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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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National Assembly’s Incessant Summon Of Private Companies: OPSN Pens Open Letter To President Tinubu

admin by admin
September 6, 2025
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The Organised Private Sector of Nigeria (OPSN)

The Organised Private Sector of Nigeria (OPSN)

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The Organised Private Sector of Nigeria (OPSN) have expressed deep concerns over incessant invitations, summons by committee of the National Assembly on the activities of private companies.

The OPSN –comprises of the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industrialists (NASS), Nigeria Association of Small and Medium Enterprises (NASME) in collaboration with Association of Licensed Telecommunications Operators of Nigeria (ATCON), the Oil Producers Trade Section (OPTS), Association of Food, Beverages and Tobacco Employees (AFBTE), and other 25 sectoral Employer’s Associations– expressed their concern which was conveyed through an open letter sent to President Bola Tinubu on Thursday, September 4, 2025.

According to the group, the practice has continued unhindered despite judicial pronouncements, including a pending appeal before the Supreme Court, which affirms that the powers conferred on the National Assembly in line with sections 88 and 89 of the 1999 constitution do not extend oversight powers to private companies.

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Citing judicial precedents, it stated that the case of DHL International Nigeria Limited vs Senate of the Federal Republic of Nigeria and ORS(FHC/ABJ/CS/261/2018) comes to mind.

It would be recalled that the court unequivocally held that private companies do not fall within the category of persons contemplated by sections 88 and 89 of the 1999 Constitution.

It stressed that the members of the National Assembly must understand that there are constitutional limits on legislative oversight.

The provisions only empower them to investigate matters connected with the administration of laws and the disbursement and management of public funds by public sector agencies.

It explained that the incessant summons by the Committees of the National Assembly has created duplication of regulatory activities, thus usurping the statutory roles of the Executive arm of Government through the Ministries, agencies, and Departments.

It further stated that the purported investigations, demands and investigations being carried out by the committee fall within the jurisdiction of the Executive arm of Government, noting that the constitution, as expressly stated in section 5, vests the responsibility to investigate compliance on the Executive through the MDAs

It urged the National Assembly to exercise restraint and await the Supreme Court’s decision on the matter to resolve the recurring controversies surrounding the scope of legislative authority.

It stated that, beyond the legal and constitutional issues, the continuous summons could be economically damaging as it creates multiple layers of regulatory uncertainty, thereby discouraging foreign investors, derailing the Ease of Doing Business reforms, and worsening the unemployment rate, especially at a time when the FG is making an effort to restore investors’ confidence.

“The summons has led to high financial costs for companies, with executives of private companies compelled to travel frequently to Abuja, incurring costs for flights, accommodation, legal representation and documentation. Beyond that, this has led to disruption of operations and productivity loss with senior managers and technical experts pulled away from business operations of manufacturers and service providers, leading to lost output and missed deadlines, weakened competitiveness,” it added.

While emphasising that the private sector was not opposed to legislation or regulation, the OPSN noted that regulation should not be enforced to serve as a bottleneck but rather to facilitate and promote Ease of Doing Business.

OPSN explained that the sustainability of enterprises can only be achieved when there is an efficient, predictable regulatory environment supported by stable policies and viable incentives.

The group seeks the President’s intervention to safeguard the integrity of Nigeria’s regulatory framework and ease the burden on businesses by clearly deploying a practical, coordinated approach that delineates the authority and responsibility between regulators and legislators.

“We can further strengthen Nigeria’s reputation as a stable, business-friendly investment destination, capable of attracting and retaining capital to drive inclusive growth and job creation by addressing these challenges. We reaffirm our readiness to collaborate with the government in finding practical solutions for Nigeria’s sustainable economic transformation,” It stated.

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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
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