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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.

    Tinubu Signs Executive Order To Regulate Virtual Assets, Digital Economy

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Police Narrates How Ex-AIG’s Wife was Rescued, Abductors Killed

Madukwe Nwabuisi by Madukwe Nwabuisi
January 24, 2025
in Security
Reading Time: 2 mins read
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₦35M RANSOM: Police Detains 26-yr-old Over False Abduction

Nigerian Police Force

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The Nigeria Police Force has narrated how its operatives in Ogun State rescued the abducted wife of a former Assistant Inspector General of Police, Hakeem Odumosu, who was abducted at her residence in the Arepo area of the state last Thursday.

It was learnt in a statement by the Force Public Relations Officer, Olumuyiwa Adejobi, that Mrs Odumosu was rescued in the early hours of Thursday after spending seven days in captivity.

“Apples Bite Magazine”  reported last Friday that Mrs Odumosu was abducted by four masked men who attacked her, pulled her out of her Lexus Jeep, and drove away with her at about 10 pm last Thursday.

Narrating how she was rescued, Adejobi noted that the anti-kidnapping unit of the state police command through an extensive intelligence gathering, tracked the kidnappers to a creek in the Ikorodu area of Lagos State.

He said that upon sighting the police, the kidnappers engaged in a shootout with the police but were overpowered by the gallant officers.

Adejobi noted that two of the kidnappers were killed during the exchange of gunfire while four others fled and the victim was rescued without harm.

He said, “In a commendable display of teamwork and swift action, police operatives attached to the Ogun State Command have successfully neutralised the kidnappers of Mrs. Odumosu, wife of retired Assistant-Inspector General, Hakeem Odumosu, and rescued her unharmed.

“Their efforts culminated in a raid on January 23, 2025, at around 06:45 AM. The intelligence-led operation took the police to a creek in the swampy area of Ikorodu where the kidnappers were reportedly planning their next attack.

“Upon arrival, the operatives encountered the kidnappers, who opened fire. In the ensuing confrontation, two of the gunmen were neutralised, while four others fled the scene, abandoning their operational weapons. The victim, Mrs Odumosu, was rescued within the swampy creeks during the operation, unharmed.”

He added that the police recovered exhibits such as AK-47 rifles, single-barrelled locally made guns and a sum of N10m.

While commending the operatives for the successful rescue, Adejobi stressed that the victim had been reunited with her family.

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“She is currently undergoing medical evaluation as a precautionary measure and has since been reunited with her family.

“The police also recovered four AK-47 rifles, three locally made single-barrelled rifles, ammunition of various calibres, and the sum of N10,000,000 ransom previously demanded by the kidnappers, further ensuring that justice is served.

“The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has commended the Ogun State Commissioner of Police, Lanre Ogunlowo, and his operatives for their displayed gallantry in this successful operation,” Adejobi stated.

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: AIGPolice

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Recent Posts

  • 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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