News
AFN Commonwealth Games List Under Scrutiny as Soetan Reveals Only 12 of 29 Invited Athletes Attended Lagos Trials
The Athletics Federation of Nigeria’s (AFN) selection of athletes for the 2026 Commonwealth Games has come under intense scrutiny following claims that only 12 of the 29 athletes invited to camp actually participated in the national trials held in Lagos.
AFN Executive Board member Lekan Soetan raised concerns over the selection process after the federation released its Commonwealth Games camp list, which includes several athletes who did not compete at the trials despite earlier indications that participation would be a key requirement for selection.
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Among those named are world record holder Tobi Amusan, long jump star Ese Brume, sprint sensation Kanyinsola Ajayi, all of whom missed the Lagos trials but secured places in the squad preparing for the Games in Glasgow, Scotland.
“The release of this 29-athlete Commonwealth Games camp list raises a fundamental question: what exactly was the purpose of the National Trials in Lagos?” Soetan queried.
According to him, only about 12 of the invited athletes competed at the trials, while several others who travelled from within and outside Nigeria, competed successfully and in some cases emerged as national champions or medalists, were left out of the final camp list.
Soetan stressed that the issue is not the inclusion of elite athletes with proven international credentials.
“No reasonable person would argue against the inclusion of proven world-class athletes such as Tobi Amusan, Ese Brume, Kanyinsola Ajayi and other established international performers. Nigeria’s objective at the Commonwealth Games should be to field its strongest medal prospects,” he said.
However, he argued that if rankings, previous performances, international experience, medal potential, injury exemptions and visa-related challenges were always going to play a major role in selection, the federation should have clearly communicated those criteria before staging the trials.
The AFN had earlier maintained that athletes seeking Commonwealth Games selection must participate in the Lagos trials held at the Yaba College of Technology Sports Complex.
Many athletes, according to Soetan, returned from the United States and other countries at personal expense, despite difficult visa and travel conditions, believing that their performances at the trials would significantly influence selection.
“The publication of this list suggests otherwise,” he stated.
In explaining the selections, the AFN said the squad was chosen based on performances at the national trials and the current records of athletes who were unable to attend because of visa-related issues.
“The athletes were drawn from the results of the just concluded national trials at the Yabatech Sports Complex in Lagos and current records of other athletes who were not able to make it to the Lagos trials because of visa issues,” the federation said in its statement.
Soetan maintained that the controversy is ultimately about transparency, fairness and expectation management rather than the identities of the athletes selected.
“If the majority of the team had already been identified based on rankings, previous performances and international achievements, then the federation should have openly communicated that reality before the competition,” he said.
He suggested that the AFN could have published a list of automatic qualifiers and exempted athletes before the trials, while clearly outlining the number of places available through competition.
For many stakeholders, the final list has raised questions about the relevance of the Lagos trials and whether the outcomes genuinely influenced the selection process.
“National Trials should either be genuine selection competitions or be honestly presented as evaluation events. They cannot be promoted as one and operated as the other,” Soetan concluded.
BY NKECHI BAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), on Friday debunked reports in the media allegedly issued by the management of Niger Insurance Plc, describing it as false, misleading and intended to deceive the public.
According to the commission,the report which was published by various media organizations lon July 15, 2026, misrepresented the legal status of Niger Insurance Plc, whose operating licence was revoked in 2022.
The commission disclosed this in a statement made aviation to BusinessTodayNG that it remains the only Federal Government agency established by law and vested with the exclusive statutory powers to license, regulate, and cancel the licence of any insurance institution in Nigeria.
It said due to the insolvent state of affairs of Niger Insurance and its persistent inability to pay verified insurance claims, NAICOM, in the exercise of its statutory mandate to protect policyholders, cancelled the its licence in 2022. Consequently, Otunba Sanya Ogunkuade, Esq. was appointed by NAICOM as the Receiver/Liquidator of the Company.
NAICOM added that “Following the cancellation of the licence, some former directors of the Company instituted a suit at the Federal High Court in 2022, purposely to challenge the cancellation of the Company’s licence and the appointment of the Receiver/Liquidator.
“The suit was struck out by the Federal High Court on 31 January 2023 on the grounds that the Plaintiffs lacked the power to institute the suit after the appointment of the Receiver/Liquidator, whose appointment had been duly registered by the Corporate Affairs Commission (CAC).
“The decision of the Federal High Court validated the cancellation of the Company’s licence and the appointment of the Receiver. An appeal by the Plaintiffs to the Court of Appeal by the Plaintiffs in the above suit was also struck out on 27th February 2025 by the Court of Appeal. A further appeal by the Plaintiffs to the Supreme Court is still pending
It added that an appeal against the judgment was also dismissed by the Court of Appeal on February 27, 2025, while a further appeal remains pending before the Supreme Court.
NAICOM noted that another suit filed by the same group of former directors resulted in a judgment delivered by the Federal High Court on June 5, 2026.
However, the Commission said the judgment is already being challenged at the Court of Appeal, where applications for a stay of execution have also been filed by both NAICOM and the Receiver/Liquidator.
The regulator maintained that the June 2026 judgment cannot override the earlier Court of Appeal decision, which upheld the cancellation of Niger Insurance’s licence.
The Commission also disclosed that some former directors whose names appeared as plaintiffs in the latest suit had written to disclaim any knowledge of the action, alleging that their names were used without their consent.
It further revealed that it has petitioned the Inspector-General of Police over what it described as the unlawful activities of individuals allegedly parading themselves as the management of Niger Insurance Plc.
