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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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RIVERS CRISIS: Fubara Supporters Pray for His Reinstatement

Madukwe Nwabuisi by Madukwe Nwabuisi
April 22, 2025
in Politics
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RIVERS CRISIS: Fubara Supporters Pray for His Reinstatement
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Scores of supporters of the suspended Rivers State Governor, Siminalayi Fubara, gathered on Monday across the state’s local government areas to pray for his reinstatement.

Under the banner of the ‘Simplified Movement’, supporters—predominantly women—gathered across the 23 local government areas on Easter Monday for praise and prayer sessions.

The gatherings featured songs, dancing, and prayers, symbolising a call for divine intervention in what they described as a troubling phase in the state’s governance.

Speaking in Ahoada East LGA, a leader of the group, Stephen Ihua-Maduenyi, said the timing of the sessions with the Easter celebration was significant.

“Our Lord Jesus Christ resurrected, and we are here to celebrate that and call on Him to do the same for our Governor. We believe President Tinubu is a democrat and will act in Rivers State’s best interest,” Ihua-Maduenyi said.

Similarly, the suspended Commissioner for Education, Dr. Ovy Chukwuma, drew parallels between the biblical resurrection and Fubara’s political battle.

“They tried to bury us in Rivers State, but we are alive. Rivers State is alive, and Rivers State is with Governor Siminalayi Fubara,” he declared, drawing loud cheers from participants.

Supporters reiterated their faith in President Tinubu’s ongoing efforts to manage the crisis, expressing optimism that it would culminate in Fubara’s return to office and the restoration of peace and stability in the state.

Meanwhile, Lere Olayinka, media aide to the Minister of the Federal Capital Territory, Nyesom Wike, has fired back at human rights lawyer, Femi Falana (SAN), over his recent analysis of the Supreme Court judgment concerning the Rivers Assembly crisis.

Falana had argued during a national television interview that the apex court’s ruling did not address the issue of who is the legitimate Speaker of the House, nor did it settle the controversy surrounding the defection of 27 lawmakers from the ruling party.

However,  Olayinka, Senior Special Assistant on Media to Wike, described Falana’s comments as misleading and inaccurate.

In a statement issued in Abuja on Monday, Olayinka said it was precisely the Supreme Court’s ruling that led Justice Emmanuel Obile of the Federal High Court, Port Harcourt, to dismiss a case filed by the Labour Party challenging the defected lawmakers.

“But Falana went on television to misrepresent the ruling by claiming the Supreme Court didn’t address the defection. That’s simply not true,” Olayinka stated.

He further criticised Falana’s assertion that three lawmakers could validly perform legislative functions, citing Section 96(1) of the 1999 Constitution, which requires a one-third quorum of the House.

Olayinka also took issue with Falana’s stance on criteria for membership in the Body of Benchers, calling it “funny and ridiculous.”

He said Wike earned his place through significant contributions to legal education, including infrastructure at the Nigerian Law School campuses in Port Harcourt, Yenagoa, and Bwari.

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Olayinka described Falana’s recent comments as “funny and ridiculous,” especially the lawyer’s claim that only those who have argued cases at trial or appellate courts are qualified to be considered for elevation to Life Bencher status.

“In Falana’s mind, if you haven’t handled cases in court, you’re not a lawyer. By that logic, how did he himself become SAN?” Olayinka asked.

He defended Wike’s recent admission into the Body of Benchers, attributing it to his immense contributions to legal education and infrastructure in Nigeria.

“As Governor of Rivers State, Wike was instrumental in establishing and developing the Nigerian Law School campus in Port Harcourt, now regarded as the best centre for legal education in the country. He also developed facilities at the Yenagoa campus—including a 1,500-capacity hall and 200-bed hostels for both male and female students,” Olayinka said.

He noted that as FCT Minister, Wike is currently building a 10-unit residential quarter for the Nigerian Law School in Bwari, Abuja, and has provided operational vehicles to support its operations.

“Now, the question is: what has Falana done for the legal profession?” he asked. “Even in his home state of Ekiti, there’s no known legacy. The Bar Centre in Ado-Ekiti was built by Aare Afe Babalola (SAN), and the one in Ikere-Ekiti by Chief Wole Olanipekun (SAN). Aare Afe Babalola has been sponsoring NBA annual lectures and providing medical assistance to lawyers through his teaching hospital. What has Falana done? Nothing.”

Olayinka further mocked Falana’s failed foray into politics, referencing his unsuccessful bid for governor in Ekiti State.

“He failed woefully when he tried politics. Even his SAN title came long after his peers had received theirs.”

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: FubaraRivers

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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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