ADVERTISEMENT
Apples Bite Int'l Magazine
  • News Bite
    • All
    • Arts
    • Events
    • International
    • National
    • Politics
    • Press Release
    • Security
    • Show Biz
    • Sports
    Trump Threatens Higher Tariffs on Canada Over Wildfire Smoke

    Trump Threatens Higher Tariffs on Canada Over Wildfire Smoke

    Tinubu Hails Wike’s Impact, Says Abuja Has Improved 50 Years After FCT Creation

    Tinubu Hails Wike’s Impact, Says Abuja Has Improved 50 Years After FCT Creation

    Plateau Violence: 200 Killed in Five Months, Youth Coalition Says

    Plateau Violence: 200 Killed in Five Months, Youth Coalition Says

    Nigeria, Ghana Push AU Action Against Rising Afrophobia in Africa

    Nigeria, Ghana Push AU Action Against Rising Afrophobia in Africa

    Cyberattack Forces Delay of NBA 2026 Presidential Election

    Cyberattack Forces Delay of NBA 2026 Presidential Election

    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

    Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline

    Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline

    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

    • Politics
    • International
    • National
    • Show Biz
    • Events
    • Security
    • Sports
    • Press Release
  • Lifestyle Bite
    • Fitness
    • Nutrition
    • Personal Growth
    • Travel
  • Health Bite
    • Doctor’s Diagnosis
  • Brand & Business Bite
    • Energy
  • Fashion Bite
  • Opinion Bite
    • Featured Story
    • Fiction & Poetry
    • Career
    • Teachings
    • ABM Staff Blog
    • ABM True Stories
    • Research
    • Tech
  • More
    • Latest Magazine Issue
    • Leadership 360°
    • Religion
    • Education
    • Law
    • Metro
    • Romance
      • Love
      • Sex and Relationship
      • ABM TV
      • Interviews
      • Movies
      • Red Carpets
  • Contact Us
No Result
View All Result
  • News Bite
    • All
    • Arts
    • Events
    • International
    • National
    • Politics
    • Press Release
    • Security
    • Show Biz
    • Sports
    Trump Threatens Higher Tariffs on Canada Over Wildfire Smoke

    Trump Threatens Higher Tariffs on Canada Over Wildfire Smoke

    Tinubu Hails Wike’s Impact, Says Abuja Has Improved 50 Years After FCT Creation

    Tinubu Hails Wike’s Impact, Says Abuja Has Improved 50 Years After FCT Creation

    Plateau Violence: 200 Killed in Five Months, Youth Coalition Says

    Plateau Violence: 200 Killed in Five Months, Youth Coalition Says

    Nigeria, Ghana Push AU Action Against Rising Afrophobia in Africa

    Nigeria, Ghana Push AU Action Against Rising Afrophobia in Africa

    Cyberattack Forces Delay of NBA 2026 Presidential Election

    Cyberattack Forces Delay of NBA 2026 Presidential Election

    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

    Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline

    Rufai Oseni Breaks Down on Live TV Over Nigeria’s Economic Decline

    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

    • Politics
    • International
    • National
    • Show Biz
    • Events
    • Security
    • Sports
    • Press Release
  • Lifestyle Bite
    • Fitness
    • Nutrition
    • Personal Growth
    • Travel
  • Health Bite
    • Doctor’s Diagnosis
  • Brand & Business Bite
    • Energy
  • Fashion Bite
  • Opinion Bite
    • Featured Story
    • Fiction & Poetry
    • Career
    • Teachings
    • ABM Staff Blog
    • ABM True Stories
    • Research
    • Tech
  • More
    • Latest Magazine Issue
    • Leadership 360°
    • Religion
    • Education
    • Law
    • Metro
    • Romance
      • Love
      • Sex and Relationship
      • ABM TV
      • Interviews
      • Movies
      • Red Carpets
  • Contact Us
No Result
View All Result
Apples Bite Int'l Magazine
No Result
View All Result
Adron Homes Lemon Friday
Home News Bite Politics

Rivers Sole Administrator Confirms Release of LG Funds Withheld Under Fubara

Madukwe Nwabuisi by Madukwe Nwabuisi
March 22, 2025
in Politics
Reading Time: 3 mins read
0
Rivers Sole Administrator Confirms Release of LG Funds Withheld Under Fubara
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter

The Sole Administrator of Rivers State, Vice-Admiral Ibok-Ete Ibas (retd.), has confirmed the release of withheld local government allocations, assuring that workers’ salaries will be paid without further delay.

The funds had been withheld following the crisis in the state, with the Supreme Court ruling that allocations would remain frozen until the State House of Assembly properly appropriated them.

However, on Wednesday, March 19, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, stated that the funds could be released upon request by the sole administrator.

RelatedPosts

Tinubu Wanted Young Female Deputy Governor, Says Hamzat

Tinubu Wanted Young Female Deputy Governor, Says Hamzat

July 17, 2026
INEC To Conduct Mock Presidential Election Ahead Of 2027

INEC To Conduct Mock Presidential Election Ahead Of 2027

July 17, 2026
The Rise and Rise of Kadri Obafemi Hamzat: The Quiet Reformer Shaping Lagos' Future

The Rise and Rise of Kadri Obafemi Hamzat: The Quiet Reformer Shaping Lagos’ Future

July 16, 2026

“If the administrator requests it, I will say it should be released to him,” Fagbemi said while addressing State House correspondents at the Presidential Villa in Abuja.

