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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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Yoruba Nation Agitator, Igboho Urges Yorubas Not to Join Hunger Protest

Madukwe Nwabuisi by Madukwe Nwabuisi
July 30, 2024
in News Bite, Security
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Yoruba Nation Agitator, Igboho Urges Yorubas Not to Join Hunger Protest
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Yoruba Nation agitator, Sunday Adeyemo, popularly known as Sunday Igboho, has spoken against the nationwide protests scheduled for August 1 to 10 over the hardship in the country.

Igboho in a statement issued Monday night, July 29, said: “I, Chief Sunday Igboho, am issuing this press release in response to the planned protests by some unknown and faceless individuals, who are working to disintegrate the country.

“Since President Bola Ahmed Tinubu assumed office on May 29, 2023, he has implemented revolutionary policies, which his predecessors lacked the political will to pursue.

“These bold steps have, unsurprisingly, unsettled those who believe it is their birthright to rule Nigeria. And in response, there have been attempts to undermine his administration, particularly on social media, with the aim of creating discord between the government and the people.

“Recently, we have become aware of notices from unknown individuals threatening ’10 days of rage’, beginning August 1, 2024, under the slogan ‘Tinubu Must Go!’

“While the right to peaceful protest is enshrined in our constitution, it does not extend to calls for an unconstitutional regime change. It is worth noting that during President Buhari’s eight-year tenure, there were no such protests for regime change from the Southwest, even when our people faced oppression and atrocities by Fulani terrorists.

“Our protests were focused on protecting our communities, not on destabilizing the country.

“The Yoruba Nation Movement and I firmly declare that we will not participate in any protest aimed at using the Southwest as a battleground for political upheaval.

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“We stand resolute in our belief that the Yoruba nation will not be a launchpad for disintegrating Nigeria. We recognize that economic hardship is a global phenomenon, not unique to Nigeria.

“Since my release from the unjust detention orchestrated by former President Buhari and his then attorney general of the federation, Abubakar Malami, I have travelled extensively across Europe, the Middle East, West Africa, and North America.

“Everywhere, people are facing challenges, and governments are implementing palliatives to alleviate these hardships. In Nigeria, PBAT’s government has introduced measures to reduce food prices and increased the minimum wage from 30,000 to 70,000, demonstrating a commitment to improving the lives of the working populace.

“Let us be clear: the protest is politically motivated. We call on all Yoruba people and well-meaning Nigerians to reject this movement. The Yoruba Nation unequivocally opposes any such protests.

“Like President Buhari, President Tinubu must be allowed to complete his term in office. The path to change lies in democratic processes—through the ballot box or a referendum. Those who seek change must wait until the next elections in 2027.

“We urge our members and the broader community to resist any temptation to participate in these protests, as they do not serve the interests of the Yoruba people or the nation as a whole.

“We also issue a strong and unequivocal warning that we will firmly resist any individuals or groups attempting to instigate violence under the guise of these protests. They are strictly warned to stay off the streets across Yorubaland on the designated protest days and in the future. To be forewarned is to be forearmed.”

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: Hunger ProtestIgbohoProtest

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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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