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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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Nigeria’s University Crisis Ends, FG and ASUU Reach Groundbreaking Agreement After Decades of Strikes

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January 14, 2026
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The Federal Government and the Academic Staff Union of Universities (ASUU) have finalized a comprehensive agreement to improve lecturers’ conditions and bring an end to the prolonged industrial disputes that have plagued Nigerian universities for over two decades.

Education Minister Dr. Tunji Alausa announced the 2025 Federal Government–ASUU Agreement in Abuja on Wednesday, calling it a watershed moment that restores confidence in Nigeria’s tertiary education system after years of disruptions and uncertainty.

“This represents renewed trust, restored confidence and a decisive turning point in the history of Nigeria’s tertiary education system,” Alausa stated during the unveiling ceremony.

The minister praised President Bola Ahmed Tinubu for directly addressing the crisis that had paralyzed universities, disrupted academic sessions and affected millions of students nationwide. He noted that the administration prioritized “dialogue over discord, reform over delay, and resolution over rhetoric.”

40% Salary Increase for Academic Staff

Central to the agreement is a 40 per cent increase in university lecturers’ salaries, approved by the National Salaries, Incomes and Wages Commission (NSIWC) and set to commence on January 1, 2026.

The new remuneration package combines the Consolidated University Academic Staff Salary (CONUASS) with an improved Consolidated Academic Tools Allowance (CATA). The enhanced CATA will support essential academic activities including journal publications, conference attendance, internet services, professional memberships and book development.

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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.

Tinubu Signs Executive Order To Regulate Virtual Assets, Digital Economy

July 17, 2026
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The deal restructures nine Earned Academic Allowances with clear definitions tied to specific duties such as postgraduate supervision, fieldwork, clinical work, examinations and academic leadership positions.

Special Allowance for Professors

In an unprecedented move, the government has introduced a Professorial Cadre Allowance recognizing the responsibilities of full-time Professors and Readers. Professors will receive N1.74 million annually (N140,000 monthly), while Readers will get N840,000 per year (N70,000 monthly).

According to Alausa, this allowance aims to enhance research coordination and administrative efficiency, enabling senior academics to focus more on teaching, mentorship and innovation.

“This intervention is structural, practical and transformative,” the minister emphasized.

He attributed the breakthrough to President Tinubu’s “courageous and people-centred leadership,” noting that sustained engagement and mutual respect made it possible to resolve what many considered an unsolvable crisis.

Implementation and Future Outlook

Alausa assured Nigerians of the government’s commitment to implementing the agreement under the Renewed Hope Agenda, promising continued engagement and reforms in the education sector.

Stakeholders believe the agreement marks a new chapter of stability for Nigerian universities, bringing predictability to academic calendars and renewed optimism to students and parents.

The minister commended both negotiating teams—led by Alhaji Yayale Ahmed for the Federal Government and Professor Pius Piwuna for ASUU—alongside former ASUU President Professor Emmanuel Osodeke for establishing the foundation for this achievement.

“History will remember today as the day Nigeria chose dialogue, transparency and strong presidential commitment as the pathway to resolving long-standing governance challenges,” Alausa concluded.

With the agreement now in place, many Nigerians hope the era of extended university closures has ended, paving the way for stability, productivity and global competitiveness in the nation’s higher education sector.

READ ALSO:

  • 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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  • 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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