“And to me, it will be in order for the release of that fund because the event of the extraordinary situation has brought them out of the normal situation of things,” he added.

Confirming the release of the funds during a meeting with Heads of Local Government Administrators in Port Harcourt on Friday, Ibas assured that necessary steps were being taken to promptly settle salary arrears.

“I sincerely feel the pain of these workers, many of whom have endured months of financial strain. Let me assure you that the withheld allocations have now been released, and I hereby issue a directive that all the necessary steps be taken to ensure that these salaries are paid with no further delay,” he said.

He stressed the need for leadership that is inclusive and transformative.

“As leaders, we must feel the pains of our people and offer them a more positive, inclusive, and transformative leadership. This is the mandate I have accepted, and it is the standard I expect from all of you.”

Ibas also directed all local government areas to submit their wage bills through the office of the Head of Service to facilitate transparency and accountability.

“To this end, I hereby direct further that all Local Government Areas furnish my office with wage bills by way of briefing through the office of the Head of Service.

“This will enable me to acquaint myself with the situation, as this will enable me to deal with such matters. All such submissions should be supported with relevant documents to provide clarity and ensure accuracy.”

Emphasizing the importance of accountability, he warned that financial transparency would be strictly enforced across the local government councils. Ibas also urged local government administrators to play an active role in maintaining security in their respective domains.

“You must take the lead in ensuring security within your domains,” he said.

In response, the President of the Nigeria Union of Local Government Employees and Administrator of Port Harcourt Local Government Area, Clifford Paul, commended the administrator’s efforts despite political conflicts in the state.

He expressed appreciation for the Federal Government’s decision to appoint a sole administrator, describing Ibas as a competent leader. He further pledged support for peace and stability while urging the administrator to prioritize the welfare of local government workers.

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

Related Posts

2027: Afenifere, Adebayo, Arabambi, others react as APC retains Muslim-Muslim ticket
Politics

2027: Afenifere, Adebayo, Arabambi, others react as APC retains Muslim-Muslim ticket

July 15, 2026
INEC Seeks Increased Funding Ahead of 2027 General Elections
News Bite

INEC Seeks Increased Funding Ahead of 2027 General Elections

July 15, 2026
Lagos State Governorship Candidate Gbadebo Rhodes-Vivour loses mother
News Bite

Lagos State Governorship Candidate Gbadebo Rhodes-Vivour loses mother

July 13, 2026
Osun Poll: APC, Adeleke Trade Words Over Religious Identity Ahead of Governorship Election
Politics

Osun Poll: APC, Adeleke Trade Words Over Religious Identity Ahead of Governorship Election

July 13, 2026
Tinubu Reaffirms Shettima as Running Mate Ahead of 2027
Politics

Tinubu Reaffirms Shettima as Running Mate Ahead of 2027

July 10, 2026 - Updated on July 11, 2026
Unifying Behind Obi Not Surrender, It's Strategy – Yesufu Tells Opposition
Politics

Unifying Behind Obi Not Surrender, It’s Strategy – Yesufu Tells Opposition

July 9, 2026
Load More
No Result
View All Result

Recent Posts

  • Trump Threatens Higher Tariffs on Canada Over Wildfire Smoke
  • Tinubu Hails Wike’s Impact, Says Abuja Has Improved 50 Years After FCT Creation
  • Plateau Violence: 200 Killed in Five Months, Youth Coalition Says
  • Nigeria, Ghana Push AU Action Against Rising Afrophobia in Africa
  • Cyberattack Forces Delay of NBA 2026 Presidential Election

Recent Comments

    Apples Bite Int'l Magazine

    Apples Bite Magazine is your premier destination for updates in business, daily news, and entertainment. At Apples Bite, we serve insightful stories and in-depth analysis, curated to empower professionals, entrepreneurs, and forward-thinking individuals who thrive on staying ahead of the curve.

    © 2026. All Rights Reserved. ApplesBite International Magazine.

    No Result
    View All Result
    • News Bite
      • Politics
      • International
      • National
      • Show Biz
      • Events
      • Security
      • Sports
      • Press Release
    • Lifestyle Bite
      • Fitness
      • Nutrition
      • Personal Growth
      • Travel
    • Health Bite
      • Doctor’s Diagnosis
    • Brand & Business Bite
      • Energy
    • Fashion Bite
    • Opinion Bite
      • Featured Story
      • Fiction & Poetry
      • Career
      • Teachings
      • ABM Staff Blog
      • ABM True Stories
      • Research
      • Tech
    • More
      • Latest Magazine Issue
      • Leadership 360°
      • Religion
      • Education
      • Law
      • Metro
      • Romance
        • Love
        • Sex and Relationship
        • ABM TV
        • Interviews
        • Movies
        • Red Carpets
    • Contact Us

    © 2026. All Rights Reserved. ApplesBite International Magazine.