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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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SGF, Ministers Hold Emergency Meeting Today Over Nationwide Protest

Madukwe Nwabuisi by Madukwe Nwabuisi
July 24, 2024
in News Bite, Politics
Reading Time: 7 mins read
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SGF, Ministers Hold Emergency Meeting Today Over Nationwide Protest

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The Federal Government has scheduled an emergency meeting for Wednesday (today) morning in response to a planned nationwide protest slated for August 1.

This comes after President Bola Tinubu pleaded with the organisers to shelve the protests and give his administration more time to execute people-oriented programmes.

A circular shared on Tuesday by sources with knowledge of the meeting indicated that all the ministers, the Secretary to the Government of the Federation, George Akume and the Special Advisers to the President on Policy and Coordination, Hadiza Bala-Usman; Information and Strategy, Bayo Onanuga and former Minister of Youth and Sports, Sunday Dare, were among those invited for the meeting.

The circular, signed by the Permanent Secretary of the Cabinet Affairs Office, Richard Pheelangwah, dated July 23, 2024, was titled, ‘Planned Nationwide Protest.’

It read, “I am directed to invite you to attend a meeting with the Secretary to the Government of the Federation on the above subject slated as follows: July 24, 2024, Time: 10 am prompt, Venue: Office of the Secretary to the Government of the Federation Conference Room.

“Attendance is mandatory. Please, accept the warm regards of the Secretary to the Government of the Federation.”

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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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The planned session is coming amid the clamour for nationwide protests from August 1 over the rising cost of living and the economic hardship in the country, which has blamed on the removal of fuel subsidy, the floating of the naira and other economic reforms implemented by the Tinubu administration.

The planned demonstration, inspired by the recent Kenya protests, has gained traction on social media, where it is trending under the hashtags ‘EndBadGovernance,’ ‘TinubuMustGo’ and ‘#Revolution2024.’

However, the Presidency and the police authorities called on youths to abandon the plan, describing it as ill-advised.

The Minister of Information and National Orientation, Mohammed Idris, on Tuesday conveyed the President’s plea to Nigerians in an interview with State House correspondents, after a meeting with Tinubu.

He said, “On the issue of the planned protest, Mr President does not see any need for that. He asked them to shelve that plan and he has asked them to await the government’s response to all their pleas.

“So, there is no need for a strike. The young people out there should listen to the President and allow the President more time to see to the realisation of all the goodies he has for them.”

Idris said the President took the protesters’ grievances seriously and was committed to ensuring a better future for Nigeria.

He mentioned the speedy passage of the National Minimum Wage Bill by the National Assembly and the recent approval and delivery of grains to state governments as evidence of the President’s commitment to the welfare of Nigerians.

Tinubu pleads

Idris added, “We also discussed the issue of the country generally and Mr President has asked me to again inform Nigerians that he listens to them, especially the young people that are trying to protest.

“For example, you saw that the Federal Government approve grains and rice for state governments, it was delivered to them expeditiously also.

“Like I said the other time, it is just the necessary first step; the government is going to continue in that direction, supporting them and ensuring that whatever interventions the Federal Government has put in place go to those that should benefit. It is very important that is being put out.

“The Federal Government is looking at strategies that every intervention would go directly to those who benefit from those interventions, not middlemen intervening along the way.”

The minister also said President Tinubu was passionate about the newly launched Student Loan Board, which aimed at ensuring that every eligible student had access to tertiary education.

“It is no longer a time for all of us to stay back and see our young able-bodied men and women that have passed the examinations to go to tertiary institutions that have not been able to do that because their parents are not able to pay for their fees.

“This is a thing of the past, the government is very desirous of ensuring that happens. You know the provision that was made to NELFUND (Nigerian Education Loan Fund). Already, we have excess of what is required today and the more the people are requiring that, the more the President will also give.”

The Federal Government also said it was perfecting a scheme to support young graduates who were yet to secure employment after completing their National Youth Service programme.

The initiative, it said, was part of the administration’s commitment to leave no one behind in its quest for progress.

“There is also the intervention the President is working out for those young men and women who have finished school, but who are yet to get employed, post-NYSC.

“For example, there is a scheme the government is perfecting now and that is also going to be pushed fast so that all those young men and women who have finished school, graduates of universities and polytechnics that are unable to get jobs, they will continue to be supported by the government until such a time that those jobs are offered to them.

“The whole idea is that no one is left behind, it’s an all-inclusive government and the President is determined to ensure that no one is left behind in this his attempt to march Nigeria towards progress,” Idris further assured.

Also, the Inspector-General of Police, Kayode Egbetokun, said Nigeria had yet to recover from the 2020 #EndSARS protests, which resulted in the destruction of lives and properties across the country.

Speaking during a meeting with commissioners of police in Abuja, on Tuesday, Egbetokun noted that the country has had its fair share of violent protests with unpleasant consequences.

The IG added that the last #EndSARS protests aggravated crime rates and insecurity in parts of the country.

He said, “Before concluding this address, it is important I address an issue of urgent national importance which appears to have gained some momentum, particularly on social media, in the past few weeks.

“Some groups of people, self-appointed crusaders and influencers, have been strategizing and mobilizing potential protesters to unleash terror in the land under the guise of replicating the recent Kenya protests.

“While the Force acknowledges the right to peaceful protest as enshrined in our constitution, we must ensure that these protests do not snowball into violence or disorder. As a nation, we have had more than our fair share of violent protests, with rather dastardly consequences.

“The last #EndSars protest led to the destruction of public assets, including police stations, courts, and transport infrastructure, and the loss of several lives.”

He added, “Tales of sorrow, tears, and blood followed what was supposedly intended to be a well-intentioned exercise. Rather than lead to any positive outcome, #EndSars merely aggravated crime rates and insecurity in several parts of the country.

“Indeed, we are yet to fully recover from the huge economic losses and deep-seated psychological and emotional trauma inflicted upon our people by these protests.”

He urged the citizens to jettison the proposed protest, adding that the police has the responsibility to protect the citizens and their properties.

Egbetokun said, “Hence, our position is that the proposed violent protests are ill-advised and should be jettisoned fortuitously. We have the responsibility to protect properties and everyone, irrespective of their race, colour, ethnicity, or tribe, who are lawfully embarking on their daily activities.

“We will therefore not sit back and fold our arms to watch violent activities unleash violence on our peaceful communities or destroy any of our national critical infrastructure and assets again.”

The IG stated that measures were in place to ensure that any hoodlums attempting to disguise themselves as protesters will be apprehended.

Egbetokun warns

“We have mapped out plans to ensure that no individual or group succeeds in fostering a reign of terror and anarchy on other law-abiding and dissolving Nigerians.

“Consequently, I want to seize this opportunity to sound the note of serious warning to hoodlums who may want to take laws into their own hands in the name of protests,” he cautioned.

However, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described calls for the nationwide protests as treasonable.

He accused the presidential candidate of the Labour Party in the 2023 elections, Peter Obi, and his supporters of masterminding the planned protests, alleging that “they are not democrats but anarchists.”

“If they understand the meaning of their hashtags, they will realise they are clarion calls for treason. Wanting to end an elected government is high treason. Wanting revolution is a call for a coup d’etat, which is also high treason,” the presidential aide said.

The Labour Party refuted the allegation that Obi and his supporters were behind the planned nationwide anti-government protests.

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: MinistersNationwide Protest

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