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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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Robbers Shoot Plantain Hawker In Lagos, While Attempting To Flee

Madukwe Nwabuisi by Madukwe Nwabuisi
November 8, 2023
in Crime, News Bite
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A yet-to-be-identified male plantain vendor has been injured and hospitalised after being shot by suspected armed robbers on Governor’s Road in the Isheri Olofin area of Lagos State.

It was learnt that the incident which happened on Sunday at about 1pm caused panic in the area.

It was gathered that the armed men numbering about 10 invaded the community to rob a newly opened restaurant.

While the robbery was going on, some youths in the community who learnt of what was happening decided to lay siege on the Odo Eran exit of the road.

After carrying out their operations, the robbers, while attempting to flee the community, sighted the group of youths and started to shoot sporadically.

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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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In the process, the youths scampered for safety while the traders in the market around the area also fled. However, one of the stray bullets was said to have hit the injured victim where he had gone to hide.

An eyewitness who gave his name as Bright said on Tuesday that the armed men came with vehicles and motorcycles.

He said, “The restaurant they came to rob was opened recently and they were in there for close to 30 minutes. They were all wearing black. At first, nobody knew what was going on in the restaurant until someone called the attention of the security personnel of a hotel close to the place. That was when the security operatives started to shoot in the air.

“It was not too long after the security operatives started shooting that they came out and also started to shoot to scare people away. Meanwhile, some youths who knew what was going on had gone to the exit point of the road to block them, but with the way the robbers shot anyhow, they had to run away.”

One of the traders in the market close to the exit point said the sound of the gunshots scared other traders in the market away.

The trader who craved anonymity, citing security reasons, said, “Most of us did not know what was going on until we started to hear the sound of gunshots. We all left our stalls and ran away. But, one of the stray bullets hit a plantain seller on the arm where he was hiding. We later heard that the robbers went to Igando to carry out another operation.”

During a visit to the market on Tuesday, our correspondent met the victim’s brother who said he was recuperating.

The brother who did not mention his name said, “I was at our second shop in Egbeda when I was called that my brother was shot. I had to quickly rush down here but before I arrived, he was already taken to the hospital. But he is feeling fine. I have to stay here for now before he returns.”

The state Police Public Relations Officer, Benjamin Hundeyin, could not be reached as calls made to his phones were not answered. A text message sent to him had yet to be replied to as of the time this report was filed.

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: LagosRobbers

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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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