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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’S SEXUAL HARASSMENT HEARING: Senators, Ezekwesili Clash

Madukwe Nwabuisi by Madukwe Nwabuisi
March 26, 2025
in Politics
Reading Time: 5 mins read
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NATASHA'S SEXUAL HARASSMENT HEARING: Senators, Ezekwesili Clash
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Tensions ran high on Tuesday during the hearing of a sexual harassment petition filed by Kogi Central lawmaker, Senator Natasha Akpoti-Uduaghan, as the members of the Senate Committee on Ethics, Privileges, and Petitions engaged in a heated exchange with former Education Minister, Oby Ezekwesili.

While the senators engaged Ezekwesili in a war of words, the Independent National Electoral Commission (INEC) gave the embattled Kogi lawmaker temporary respite as it faulted the petitioners for not complying with the recall guidelines.

Akpoti-Uduaghan was suspended by the Senate on March 6 following a heated disagreement with the Senate President, Godswill Akpabio, over a new seating arrangement, which she alleged was designed to undermine her.

The crisis escalated when Akpoti-Uduaghan accused Akpabio on national television of punishing her for rejecting his purported sexual advances.

Subsequently, the Senate leadership suspended her for six months and ordered her security aides to withdraw.

Following this, the embattled lawmaker submitted a sexual harassment petition against Akpabio to the Senate Committee on Ethics, Privileges, and Petitions, which held a hearing on Tuesday.

Signs that the proceeding at the Senate may not end well emerged when a petitioner from Kogi Central, Suberu Yakubu, his legal counsel, Abiola Akinyode and Ezekwesili, who appeared before the committee as a witness, accused the senators of bias and unfair handling of the petition filed against the Senate President by the suspended lawmaker’s constituents.

But things got to a head when the petitioner urged the Chairman of the committee, Senator Neda Imasuen, to step down over the manner he has so far handled the sexual harassment petition against Akpabio.

‘’How can the chairman serve as a judge in a case where he has already publicly taken a position? What is the need for us to present our case when a verdict has already been given before hearing us?” Yakubu queried.

He further alleged that some committee members had ties to Akpabio, which, in his view, compromised their ability to be neutral.

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The statement infuriated the committee members, who berated Yakubu for attempting to dent the integrity of the panel.

The lawmakers also chided Ezekwesili for attempting to ‘’force herself into the narrative’’ under the guise of being a witness.

Heated debate in Senate

However, Ezekwesili insisted on being heard out. She said,  “I asked to be put on oath as a witness. I am a citizen of Nigeria.” But she was shouted down by the lawmakers.

As the tension continued to build, the ex-minister and the lawmaker representing Ebonyi North, Senator Peter Nwebonyi, engaged in a shouting match.

“You can’t sit there as senators and be asking me not to talk,” she screamed.

Nwebonyi charged back at her, saying, “Don’t insult me. And you are even telling me to keep my mouth shut up. Who are you? You must be a fool, a fool at 70. That is what you are.

“What do you mean? You are an insult to womanhood. A fool like you can never be here. Who are you?”

After the tension was doused, the legislator representing Imo West, Senator Patrick Ndubueze, appealed for calm.

“We should stop behaving like people in the marketplace. This is the Senate of the Federal Republic of Nigeria. It is sad to hear you (petitioner) say you don’t have confidence in the Senate. What it means is that everybody here is not trustworthy.

“Yes, we are all citizens of this country. But here, you must be recognised before you speak. That is the rule. We cannot just jump to answer questions because you are a petitioner. This is a Standing Committee.”

Hearing adjourned indefinitely

However, Imasuen adjourned the hearing indefinitely following observations that both Akpabio’s wife and Akpoti-Uduaghan have a case in court.

They also noted that the suspended Kogi lawmaker was not available to defend her allegation.

Addressing journalists after the hearing, Ezekwesili described the Senate’s approach as a gross violation of the Nigerian Constitution and legal framework.

She criticised the committee’s insistence on prioritizing Senate rules over constitutional provisions, particularly in cases involving disciplinary actions and petitions.

“The Nigerian Senate keeps telling citizens they are subject to Senate Rules, even when those rules violate the Constitution. This is unacceptable in a democracy,” Ezekwesili declared.

She also referenced Akpoti-Uduaghan’s six months’ suspension by the Senate, arguing that it was carried out without due regard for constitutional provisions.

“The Senate placed its own rules above the laws of the land. Now, with this petitioner, they have done the same thing—using procedural loopholes to avoid addressing critical issues,” she said.

Ezekwesili backed the petitioner’s demand for a specially constituted independent committee to review the case, arguing that the current panel lacked the impartiality necessary to ensure fairness.

“If a petitioner says they do not believe the Senate committee will give them a fair hearing due to clear bias, it is only just that an independent body reviews the matter,” she added.

She also warned that the Senate’s actions could set a dangerous precedent, where internal rules override the Constitution.

“The Senate must respect the Constitution. Otherwise, we risk turning our democracy into a system where powerful individuals manipulate processes to silence opposition and suppress justice,” she noted.

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: Ezekwesilinatasha

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  • 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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