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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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The State of the Nation: Hunger, Stampedes, and the Failure of Leadership in Nigeria

admin by admin
December 23, 2024
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The State of the Nation: Hunger, Stampedes, and the Failure of Leadership in Nigeria

The State of the Nation: Hunger, Stampedes, and the Failure of Leadership in Nigeria

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Over the past week, Nigeria has witnessed a tragic wave of stampedes across three states—Ibadán, Abuja, and Anambra—leaving over 70 people dead. These horrifying incidents occurred at public gatherings organized to distribute relief items such as food and basic supplies. While the loss of lives is heartbreaking, these events reveal a deeper crisis plaguing the nation: the persistent and worsening hunger under President Bola Ahmed Tinubu’s administration.

“These stampedes are a direct consequence of hunger and desperation,” says Dr. Aisha Mohammed, a food security expert at the University of Lagos. “When people are facing starvation, they will risk everything for a chance to feed their families.”

Hunger as a Catalyst for Disaster

The stampedes are not isolated incidents but a tragic reflection of a hunger crisis that has gripped Nigeria. A recent report by the National Bureau of Statistics (NBS) shows that inflation rates have soared, with food prices climbing beyond the reach of many Nigerians. Staple foods such as rice, beans, and garri have become luxuries for millions of households.

The current administration, having inherited economic challenges, has yet to implement decisive measures to address food insecurity and rising living costs. Instead, the removal of fuel subsidies earlier this year exacerbated the financial burdens on citizens. Transport costs have skyrocketed, directly impacting the cost of moving food from farms to markets, further driving up prices.

These stampedes symbolize desperation—families scrambling for a chance to eat, risking their lives for a few cups of rice or grains. It is a grim testament to the failure of government policies to safeguard citizens’ basic rights to food, safety, and dignity.

The Role of Government and Institutional Failure

Leadership at both the federal and state levels must take responsibility for this recurring tragedy. Emergency response systems are either absent or woefully inadequate, as seen in the lack of crowd management and safety protocols at these distribution events. Local organizers, often under pressure to alleviate suffering, are ill-equipped to handle the large crowds that gather when food aid is announced.

Moreover, the absence of social welfare programs to cushion the effects of poverty leaves vulnerable populations reliant on sporadic handouts from philanthropists and non-governmental organizations. These ad hoc efforts, though well-intentioned, are insufficient to address the systemic crisis.

The government’s failure to address the root causes—unemployment, inflation, and food insecurity—has perpetuated a cycle of dependency and desperation.

Safety Measures for Public Gatherings

While long-term solutions to hunger require structural reforms, immediate steps must be taken to ensure public safety during gatherings:

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  1. Pre-registration for Aid Distribution: Organizers should implement a pre-registration system to manage attendance and reduce crowd sizes. Beneficiaries could receive scheduled time slots to collect their aid.
  2. Use of Technology: Digital platforms and mobile apps can be used to distribute aid vouchers, reducing the need for large physical gatherings.
  3. Security Presence: Deployment of trained security personnel, including police and crowd control units, to manage large gatherings and ensure order.
  4. Designated Distribution Centers: Relief efforts should be conducted in controlled environments such as community centers, schools, or stadiums, with adequate space to accommodate crowds.
  5. Public Awareness Campaigns: Educating the public on safety during mass gatherings, emphasizing the dangers of overcrowding and the need for orderly conduct.
  6. Partnerships with NGOs: The government should collaborate with non-profits and private sector partners to scale up food distribution efforts while ensuring safety protocols are in place.

Long-Term Solutions: Tackling the Hunger Crisis

While safety measures can mitigate immediate risks, the root cause of these tragedies—hunger—must be addressed through comprehensive policies:

  1. Agricultural Investment: The government must prioritize investment in agriculture, including subsidies for farmers, improved access to fertilizer, and modern farming techniques.
  2. Food Storage and Distribution: Building a robust food storage and distribution system to prevent post-harvest losses and ensure equitable food access nationwide.
  3. Job Creation: Initiatives to create jobs in sectors such as agriculture, manufacturing, and technology can empower citizens economically and reduce reliance on aid.
  4. Social Welfare Programs: Establishing targeted cash transfers and food voucher programs for the most vulnerable populations to alleviate the immediate effects of hunger.
  5. Policy Reforms: Addressing inflation and stabilizing the economy through sound monetary policies, including measures to curb the rising cost of food and fuel.

A Call to Action

The recent stampedes are a wake-up call for Nigeria’s leaders. The lives lost are a direct indictment of a system that has failed its people. It is no longer enough to offer condolences and promises of reform. Concrete actions must be taken to address the underlying issues driving this desperation.

President Tinubu’s administration has an opportunity to chart a new course by prioritizing the welfare of Nigerians and implementing policies that guarantee food security, economic stability, and public safety. The question now is whether the government will rise to the occasion or continue to preside over a nation teetering on the brink of despair.

The time for action is now—before another stampede claims more innocent lives.

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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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