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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.

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President Bola Tinubu on Friday signed the Presidential Executive Order…

The Senate on Tuesday warned that Nigeria could review its diplomatic relations with South Africa if renewed xenophobic attacks against Nigerians continue, as lawmakers condemned the reported targeting of Nigerian citizens and businesses. The resolution followed a motion sponsored by Senator Asuquo Ekpeyong, who drew the attention of the Red Chamber to the June 30, 2026, ultimatum allegedly issued to Nigerians residing in South Africa, describing it as a grave threat to their safety and livelihoods. The development comes amid renewed concerns over recurring xenophobic attacks in South Africa, which have over the years claimed the lives of several Nigerians, destroyed businesses and repeatedly strained diplomatic relations between both countries. During plenary, senators called on the Federal Government to secure firm guarantees from the South African authorities for the protection of Nigerians while urging decisive diplomatic engagement to prevent a recurrence. tcrezxSpeaking during the debate, Senator Salihu Mustapha (Kwara Central) urged the Federal Government to adopt a tougher position. He said, “We cannot continue to fold our arms while Nigerians are being killed and their businesses looted. “This is the starting point for a very robust engagement. I suggest we sever all diplomatic relations with South Africa.” However, the Senate opted for a more cautious approach after former Senate Leader, Senator Yahaya Abdullahi, warned that the attacks could be part of a wider political agenda aimed at destabilising the South African government. Recalling his involvement with Nigeria’s National Committee Against Apartheid and support for liberation movements, including the African National Congress, SWAPO and FRELIMO, Abdullahi argued that the situation should not be viewed in isolation. “This is a coordinated effort to destabilise the government of South Africa and to remove the ruling party, the ANC, from office. “There is an attempt from the right wing of the white South Africans and now coming up from the black ones to delegitimise the government as quickly as possible. We should tread with great caution and carefully consider this conspiracy,” he said. The lawmaker also lamented the poor funding of Nigeria’s foreign missions, saying it had weakened the country’s ability to adequately protect Nigerians abroad. Following extensive deliberations, the Senate adopted four resolutions directing the Federal Government, through the Ministry of Foreign Affairs and the Nigerian High Commission in South Africa, to obtain written assurances from the South African government on the safety of Nigerians and to demand the arrest and prosecution of those responsible for the attacks. The Senate also directed the Ministry of Foreign Affairs, the Nigerians in Diaspora Commission and the Nigerian High Commission to compile a comprehensive record of Nigerians who suffered death, injury, displacement, unlawful detention or loss of property with a view to pursuing legal redress and compensation. Lawmakers further urged the Federal Government to work with other affected African countries and the African Union to establish an early warning and accountability mechanism to prevent future xenophobic attacks across the continent. In addition, the Senate mandated its Committees on Foreign Affairs and Diaspora Affairs to review the implementation of its May 5, 2026, resolution on xenophobic attacks, as well as previous bilateral agreements between Nigeria and South Africa, and report back within two legislative weeks. The debate became more heated when Senator Abdul Ningi proposed that President Bola Tinubu should begin the process of severing diplomatic relations with South Africa if the attacks persist. Similarly, Senator Adams Oshiomhole (Edo North) suggested that Nigeria should appropriate the profits of South African companies operating in the country, including financial institutions, and channel the funds towards compensating Nigerian victims of xenophobic attacks. “We can’t allow our people to suffer while South African investment and profit are being taken away here,” Oshiomhole argued. “The facts are self-evident. We don’t need further investigation.” However, Deputy Senate President Jibrin Barau, who presided over the session, urged restraint and persuaded both senators to withdraw their proposals pending the outcome of the committee’s investigation. “Let the Committee on Foreign Affairs investigate first,” Barau said. “Nigeria leads Africa. We need to lead by example. Once we have well-informed facts, we can take action. If this report is not satisfactory to this chamber, then we take the line you were taking.” Ningi subsequently agreed to step down his motion but insisted that it should be officially recorded that he had moved it and that it was duly seconded. Lawmakers also reflected on Nigeria’s historic role in the anti-apartheid struggle, stressing that while the country remains committed to supporting democracy and stability in South Africa, it must also ensure the safety and protection of Nigerians living and working there. The matter was subsequently referred to the Senate Committee on Foreign Affairs for further investigation, with a mandate to submit its report within two weeks.

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The Senate on Tuesday warned that Nigeria could review its diplomatic relations with South Africa…

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