According to the Commission, the petition seeks to prevent attempts to interfere with or dispose of the company’s assets, which are meant to satisfy legitimate insurance claims and other obligations.
The Commission reiterated that Niger Insurance Plc remains prohibited from underwriting new insurance business and that its affairs continue to be managed exclusively by the Receiver/Liquidator.
The commission also advised the general public to distance themselves from any person or group of persons purporting to act for or on behalf of the Company, other than the lawfully appointed Receiver/Liquidator
While reassuring that the company’s licence remains revoked, its former board and management remain dissolved, and the Receiver/Liquidator will continue to administer the company’s assets pending the final winding-up of its affairs.
The post NAICOM Dismisses Niger Insurance Claims, Says Company’s Licence Remains Revoked appeared first on Business Today NG.
News
Tinubu signs executive order to harmonise Nigeria’s virtual assets regulation, sets up CBN-led council – Technology Times
President Bola Tinubu has signed a new Executive Order establishing a coordinated national framework for regulating virtual assets in Nigeria, creating a CBN-led oversight council to harmonise oversight across financial, capital market, revenue, intelligence and national security agencies.
The Presidential Executive Order on Virtual Assets Coordination, 2026, which took effect immediately upon signing, seeks to eliminate regulatory fragmentation in Nigeria’s fast-growing virtual assets ecosystem while strengthening consumer protection, safeguarding the financial system and supporting responsible innovation.
Announcing the development in a State House statement issued today, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the Order was signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
According to the Presidency, the Executive Order responds to an increasingly complex regulatory environment where virtual assets “blur the traditional boundaries between currencies, money, commodities and securities.”
According to the Presidency, the Executive Order responds to an increasingly complex regulatory environment where virtual assets “blur the traditional boundaries between currencies, money, commodities and securities.”
The government says the absence of coordinated oversight has resulted in overlapping responsibilities among regulators, regulatory gaps and increased exposure to financial crimes.
“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,” ” the Presidency says.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings.”
CBN to chair new Virtual Asset Council
A key provision of the Executive Order is the establishment of a Virtual Asset Council, which will serve as the country’s highest coordinating body for the sector.
The Council will be chaired by the Central Bank of Nigeria (CBN), while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons.
Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
According to the Presidency, the Council will provide policy direction, promote inter-agency collaboration and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for virtual assets that aligns with Nigeria’s national security, economic and social objectives.
“The Order is designed to close these gaps through supervisory coordination, without introducing new layers of regulation or displacing the mandates of existing agencies,” the Presidency says.
CBN to host new Virtual Asset Office
The Executive Order also establishes a Virtual Asset Office, which will function as the operational arm of the Council.
Its secretariat will be domiciled at the Central Bank of Nigeria (CBN).
The Office will coordinate information sharing, regulatory applications and reporting among participating agencies through an integrated supervisory technology platform designed to provide shared regulatory visibility while allowing each institution to retain ownership and control of its own data.
Importantly, the Presidency stressed that the Executive Order does not establish a new regulator or transfer statutory powers from existing agencies.
Instead, it creates a coordination mechanism that enables agencies to work more effectively within their existing legal mandates.
“Each institution,” the statement said, “retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it.”
Registration to depend on nature of virtual asset activity
The new framework introduces an activity-based approach to registration and supervision of virtual asset operators.
Under the Executive Order, virtual asset activities that qualify as securities will continue to be regulated and registered by the Securities and Exchange Commission.
Meanwhile, payment, settlement, custody and related services involving non-security virtual assets will fall under the regulatory oversight of the Central Bank of Nigeria.
Where uncertainty exists regarding regulatory jurisdiction, the newly established Virtual Asset Council will determine which agency has responsibility.
According to the Presidency, this coordinated model is intended to close loopholes that previously enabled unregistered operators to avoid regulatory oversight.
As part of the new regulatory framework, the CBN will proceed with the establishment of a regulatory sandbox dedicated to virtual assets.
The sandbox will provide a controlled environment where eligible operators can develop, test and operate virtual asset products, blockchain solutions and related digital financial innovations under regulatory supervision before wider market deployment.
The initiative, according to the Presidency, will enable participating regulators to evaluate potential implications for monetary sovereignty, financial stability, consumer protection, financial inclusion, market integrity and revenue administration.
“It will help ensure that innovations that reach Nigerians have been properly examined and supervised,” the statement said.
The CBN is expected to announce additional operational details of the sandbox in due course.
Nigeria Revenue Service to issue virtual assets tax policy
The Executive Order also mandates the Nigeria Revenue Service to release a dedicated tax policy for Nigeria’s virtual assets sector.
The policy will clarify how existing tax laws apply to virtual assets, provide certainty for taxpayers and service providers, strengthen voluntary compliance and ensure the growing sector contributes appropriately to national revenue.
The government said the tax framework complements the broader coordination mechanism by aligning tax administration with the responsibilities of other participating agencies.
Further details will be announced by the Nigeria Revenue Service.
Virtual Assets White Paper underway
Beyond the Executive Order, the Federal Government says it is finalising a comprehensive Virtual Assets White Paper that will outline Nigeria’s long-term policy direction for the sector.
The White Paper will define implementation priorities and serve as a roadmap for stakeholders across Nigeria’s virtual assets ecosystem.
To fast-track implementation of the Executive Order, President Tinubu has directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days.
The framework will guide participating agencies in implementing the Executive Order and ensuring coordinated regulation across Nigeria’s evolving virtual assets landscape.
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