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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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PDP Govs Describe Tinubu’s Emergency Rule in Rivers as Unstatesmanlike, Biased

Madukwe Nwabuisi by Madukwe Nwabuisi
March 19, 2025
in Politics
Reading Time: 3 mins read
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PDP Govs Describe Tinubu’s Emergency Rule in Rivers as Unstatesmanlike, Biased

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The Peoples Democratic Party (PDP) Governors’ Forum has berated President Bola Tinubu, describing his declaration of a state of emergency in Rivers State as unstatesmanlike, biased, and divisive.

The forum led by Bauchi State Governor, Bala Mohammed, issued a statement on Wednesday expressing concern that under Tinubu’s leadership, the Minister of the Federal Capital Territory, Nyesom Wike, has become a law unto himself.

The forum criticised Tinubu’s silence regarding the minister’s active involvement in the state crisis, describing it as both passive and enabling.

For nearly two years, Rivers State has experienced political tensions, with former Governor Wike and his successor, Sim Fubara, in a struggle for control, causing a stall in governance in the oil-rich state.

As a result, on Tuesday evening, Tinubu declared a state of emergency in Rivers State during a nationwide broadcast.

Emphasizing the need to restore order, Tinubu announced the suspension of Fubara, his deputy, Mrs. Ngozi Odu, and all elected members of the Rivers State House of Assembly for an initial period of six months.

Tinubu also appointed retired Vice Admiral Ibokette Ibas as the new administrator of Rivers State to manage the state’s affairs.

Within hours of the announcement, soldiers seized control of the Rivers Government House in Port Harcourt.

Reacting, the PDP governors urged the President to reverse what they called harmful and regressive decision before it’s too late.

The statement read, “The Peoples Democratic Party Governors’ Forum notes with grave concern and utter misgiving the suspension of democratic rule in Rivers State by President Bola Ahmed Tinubu in his nationwide broadcast of Tuesday, 18th March, 2025.

“We stand in solidarity with Governor Siminalayi Fubara of Rivers State and the good people of Rivers State at this very difficult and trying moment of the state’s political history. There is no other time that our philosophy of touch one touch all more apt than now.

“He who goes to the court of equity must go with clean hands. Mr. President, your silence on the active role played by your Minister of the FCT in the Rivers impasse is golden and enabling. He has become a law unto himself because he was playing out your script. Now we know. This is totally unstatemanly, biased, and divisive.

“We state categorically that this unwarranted but premeditated attack on Rivers State and the Peoples Democratic Party and other opposition parties is today, the greatest threat to democracy in our dear country, Nigeria and it is an ill wind that will blow no one any good.

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“It is a dangerous course of action that will not only endanger our hard-won democracy, but will exacerbate the crises in the nation, deepen mistrust, elevate security threats, destroy the economy, and our national cohesion and stability.”

The forum called on Tinubu to heed wise advice and the voice of reason, acknowledging that he made serious mistakes and acted impulsively.

It continued, “The Nigerian Bar Association in its response signed by its President, Mazi Afam Osigwe, SAN, has already expressed grave concern about the purported suspension by the President of the Governor of Rivers State, the Deputy Governor, and the Mlmembers of the Rivers State House of Assembly.

“The NBA affirmed its commitment to upholding the Constitution, defending democratic governance, and ensuring that the rule of law prevails in Nigeria. In their words, ‘A state of emergency is an extraordinary measure that must be invoked strictly within constitutional limits. The removal of elected officials under the pretext of emergency rule is unconstitutional and unacceptable.’

“The Forum completely aligns itself with the NBA and promises to subject Section 305 (3) of the Constitution to judicial interpretation. This authoritarian shenanigan is unacceptable and cannot stand.

“Mr. President is therefore called upon to listen to wise counsel and the voice of reason, as well as accept that he made grievous mistakes and acted in haste, and reverse this atrocious and retrograde decision before it is too late.”

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: PDPRivers

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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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