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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 Knocks APC Over Threat to Impeach Fubara

Madukwe Nwabuisi by Madukwe Nwabuisi
March 11, 2025
in Politics
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The Peoples Democratic Party (PDP) and the Rivers State Government on Monday kicked against the call by a faction of the All Progressives Congress (APC) for the resignation or impeachment of Governor Siminalayi Fubara.

The development comes as Fubara said he would not be deterred by threats from those pushing to disrupt governance through the instigation of political crises in the state.

He warned against any act of lawlessness and insisted that his path would remain focused on ensuring peace.

“I want to say to our teeming supporters, I know some of you, your spirits are high, some others, your spirits are low.

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“I want to assure you, it doesn’t matter what the situation might be today, we will come up again stronger and better.

“Please continue to follow my footstep, and that footstep remains the path of peace. We need it because if anything happens, we are the greatest losers,” Fubara declared.

The APC faction loyal to former Governor Nyesom Wike had called for the governor’s resignation or impeachment, citing multiple alleged offences.

The opposition party, led by Chief Tony Okocha, also dismissed the governor’s invitation to a reconciliatory meeting with the Martin Amaewhule-led House of Assembly as a “Greek gift.”

Fubara, in a letter signed by the Secretary to the State Government, Dr Tammy Danagogo, on Sunday, invited the lawmakers for dialogue on Monday, following the Supreme Court’s ruling that validated the 27 legislators as the authentic Assembly members.

Reacting to the invitation on Sunday, one of the lawmakers, Isaiah Opuende, who represents Akuru-Toru Constituency 2, blasted Fubara for using social media channels.

Calling for Fubara’s resignation, Okocha, in his address to journalists in Port Harcourt on Monday, accused the governor of disrespecting President Bola Tinubu and failing to implement the eight-point resolution earlier set to resolve the crisis.

He wondered if the governor had bent over backwards after a protracted grandstanding.

The APC chieftain described Fubara as “clueless” and insisted that the only viable option left for him was to either resign honourably or face impeachment.

“The options before Siminalayi Joseph Fubara are two: he should honourably resign or be impeached because he has run the state aground and disrespected Mr President.

“The invitation to the lawmakers is a Greek gift. The Supreme Court judgment is final. There is nothing anybody can do about it.

“The only option available to the governor now is for him to resign or be impeached. And he should be honourable about it,” he said.

He stated, “The APC remains the major opposition party in Rivers State. We are the voice of the voiceless. When we said Siminalayi Fubara was clueless, we were not joking. The evidence is clear.

“The governor behaves like a saint, but he is a dangerous snake. His meeting agenda with the lawmakers is puerile. Is he inviting them to discuss the Supreme Court judgment?

“And why was the invitation letter signed by the Secretary to the State Government, instead of the governor himself? It’s an aberration. As far as I’m concerned, it is a Greek Gift.”

Chief Okocha noted that the party would not stand idly by and watch the governor running the state aground with his style of governance.

He warned that the governor’s continued stay in office could lead to political instability in the state, likening the situation to a “keg of gunpowder” ready to explode.

Responding, the Rivers State Commissioner for Information and Communications, Joseph Johnson, dismissed Okocha’s comments, stating that he lacked the authority to speak on behalf of the APC leadership. Johnson described Okocha as an ‘impostor’ whose removal as the state APC chairman had been confirmed by the court.

He further stated that the call for impeachment was baseless, as the governor had demonstrated his commitment to peace by reaching out to the lawmakers for dialogue.

The commissioner stated, “I’ve decided not to be reckoning with what Chief Okocha says because he’s not a consistent person. He doesn’t have any moral grounds to make that call (impeachment) because as far as the law is concerned, he’s an impostor.

“A Rivers State High Court has long removed him from office. So, I think that he’s dangerously looking for relevance and I don’t think that he deserves it from this government.”

Speaking further, he said “This is not the first time, at some point he said he was going to ask members of his party who were in the House to invoke an impeachment proceeding. Not too long, he recanted

“So he’s not a man of his word. Nobody is talking about impeachment.

“An impeachment is not even on the table. The government is open to discussing with the Assembly members.”

The PDP described Okocha’s stance as “hallucination.”

In an interview, the PDP’s National Publicity Secretary, Debo Ologunagba, accused the APC faction of attempting to create unnecessary political tension.

He asked the opposition party in the state to focus on addressing national challenges, rather than fuelling political crises in the state.

Ologunagba called on Okocha to deal with the issues concerning his chairmanship of the APC in Rivers and leave Fubara out of his troubles.

He said, “The man you are talking about has a lot of issues to deal with, one of which is his claim to the chairmanship of the APC in Rivers State.

“All we can say is that the man is hallucinating. He is in a dream world and we can’t stop him from dreaming.

“However, he must be told that impeachment is a constitutional process and not what you just sleep and dream about.

“Instead of Governor Fubara, Okocha should help his party think of how to deal with the hardship they have brought on Nigerians.

“Nigerians are being made to pay exorbitant tariffs in energy and telecoms and life has never been this hellish. This is what should bother him and his party, the APC.”

Ologunagba added that Fubara remained popular among the people of Rivers State.

“He has no locus standi to tell Governor Fubara to resign because the Rivers people are very happy with him.

“They are proud of the work he is doing. In a very short period, he has impacted the people of Rivers State in a manner that deserves our collective applause.

“Governor Fubara was elected to lead his people and he is doing that excellently,” he added.

In an interview, the PDP Deputy National Youth Leader, Timothy Osadolor, said no rational person would demand Fubara’s impeachment.

He said the governor had firmly established himself in the state’s politics and had the backing of the people.

“Those calling for the impeachment of Governor Fubara don’t understand the constitution. Impeaching a performing governor like the Rivers State governor is not a tea party.

“The stakeholders are with him, and they know it is not a tea party to impeach him; he enjoys the support of the Rivers people.

“Governor Fubara has entrenched himself in the politics of Rivers State. He cannot be impeached and should not be impeached.

“Those who have said so, I believe they should retrace their steps. No sane person will move to impeach Fubara,” he added.

The state Publicity Secretary of the Emeka Beke-led APC faction, Darlington Nwauju, also described Okocha as an impostor benefitting from the crisis.

Nwauju, in a statement sent to our correspondent, said, “Recall that part of the grounds which the Supreme Court latched on to sustain the Federal High Court judgment which nullified the local government elections in Rivers State was that the election went ahead despite the court judgment stopping the process.

“Now, our question is – if we are not a people suffering collective amnesia in Rivers State, why must a Tony Okocha, who is still parading himself as chairman of the APC in Rivers against the judgment of the court, now be the person pontificating over abuse of or disobedience to court process?

“What kind of physician goes about healing others while needing a health emergency?

“The likes of Tony Okocha are conflict entrepreneurs as far as the political saga in Rivers State is concerned and posterity will not forget the ignoble roles he is playing in dismantling democracy and the rule of law in Rivers State,” Nwauju, the spokesman of the faction loyal to the former Minister of Transport, Rotimi Amaechi, said.

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: APCPDP

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