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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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Tinubu, Atiku Felicitate With Peter Odili At 75

Madukwe Nwabuisi by Madukwe Nwabuisi
August 15, 2023
in News Bite, Politics
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President Bola Tinubu and the former Vice President of Nigeria and the Peoples Democratic Party (PDP) flag bearer in the 2023 presidential election, Atiku Abubakar, have hailed a former Governor of Rivers State, Dr. Peter Odili, on his 75th birthday, which comes up on Tuesday, August 15.

A statement by Special Adviser to the President on Media & Publicity, Ajuri Ngelale, quoted President Tinubu as joining the celebrant’s family, friends, and well-wishers in celebrating a life defined by remarkable accomplishments and an unwavering focus on human capacity development and political mentorship.

“Recognizing Governor Odili’s longstanding commitment to public service through his mentorship of future leaders across Nigeria as well as his uncanny ability to galvanize diverse groups of people together to achieve common objectives, the President affirms that these qualities have distinguished him as a prominent leader and statesman.

“President Tinubu applauds the former top contender for the highest office in the land for his pioneering role in advancing medical practice and education in the country, noting his establishment of the PAMO University of Medical Sciences, Rivers State, as well as the naming of a new Cancer and Cardiovascular Diagnostics & Treatment Center in his honour by immediate-past Rivers State Governor, H.E. Chief Nyesom Wike, CON.

“As Governor Odili marks this special day surrounded by his loved ones, including his beloved wife of nearly 46 years and retired Justice of the Supreme Court, Mary Odili, CFR, the President prays for divine blessings, renewed strength and good health upon the celebrant, enabling him to continue serving humanity with fervour in the years ahead,” the presidential statement read.

On the part of Nigeria’s former Vice President, Abubakar, he described Odili as an uncommon leader for emulation.

In a statement by his Media Office in Abuja, Atiku extolled Odili’s rare humility and calmness even in the face of provocation as attributes that sets him out as a unique and exemplary leader.

“Odili’s posture in and out of office served as a desirable model for upcoming leaders to emulate and imbibe.

“Your Excellency, You have shown by your dispositions in and out of political office that you are a great mentor with strength of character and high reputation.

“I pray that Almighty God continues to guide, guard and prosper you, even as he blesses you with abounding health and many more years of personal fulfillment and distinguished service to humanity and our dear country, Nigeria,” Atiku said.

Odili’s Towering Legacy at 75

As one of the remarkable leaders Nigeria has produced, the pages of his life’s narratives are inked with the stories of countless lives he has impacted, as well as his indelible imprints in politics and health sectors. His outstanding leadership, accomplishments and values are honoured as he celebrates a new year

In the tapestry of time, 75 years have woven a legacy that mirrors the remarkable journey of Peter Odili’s life — the former Governor of Rivers State and founder of PAMO University of Medical Sciences (PUMS).

The elder statesman is renowned for his resilience and transformational leadership that continues to resonate in the country, particularly Rivers State where he was a deputy governor and later governor for eight years.

This was glimpsed at his 74th birthday celebration last year when the former governor Nyesom Wike threw a party for him at the government house and gifted him a mansion for his contribution to the state.

In some quarters, Odili is seen as the godfather of Rivers, having taken over the reins just as the country birthed a new democratic rule. Irrespective of the obstacles thrown his way, Odili emerged from his tenure in glowing terms, owing largely to the principles and values he lives by.

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Beloved by many, Odili was born into modest beginnings in 1948 in Ogba/Egbema/Ndoni Local Government Area of Rivers. His parents, Chief Philip Celestine and Princess Janet Okwei Odili, despite their limited resources, ensured he lived a comfortable life under colonial rule.

This prepared him for life’s challenges and he tackled them with a spirit of resilience that foreshadowed his future endeavours. From the halls of academia to the corridors of power, his unwavering commitment to excellence and service became the bedrock of his character.

Setting out on a path of scholarly pursuits, young Odili embarked on a journey that began at St. Michael’s School, Oguta II, and Sacred Heart School, Onitsha.

His academic journey continued at the renowned Christ the King College in Onitsha and proceeded to the University of Nigeria where he studied medicine and embarked on a medical career that would later become a platform for his remarkable impact.

The institution was more than a learning ground for the academician, as he encountered a pivotal connection – the love of his life, retired Justice of the Supreme Court, Justice Mary Odili.

