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BREAKING: FG returns 13 oil blocks to licensing basket

By AdminJuly 21, 2026

The Federal Government has disclosed that 13 of the 50 oil and gas blocks offered…

Senate passes bill to repeal NAICOM Act, overhaul insurance regulation

The Senate on Tuesday passed the Insurance Regulatory Commission Bill, 2025, seeking…

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Court orders EFCC to produce estate agent for trial

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Breaking News

BREAKING: Senate passes state police bill, empowers govs to appoint commissioners

By AdminJune 24, 2026

The Senate on Wednesday passed the landmark Constitution Alteration Bill seeking to establish state police…

BREAKING: EFCC arrests convicted ex-power minister Mamman

By AdminMay 19, 2026

The Economic and Financial Crimes Commission has arrested a former Minister of Power, Saleh Mamman,…

JUST IN: Bandits behead abducted Oyo teacher

By AdminMay 18, 2026

One of the kidnapped teachers of Community High School, Ahoro-Esinele in Oriire Local Government Area…

2027: Obi, Kwankwaso join NDC, demand litigation-free politics

By AdminMay 4, 2026

Former Labour Party presidential candidate Peter Obi and ex-Kano State governor Rabiu Kwankwaso have formally…

JUST IN: Makinde-led PDP unveils Turaki, others as caretaker committee members

By AdminMay 4, 2026

The factional National Executive Committee of the Peoples Democratic Party, backed by Oyo State Governor…

World Politics

BREAKING: FG returns 13 oil blocks to licensing basket

Featured By Admin

The Federal Government has disclosed that 13 of the 50 oil and gas blocks offered under the 2025 Licensing Round will be returned to the licensing basket after failing to…

Senate passes bill to repeal NAICOM Act, overhaul insurance regulation

INEC begins 2026 recruitment, how to apply

The Independent National Electoral Commission has opened its recruitment portal for the 2026 employment exercise, inviting suitably qualified Nigerians to apply…

Legal advice deepens Umahi’s aide death mystery

Greedy sand-filling causing Lagos floods — Bode George

President Bola Tinubu on Friday signed the Presidential Executive Order on Virtual Assets Coordination, 2026. The order, signed pursuant to Section 5 of the 1999 Constitution (as amended), establishes a new supervisory architecture to harmonise the regulation of virtual assets in Nigeria. A statement signed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the order takes immediate effect. It said the order also closes the regulatory gaps that have allowed fraudulent operators to prey on unsuspecting Nigerians and positions the country to benefit from responsible innovation in the digital economy. “It responds to a regulatory environment that has become fragmented as virtual assets increasingly blur the traditional boundaries between currencies, money, commodities and securities. “With relevant agencies operating in silos, overlapping in some areas and leaving gaps in others, the country has been exposed to risks including money laundering, terrorism financing, cybersecurity and data privacy threats, fraud, and revenue losses. “Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement read. To address this, the Presidency said the order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission as vice-chairs, alongside the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser as members. The council will provide policy direction, promote synergy among the participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework aligned with Nigeria’s national security, economic and social objectives. The order also creates a Virtual Asset Office as the council’s operational body, with its secretariat domiciled at the CBN. The office will be responsible for the day-to-day coordination of information sharing, applications and reporting among the agencies, supported by an integrated supervisory technology platform that provides shared visibility while preserving each agency’s ownership and control of its data. According to the Presidency, the order does not create a new regulator or transfer powers between existing agencies. “Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” the statement said. On registration, the order said activities involving securities will be registered by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will be registered by the CBN. It said the council will resolve any case in which responsibility cannot be readily determined, closing the gaps through which unregistered operators have previously escaped oversight. It added that the CBN is proceeding with a regulatory sandbox for virtual assets under the new framework. The sandbox, the Presidency said, will provide a controlled environment in which eligible operators can test virtual asset products, services and blockchain-based solutions under close supervision, enabling the participating agencies to assess the implications for monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion and revenue administration before any product reaches the wider market. It said the CBN would announce further details of the sandbox. Furthermore, it said the Nigeria Revenue Service will release a tax policy specifically for the virtual assets sector, providing greater certainty for taxpayers and service providers, strengthening voluntary compliance and ensuring that the sector contributes fairly to national revenue as it grows. The statement added, “The NRS will provide further details. The Federal Government is also finalising a comprehensive Virtual Assets White Paper, which will set out the country’s longer-term policy direction and implementation priorities and serve as a roadmap for stakeholders across the sector. “The Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide the participating agencies in giving effect to the Order and to ensure its expedited implementation.” Nigeria’s virtual assets sector has grown rapidly in recent years, with the country consistently ranking among the world’s leaders in cryptocurrency adoption by transaction volume. The Central Bank had in 2021 directed banks to close accounts linked to cryptocurrency exchanges, a move that effectively pushed trading underground, before reversing course in 2023 and issuing a framework for the regulation of virtual asset service providers. The SEC has also been working to bring digital asset exchanges under its regulatory oversight, creating a parallel oversight framework.

Suspend Umahi pending probe into Mary Habila’s death, Atiku urges Tinubu

Defamation: Court grants final adjournment, threatens to foreclose Sowore’s defence

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A Federal High Court sitting in Abuja, has issued a final warning to the presidential candidate of the African Action Congress in the 2023 election, Omoyele Sowore, over repeated delays…

Govt has abandoned education, Atiku reacts to Kogi school kidnappings

Court orders final forfeiture of 48 property linked to ex-AGF Malami

PFIPC scandal: Again, Senate rejects probe request

The Senate, on Wednesday, rejected a request to launch an independent…

Tinubu seeks amendment to state police bill

President Bola Tinubu has transmitted to the House of Representatives a…

Tinubu very passionate about school feeding — First Lady

he First Lady, Oluremi Tinubu, has said President Bola Tinubu is…

Rivers Assembly summons firm over host community’s petition

The Rivers State House of Assembly has summoned the management of…

BREAKING: House withdraws own state police bill, considers Tinubu’s proposal

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The House of Representatives has withdrawn its proposed constitutional amendment seeking to establish state police, opting instead to consider a similar bill…

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Makinde effects minor cabinet reshuffle, swears in new commissioner

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ADC asks INEC to investigate rival faction over forgery claims

Atiku welcomes WAEC, NECO fee hike suspension, knocks govt ‘poor planning’

Former Vice President and presidential candidate of the African Democratic Congress, Atiku Abubakar, has…

Peter Obi hails suspension Of WASSCE, NECO fee hike

Former Labour Party presidential candidate Peter Obi has welcomed the Federal Government’s decision to…

Entertainment

I got car, chieftaincy title from Ooni — Baba Ijesha

By AdminJuly 3, 2026

I was lured with food, money, Baba Ijesha rejects paedophile tag

‘Omije Ojumi’ gospel singer Bunmi Akinnaanu is dead

VIDEO: My family fuelling crisis rumours, endangering my wife Natasha — 2Face

Marital dispute: Edo Assembly summons 2Baba’s wife

Regina Daniels’ medical reports are genuine, says husband Ned Nwoko

Actor Baba Ijesha released from prison

Business News

2027 polls: CBN targets N2.83tn cash in private hands

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The Central Bank of Nigeria has unveiled an ambitious plan to bring about N2.83tn currently held outside the banking system into formal financial channels and expand financial inclusion by onboarding 50 million additional Nigerians by 2028. The targets form part…

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