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

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    Tinubu Wanted Young Female Deputy Governor, Says Hamzat

    Bode George Blames Excessive Land Reclamation for Lagos Flooding

    Bode George Blames Excessive Land Reclamation for Lagos Flooding

    FG to Publish Poverty, Income Data to Measure Impact of Economic Reforms – Oyedele

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    Barcelona Reveals Story Behind Messi’s Iconic Photo With Baby Lamine Yamal

    Barcelona Reveals Story Behind Messi’s Iconic Photo With Baby Lamine Yamal

    FG Renames Lagos-Calabar Coastal Highway in Honour of Tinubu

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    NLC Moves To End NURTW Crisis As MC Oluomo, Baruwa Agree To Peace Talks

    NLC Moves To End NURTW Crisis As MC Oluomo, Baruwa Agree To Peace Talks

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Senator Gbenga Daniel Calls for End to Petty Politics, Demands State Cooperation on Federal Projects

Seunmanuel Faleye by Seunmanuel Faleye
September 27, 2025
in Politics
Reading Time: 3 mins read
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Ogun State Risks Losing Federal Road Funding by December Unless Stop Work Order Is Lifted, Gbenga Daniel Warns

Otunba Engr. Gbenga Daniel

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Senator Otunba Gbenga Daniel, FNSE, FAEng., FNIMechE has made a passionate appeal to the Ogun State Government to urgently rehabilitate eleven critical road networks in Ijebu North East Local Government, describing the current infrastructure condition as dire.

Speaking at the Midterm Community Assessment and Review Tour of the BATOGD Movement held at Equity Resort, Senator Daniel emphasised that road rehabilitation can no longer be delayed, as these routes serve as vital lifelines for the local economy.

“The condition of our road infrastructure is dire, and rehabilitation can no longer be delayed. We therefore implore the government to immediately commence the rehabilitation of eleven key road networks that are central to the economic and social well-being of this local government,” Senator Daniel stated during his address to constituents from across the local government.

The Senator outlined a comprehensive list of roads requiring immediate attention, including the 15-kilometre Atan (Odo-Eran) – Odosimadegun – Etiobu – Ododeyo – Imewuro – Ilumerin – Atan circular road, and the 10-kilometre Ogbogbo – Iworo – Ibadanijebu – Ipari network, among others.

This call came after Ogun State Governor Dapo Abiodun came under criticism with his directive demanding stricter technical standards for a federally awarded road project in Sagamu.

The Paddy Arikawe Oye-Igbimo Road, contracted to Minim and Tonye Nigeria Limited by the Border Communities Development Agency (BCDA), was halted for alleged poor quality of roads built under his administration.

Federal University Satellite Campuses Proposed

In a significant development, Senator Daniel announced plans for four satellite campuses following the federal takeover of Tai Solarin University of Education (TASUED). The proposed campuses include a Skill Acquisition Mini-Campus at Okelugbogun, an Artificial Intelligence & Innovation Mini-Campus at Illishan/Odogbolu, and a Health Sciences Mini-Campus at Ijebu-Ode.

The Senator revealed that the main TASUED campus at Ijagun, with only 151 hectares, falls significantly short of the 10,000 hectares typically required for federal universities, necessitating the satellite campus approach.

Call for Political Cooperation

Senator Daniel also called for an end to petty politics that could hinder federal project implementation in the state, citing the Paddy Arikawe Road in Sagamu as an example of infrastructure that has suffered from lack of maintenance since 2004.

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“What we expect, and indeed require, from the State Government is cooperation, not hostility. Petty politics must never be allowed to short-change our people,” he emphasised.

The Senator reaffirmed his unwavering support for President Bola Ahmed Tinubu’s administration, particularly praising the removal of fuel subsidies as a necessary decision that is beginning to yield positive results for states and local governments.

The midterm assessment tour is part of ongoing efforts to ensure transparent and accountable governance while maintaining focus on people-centred development projects in the constituency.

Seunmanuel Faleye
Seunmanuel Faleye

Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.

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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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