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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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Ogun Labour Strike and the Human Cost of Dapo Abiodun’s Fiscal Negligence

Seunmanuel Faleye by Seunmanuel Faleye
July 14, 2025
in Opinion Bite
Reading Time: 7 mins read
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Why Dapo Abiodun Is Asking for the Silence of a Graveyard

Governor Dapo Abiodun

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As civil servants across Ogun State abandoned their desks and walked out of government offices, the sound of silence that followed was deafening in the sweltering heat of Monday afternoon. The indefinite strike declared by the Nigeria Labour Congress (NLC) was not just another industrial action; it was a desperate cry from thousands of workers who have been systematically abandoned by an administration that has consistently prioritised political optics over human dignity.

The Dapo Abiodun-led government’s response to this crisis reveals a pattern of callous disregard for the very people who keep the state functioning. Behind the polished press releases and carefully orchestrated public appearances lies a disturbing reality: a government that has methodically eroded the welfare of its workforce while maintaining the pretence of progressive leadership.

At the heart of this crisis lies a staggering figure that represents more than just an accounting error; it symbolises the systematic theft of workers’ futures. For over 14 years, the Ogun State government has failed to remit approximately N180 billion in pension contributions to Pension Fund Administrators (PFAs). This is not merely a bureaucratic oversight; it is a calculated betrayal of the social contract between government and its employees.

To understand the human impact of this figure, consider that these are funds deducted from workers’ salaries month after month, year after year, with the promise that they would secure their retirement. Instead, these contributions have been diverted, misappropriated, or neglected, leaving thousands of current and future retirees staring into an uncertain future.

The irony is particularly bitter when viewed against Governor Abiodun’s recent claims. During the 2025 Workers’ Day celebration, he boasted of spending N179.7 billion on pensions and gratuities since taking office in 2019. Yet this figure, while substantial, represents payments that should have been made decades ago, not the current obligations that continue to mount. It’s akin to a debtor celebrating the partial payment of old debts while actively accumulating new ones.

In October 2024, with great fanfare, Governor Abiodun announced the approval of N77,000 as the new minimum wage for Ogun State workers. The timing seemed perfect, a generous increase that would position the state as a leader in worker welfare. The announcement was accompanied by assurances that the payment would take “immediate effect,” suggesting a government responsive to the needs of its workforce.

However, the reality on the ground tells a different story. Six months later, the implementation remains haphazard and incomplete. The Academic Staff Union of Polytechnics (ASUP) was still demanding the implementation of the N77,000 minimum wage as late as December 2024, wondering why polytechnic workers had been excluded from this supposedly universal benefit.

This pattern of grand announcements followed by incomplete implementation has become the hallmark of the Abiodun administration’s approach to worker welfare. It represents a cynical manipulation of public opinion, creating positive headlines while workers continue to suffer from the government’s inability or unwillingness to follow through on its promises.

Perhaps nothing illustrates the administration’s insensitivity more clearly than the eight-year backlog of unpaid leave allowances. Leave allowances are not luxuries or bonuses—they are statutory entitlements that workers have earned through their service. The failure to pay these allowances for eight years represents a systematic violation of workers’ rights that has accumulated into a mountain of unpaid obligations.

Consider the psychological and financial impact on a civil servant who has watched eight years of leave allowances disappear into the bureaucratic void. This is money that could have been used for children’s education, healthcare, housing, or simply to provide a basic level of dignity and security for government workers. Instead, it has been held hostage by an administration that treats worker welfare as an afterthought.

The non-payment of leave allowances also sends a chilling message about the government’s priorities. While billions are spent on infrastructure projects that generate headlines and photo opportunities, the basic entitlements of workers—the human infrastructure of governance-are treated as expendable.

The failure to implement consequential adjustments to the minimum pension represents perhaps the most sinister aspect of the state’s neglect. While the cost of living has skyrocketed and the value of the naira has plummeted, pension payments have remained static, condemning retirees to a gradual slide into poverty.

