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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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There’ll Be No Room for Lawlessness -Ibas Warns Vandals

Madukwe Nwabuisi by Madukwe Nwabuisi
March 21, 2025
in Politics
Reading Time: 4 mins read
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Rivers Sole Administrator Confirms Release of LG Funds Withheld Under Fubara
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The Sole Administrator appointed to govern Rivers State after Fubara’s suspension on Tuesday, Vice Admiral Ibok-Ette Ibas (retd), assumed office on Thursday and addressed the state.

In his maiden state-wide broadcast, Ibas warned that there would be no room for lawlessness and any act of violence under his watch.

Also, he declared that further attacks on oil installations and other critical national assets by any group would not be tolerated.

Ibas said his acceptance to become the administrator of Rivers State was not borne out of personal ambition but a commitment to bring peace, stability and progress to Nigeria as a whole and Rivers State, in particular.

While pledging to be a servant leader, he added that he would not be a partisan actor in his assigned duties in the state.

Ibas stated, “I have dedicated my life to the service of our great nation. First, as a member of our Armed Forces, where I had the honour and privilege of serving as the 20th Indigenous chief of the naval staff and more recently as Nigerian Commissioner to the Republic of Ghana.

“After what I believe to be my retirement from public service, duty has called again. I have answered not for personal ambition but out of abiding commitment to bring peace, stability and prosperity to Nigeria as a whole and more specifically, Rivers State.”

While noting that his appointment comes at a difficult time in history, he said, “The political impasse nearly two years in Rivers state has paralysed governance, desecrated democratic institutions, threatened security and undermined the economic and social fabric of the state. It has deepened division among the people and cast a show of uncertainty over the future. These are realities we cannot afford to ignore.”

He described himself as “a son of the Niger Delta,” saying, “I am one of you and I recognise the weight of this moment, the expectation of the people and the challenges that lie ahead.”

He added, “The uneasy calm that pervades the state is palpable and I feel the weight of families, young and old, businesses are uncertain what the future holds.”

According to him, President Tinubu’s proactive and decisive actions to declare a state of emergency and his subsequent appointment were primarily to ensure the stability of livelihood for citizens and residents, restore peace, security and stability for economic activities to continue to thrive and avert any destruction to the way of life of the people of Rivers State.

Ibas said, “My mandate is clear, to restore law and order, stabilise the polity and create the necessary conditions for the full restoration of democratic institutions and representation. This is not a task for one man alone.

“Success will depend on the collective effort of all Rivers people: elders, political leaders, traditional rulers, youths, women, the media and civil society.”

The state Sole Administrator assured that he was not in the state “as a partisan actor nor as a competitor in the struggle that I have brought us to this moment.”

“I come as a servant of the state entrusted with the solemn duty of restoring peace and order so that Rivers State can move forward once again and reclaim its rightful place as the oil and gas capital of Nigeria and I dare say, Africa.

 “I extend my hands to every son and daughter of Rivers State regardless of political affiliation, ethnicity or greed. I urge you to remain law-abiding, peaceful and optimistic. Let us set aside our differences and work together to rebuild trust, restore stability and protect the future of our children.

“The challenges before us depend on unity, not division. On corporation, not discord. On forward thinking, not backward grievances. Commitment to unity, cooperation and dialogue must be the fulcrum of all engagements going forward.

“Destruction of national infrastructure in the name of agitation is something we in the Niger Delta had since put behind us.

“Through collective engagement, our people have become more aware of the collateral damage that comes with it. Not only does it deprive the government of enough resources to provide necessary critical infrastructure and services, the damage to the environment has left vast areas of the Niger Delta extensively devastated, affecting the health and livelihood of our people.

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“We must resist the temptation to return to those ugly days. Dialogue and honest engagement have proven from time and time again as a veritable tool for resolving differences and conflict of any kind.”

Ibas said under his leadership, civil liberty and fundamental human rights would be respected and protected.

“The rule of law will remain sacrosanct. Those who seek to sabotage the social and economic stability of Rivers State and national infrastructure within the state or who attempt to disrupt the peace for selfish ends will find no tolerance for their actions.

“There will be no room for lawlessness, no place for violence and no patience for actions that threaten our collective wellbeing. We will not act arbitrarily neither will we hesitate to enforce the law when necessary,” he stressed.

He promised to move with deliberate speed to articulate a pragmatic road map for the next six months to ensure that every government bureaucracy is properly functioning, agencies providing services to citizens and residents are doing so and engaging stakeholders as mandated by President Tinubu.

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: IbasRivers

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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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