On completing the mandatory internship under the National Youth Service Corps (NYSC), Odili was hired as a Resident Staff Physician at Medical Consultation Centre, Port Harcourt, between 1979 and 1980.

Though it was a short stint, Odili’s passion for service was excellently displayed. Therefore when he set up his private medical practice, PAMO Clinics, where he served as the Resident Clinician-in-Charge for two years, it was seen as an act of Providence, inching him closer to his true calling.

It was only a matter of time before his illustrious medical career began to unfold like a meticulously crafted masterpiece, each chapter revealing the depth of his expertise and the profound impact he would leave on countless lives.

He pursued a specialist program at the University of Liverpool, United Kingdom, while keeping an unwavering focus on his community, returning to Port Harcourt after his studies to serve the people.

His expertise eventually led him to a prominent role as a nominee of former US President Bill Clinton, to a 10-member roundtable committee charged with the responsibility of shaping Africa’s response to the HIV/AIDS crisis in the workplace.

However, Odili’s impact was felt most at home, from politics to academia. In 1988, he was elected member and leader of Rivers State Delegates to the Constituent Assembly and was elected to the National Constitutional Conference, where he served as the Chairman of the Conference Committee on State Creation.

In 1992, he was elected as the Deputy Governor of Rivers State. At the peak of the struggle for the laying of the foundation for the Fourth Republic, Odili first served as National Vice Chairman (South-south) Democratic Party of Nigeria (DPN), and later as National Secretary.

He was the Founder and Leader of Rivers Platform, in 1998; Founder and Leader, of the Restoration Team as well as the State Leader of the Peoples Democratic Party (PDP); elected Executive Governor of Rivers State in 1999 and served two terms.

It was in that capacity that he took the country by storm and became a reference point in the nation’s political calculations. He was at various times the National Chairman, PDP Fund Raising Committee (2000); and Chairman, Presidential Committee on Housing and Urban Renewal (2001).

Odili played a pioneering role in the inception of the National Independent Power Project (NIPP), which eventually gained nationwide prominence.

As the governor of Rivers State, he was at the forefront of this initiative. Prior to his leadership, significant portions of Rivers State lacked essential infrastructure such as roads and electricity, with the state capital, Port Harcourt, isolated from the national grid. All of these changed under his administration.

Moreover, the Government House, once a modest abode at best, underwent a remarkable metamorphosis. Odili’s visionary approach resulted in the creation of a grand and distinguished edifice that stands today as an architectural masterpiece, leaving an indelible mark on the cityscape.

Owing to his remarkable contributions to the state, Wike in celebrating the former governor last year, acknowledged that Odili stands as one of the preeminent political figures in Rivers, responsible for elevating every member of the current ruling echelon in the state.

In his eyes, Odili is an embodiment of authentic leadership, a mentor to many, and a catalyst for propelling numerous individuals into the political spotlight, both in Rivers and across the nation.

“There was a time when every political class abandoned Dr. Odili. This is a man who gave us everything. Some people called him Mr. Donatus. There was no abuse he did not get. Everybody he tried to help their families, at the end of the day, all betrayed him,” Wike said.

In academia, Odili’s imprint is equally bold. He founded the first wholly private medical university in Nigeria, PAMO University of Medical Sciences. Last May, he unveiled the 250-bed integrated PAMO University Hospital. The purpose-built multispecialty, tertiary care private hospital offers patient care services across a range of medical and surgical specialties.

Beyond his political and academic endeavours, Odili’s benevolence radiates through his philanthropic efforts. From donating vital medical resources during the height of the COVID-19 pandemic to empowering countless families through various initiatives, his heartwarming contributions have touched lives far and wide.

One of Odili’s commendable qualities lies in the serene haven he has artfully crafted for his family. While being married to a prominent woman in the nation naturally invites its share of media scrutiny, the duo has adeptly sidestepped such commotion.

Remarkably, their tranquil way of life, coupled with the fact that their union has blossomed into a family of four cherished children, stands as a remarkable accomplishment amid the spotlight’s gaze.

Indeed, his 75 years of life reflect the harmonious blend of wisdom and transformation that has marked his journey on earth. This milestone serves as a testament to the profound impact Odili has made, both on an individual level and within the larger community.

His relentless pursuit of personal growth and self-awareness, coupled with his willingness to embrace change, has set the stage for a legacy that continues to flourish.

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: OdiliTinubu

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