This is not just about current retirees—it’s about creating a system where retirement becomes synonymous with destitution. Current workers, watching their predecessors struggle with inadequate pensions, must confront the reality that their own retirement prospects are being systematically undermined by a government that views pension obligations as inconvenient financial burdens rather than sacred trusts.

The recent push for the Contributory Pension Scheme (CPS) reform, despite N82 billion in unremitted deductions, adds insult to injury. How can workers be expected to trust a new pension system when the government has so thoroughly failed to honor its obligations under the existing one?

Behind every statistic lies a human story. The 14-year-old child whose parents’ pension contribution was diverted rather than invested. The civil servant who cannot afford medical treatment because eight years of leave allowances remain unpaid. The retiree whose pension hasn’t been adjusted for inflation, forcing them to choose between medication and food.

These are not abstract policy failures—they are concrete manifestations of a government’s decision to prioritise political expedience over human welfare. The Abiodun administration’s response to the current strike—calling for dialogue only after workers had reached the breaking point—demonstrates a reactive rather than proactive approach to governance.

The financial crisis facing Ogun State workers is not the result of unavoidable circumstances—it reflects deliberate choices about priorities. While worker welfare has been systematically neglected, the state has found resources for high-profile projects and international trips. Governor Abiodun’s recent visit to Brazil to market Ogun as Nigeria’s “most industrial-ready state” stands in stark contrast to the industrial unrest brewing at home.

This disconnect between external ambition and internal neglect reveals a government more concerned with image than substance. How can a state present itself as investment-ready when its own workforce is in open revolt over unpaid wages and benefits?

Perhaps most disturbing is the absence of any meaningful accountability for this crisis. No officials have been sanctioned for the failure to remit pension contributions. No explanations have been provided for why leave allowances have gone unpaid for eight years. The administration’s response has been to treat each crisis as an isolated incident rather than symptoms of systemic dysfunction.

This lack of accountability creates a culture of impunity where the welfare of workers can be sacrificed without consequence. It sends a message that the government views its workforce as expendable, their concerns as manageable through temporary fixes rather than fundamental reform.

The current strike represents more than a labor dispute—it’s a warning about the unsustainability of the current approach. When a government systematically fails to honour its obligations to its workforce, it undermines the very foundations of public service. The expertise, dedication, and institutional memory that make effective governance possible cannot survive indefinite neglect.

The international implications are equally serious. Foreign investors, whom the state is so eager to attract, will inevitably notice a government that cannot maintain harmonious relations with its own workforce. Industrial unrest becomes a form of country risk that no amount of marketing can overcome.

The solution to this crisis requires more than temporary fixes or partial payments. It demands a fundamental reorientation of priorities—placing worker welfare at the centre of governance rather than treating it as an afterthought. This means:

Immediate and transparent action on the N180 billion pension crisis, with clear timelines and public accountability for progress. Full payment of the eight-year backlog of leave allowances, with interest to account for the time value of money. Genuine implementation of the N77,000 minimum wage across all sectors, not just selective announcements. Immediate adjustment of pension payments to reflect current economic realities.

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More fundamentally, it requires a government that recognises its workforce as partners in development rather than obstacles to political ambition. Until this recognition occurs, the cycle of neglect, crisis, and temporary reconciliation will continue, condemning another generation of public servants to the indignity of serving a government that fails to serve them.

The true measure of any government lies not in its grand announcements or international recognition, but in how it treats those who serve it daily. By this measure, the Dapo Abiodun administration has failed spectacularly. The current strike is not just about unpaid wages—it’s about dignity, respect, and the fundamental question of whether public service in Ogun State has any future worth pursuing.

The path forward requires more than dialogue; it demands action, accountability, and a genuine commitment to placing worker welfare at the heart of governance. Until this commitment is demonstrated through concrete actions rather than empty promises, the strikes will continue, the crisis will deepen, and the human cost of governmental indifference will continue to mount.

The workers of Ogun State deserve better. Their families deserve better. And the future of public service in Nigeria depends on ensuring they receive it.

Seunmanuel Faleye
Seunmanuel Faleye

Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.

Tags: Dapo Abiodun

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