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    Supreme Court Orders Final Forfeiture of Emefiele’s Assets to Federal Government

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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.

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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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Petition To Recall Senator Natasha Failed to Meet the ‘Requirements -INEC

Madukwe Nwabuisi by Madukwe Nwabuisi
March 26, 2025
in Politics
Reading Time: 7 mins read
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Senate Ends Standoff: Natasha Akpoti-Uduaghan's Office Unsealed, Access Restored

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The Independent National Electoral Commission (INEC) has raised concerns over the petition for the recall of Akpoti-Uduaghan, noting that the sponsors failed to comply with the recall guidelines.

Some members of the Kogi central constituency had submitted a petition to the INEC requesting Akpoti-Uduaghan’s recall following the six-month suspension slammed on her for misconduct by the Senate.

The petition was reportedly signed by about 250,000 constituents.

Speaking on Monday, Charity Omole, a representative of the constituents, said they submitted the petition because the constituency cannot afford not to have a representative in the Senate.

In order to recall a federal lawmaker, a petition must be submitted to the commission’s chairman, signed by more than 50 percent of the registered voters in the constituency, followed by a verification and then a referendum.

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The law provides that a recall process must be concluded within 90 days from the date of receipt of the petition.

But the electoral commission in a Tuesday statement by the National Commissioner and Chairman, Information and Voter Education Committee, Sam Olumekun, pointed out that the petitioners failed to provide the necessary contact information, such as their addresses, phone numbers, and email addresses, as required under the Commission’s Regulations and Guidelines for Recall 2024.

It said the petition, which includes six bags of documents that are said to contain signatures from more than half of the 474,554 registered voters in the district, did not comply with the guidelines.

The petition, presented on behalf of the constituents by one Charity Ijese and received by INEC’s Secretary, Rose Oriaran-Anthony, on Monday, was said to be lacking clear contact details for the representatives, with only the phone number of the lead petitioner provided.

Also, INEC noted that the petition represents voters from five local government areas—Adavi, Ajaokuta, Ogori/Magongo, Okehi, and Okene – covering 902 polling units across 57 registration areas.

However, the commission criticised the petitioners for providing a vague address—simply listing “Okene, Kogi State”—which does not meet the standards outlined in its regulations.

The statement read in part, “The Commission held its regular weekly meeting today, Tuesday 25th March 2025. Among other issues, the meeting discussed the petition for the recall of the Senator representing Kogi Central Senatorial District.

“The process of recall is enshrined in the 1999 Constitution, the Electoral Act 2022 as well as the Commission’s detailed Regulations and Guidelines for Recall 2024, available on our website. All petitions will be treated in strict compliance with the legal framework.

“The petition from Kogi Central Senatorial District was accompanied by six bags of documents said to be signatures collected from over half of the 474,554 registered voters spread across 902 Polling Units in 57 Registration Areas (Wards) in the five Local Government Areas of Adavi, Ajaokuta, Ogori/Magongo, Okehi and Okene.

“The commission’s immediate observation is that the representatives of the petitioners did not provide their contact address, telephone number(s) and e-mail address(es) in the covering letter forwarding the petition through which they can be contacted as provided in Clause 1(f) of our Regulations and Guidelines.

“The address given is “Okene, Kogi State”, which is not a definite location for contacting the petitioners. Only the telephone number of “the lead petitioner” is provided as against the numbers of all the other representatives of the petitioners.”

Olumekun further explained, “The commission wishes to reiterate that the recall of a legislator is the prerogative of registered voters in a constituency who sign a petition indicating loss of confidence in the legislator representing them.

“Once the petition meets the requirements of submission, as contained in our regulations, the commission shall commence the verification of the signatures in each polling unit in an open process restricted to registered voters that signed the petition only.

“The petitioners and the member whose recall is sought shall be at liberty to nominate agents to observe the verification, while interested observers and the media will also be accredited. At each polling unit, signatories to the petition shall be verified using the Bimodal Voter Accreditation System.”

INEC assured the public that the recall process would proceed in accordance with the law, provided the petitioners fulfilled all the necessary guidelines.

However, in the absence of complete contact information, the body said it was exploring alternative methods to notify the petition representatives.

