

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: INECnatasha

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  • Supreme Court Orders Final Forfeiture of Emefiele’s Assets to Federal Government
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  • Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline
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