“Consequently, if the petitioners fully comply with the requirements of Clause 1(f) of the Regulations and Guidelines regarding the submission of their petition, the commission will announce the next steps in line with the extant laws, regulations and guidelines.

“In the absence of a definite contact address, the Commission is making efforts to use other means to notify the representatives of the petitioners of the situation.

“The commission reassures the public that it will be guided by the legal framework for recall. The public should, therefore, discountenance any speculations and insinuations in the social media,” the statement further said.

The petition, titled, ‘Constituents’ Petition for the Recall of Senator Natasha Akpoti-Uduaghan on Grounds of Loss of Confidence,’ called for her removal due to accusations of gross misconduct, abuse of office and a pattern of deceit.

PDP blames Akpabio for Akpoti-Uduaghan’s travail

Reacting to the recall plot, the Peoples Democratic Party accused Akpabio of allegedly sponsoring the recall against Akpoti-Uduaghan.

The PDP Deputy National Youth Leader, Timothy Osadolor, called on the Senate President to step down.

When asked if the party suspected Akpabio of masterminding the recall, Osadolor said he does not doubt it.

He stated, “I think we joke too much in this country, and we focus too much on non-issues, especially among our leaders. I believe the money that Senator Akpabio is spending to embarrass Natasha could be better used to support the poor and hungry in his constituency—or better still, spent on other parts of Nigeria.

“This is a country where voter turnout on election day is often less than 50 per cent of eligible voters. So, we are seeing numbers of supposed voters wanting to recall Natasha.

‘’Where did they get them? Did they get them from Lagos, Abuja, or other parts of the country? If they were not sponsored, where did they get them?’’

Speaking further, he noted, “We know what our problem is – lack of governance. And this is what I define as irresponsible leadership in government. With due respect to Senator Akpabio, he is not different for exhibiting such behaviour.

‘’Because a woman has accused you of moral misconduct, I would have expected that he will step down and allow for a thorough investigation, rather than victimizing and suppressing her rights.

“The right thing to do is to step aside and allow for thorough investigation. Instead, Akpabio and his friends are mobilising some people against her. This will not make the matter go away.”

A Kogi Central constituent, Abdrahman Badamasuyi, who is a PDP stalwart, claimed the petition did not represent the will of the people.

‘’It (recall petition) is a doctored document that cannot stand the test of time,’’ Badamasuyi said.

Another constituent, who declined to be named, insisted the recall process was fraudulent.

‘’The signatures must have been forged, that is why they could not provide the addresses of those they claimed to have signed the document,” he argued.

Meanwhile, Justice Obiora Egwuatu of the Federal High Court has recused himself from the suit instituted by the Kogi lawmaker seeking to prevent the Senate from investigating her.

In a brief ruling on Tuesday, the presiding judge announced his withdrawal from the case, saying he would return the file to the Chief Judge of the Federal High Court for reassignment to another judge.

 Akpoti-Uduaghan had approached the court, seeking an order to restrain the Senate Committee on Ethics and Privileges from investigating her over alleged misconduct.

In an ex-parte motion marked FHC/ABJ/CS/384/2025, Akpoti-Uduaghan sued the Clerk of the National Assembly, the Senate, the Senate President and the Chairman of the Senate Committee on Ethics, Privileges, and Public Petitions, Imasuen.

In a ruling on March 4, 2025, Egwuatu issued an order barring the committee from probing Akpoti-Uduaghan.

However, despite being served with the court order, according to the plaintiff, the Senate Ethics Committee proceeded to suspend Akpoti-Uduaghan for six months.

This prompted the plaintiff to file contempt proceedings against the defendants.

On March 19, Egwuatu, in another ruling, set aside his earlier order of March 4, which stopped the Senate from probing the plaintiff for alleged misconduct.

During the resumed sitting on Tuesday, the judge, after taking appearances from the counsel in the matter, announced his decision to withdraw from the case.

He cited an allegation of bias from the third defendant, the Senate President, as the primary reason for his decision.

It was alleged that the Senate President expressed a lack of confidence in the court’s ability to handle the matter impartially.

Egwuatu stated, “The case file will be returned to the Chief Judge of the Federal High Court for reassignment.”

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: INECnatasha

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