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.”
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) is seen in the photo. President Tinubu signs a new Executive Order establishing a CBN-led Virtual Asset Council to harmonise regulation, protect investors and support innovation. Image credit: CBN.
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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Nigeria and Canada have expanded their bilateral air transport framework, paving the way for scheduled direct air services between the two countries and creating new opportunities for passenger and cargo operations.
The agreement, signed on Thursday in Abuja, provides for multiple airlines from both countries to operate scheduled services and establishes capacity for passenger and cargo flights.
It also provides for up to 14 weekly passenger flights and 10 weekly all-cargo flights for designated airlines from each country.
The agreement is expected to improve air connectivity between Nigeria and Canada while supporting trade, tourism, education, investment and stronger people-to-people relations.
The Minister of Aviation and Aerospace Development, Festus Keyamo, was represented at the signing by the Director of Air Transport Management in the ministry, Mohammed Ahmed Tijjani.
Mr Tijjani signed the agreement with Canada’s Chief Air Negotiator for Global Affairs Canada, Shendra Melia, at the Canadian High Commission in Abuja.
The signing followed a technical review session in which officials from both countries examined the existing bilateral air services framework and agreed to expand it.
Nigeria, Canada expand air deal, pave way for direct flights
Shift towards direct connectivity
The new arrangement represents a significant expansion of the aviation relationship between Nigeria and Canada.
The two countries first negotiated an air transport agreement in 2014, but the framework was initially limited to code-sharing arrangements rather than direct scheduled flights.
The agreement was formally signed in March 2025, providing a framework for airlines to market services operated by partner carriers.
The latest expansion changes that framework by allowing designated airlines from both countries to operate scheduled services directly between Nigeria and Canada.
The agreement, therefore, provides the legal basis for airlines to pursue direct operations, although the signing itself does not mean such flights will begin immediately.
Airlines would still need to be designated by their respective governments and meet applicable regulatory, operational and commercial requirements before commencing services.
More opportunities for passengers and cargo
For travellers, direct scheduled services could reduce the need for connecting flights through third countries and make journeys between Nigeria and Canada more convenient.
The development could be particularly significant for Nigerians travelling to Canada for education, business, tourism and family visits, as well as Canadians travelling to Nigeria for business and other purposes.
As of 31 March 2026, more than 25,000 Nigerians held valid Canadian study permits, according to the information provided by the Federal Government, highlighting the importance of the education link between the two countries.
The agreement also provides a greater scope for cargo operations.
Under the expanded framework, designated airlines can operate up to 10 weekly all-cargo services, while fifth-freedom traffic rights have been granted for cargo operations.
Fifth-freedom rights allow an airline to carry traffic between two foreign countries as part of a service that originates from or terminates in the airline’s home country.
The provision could create additional options for moving goods through the two countries and strengthen commercial links between Nigerian and Canadian businesses.
Wider economic ties
The expanded aviation agreement comes as Nigeria and Canada seek to deepen economic relations beyond air travel.
Improved connectivity can support tourism, facilitate business travel, encourage investment and make it easier for people and goods to move between the two markets.
The Nigerian delegation at the signing included the Director of Air Transport Management, Mr Tijjani; the Director of Legal Services, Jummai Yahaya; and the Director of Air Transport Regulation at the Nigeria Civil Aviation Authority, Olayinka Babaoye-Iriobe.
The Canadian delegation was led by Ms Melia and included officials from Global Affairs Canada and Transport Canada.
The expanded framework gives airlines from both countries greater room to compete, as each country can designate multiple carriers rather than restricting scheduled operations to a single airline.
For Nigeria, the development also fits into the Federal Government’s wider effort to expand international air connectivity and secure new routes that can support tourism, trade and investment.
The agreement now provides the framework for airlines on both sides to pursue direct scheduled services, potentially bringing an end to years of reliance on connecting routes for travellers moving between Nigeria and Canada.
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“It’s a place of diverse communities living side by side, a place that loves the arts, loves creativity, and isn’t afraid of change.” She also noted the city’s history of rebelliousness and innovation.
“I love that San Francisco has always stood up for values and the things it believes in,” Wintour wrote. “Vogue World will support San Francisco’s creative minds and strengthen the entire ecosystem — and it will offer another opportunity to show San Francisco is on the rise.”
There were rumors that Vogue World would head to San Francisco after Winter was seen having meetings with the city’s mayor, Daniel Lurie.
Plus, in the past year, Wintour has cozied up to the most powerful names in tech, culminating in this year’s Met Gala, which saw Jeff Bezos and his wife, Lauren Sanchez, serve as lead sponsors for the event. Google’s Sergey Brin and Mark Zuckerberg were also spotted at the event (the latter’s first, that is). In fact, OpenAI bought a table, as did Meta and Snap (for $350,000 a pop). It’s true that TikTok, Apple, and Instagram previously sponsored the event, but the presence of the tech crowd this year was so much that the Met Gala this year was dubbed the “tech gala” in some places.
Last year, Vogue put Lauren Sanchez on the cover of the magazine after her wedding to the Amazon founder. To the fashion world, this was Wintour’s stamp of approval — not just for Sanchez’s ascent into the fashion world, but that tech and its leaders were worthy of cultural recognition.
Though Bezos and Sanchez reportedly live in Florida (and Amazon is, of course, headquartered in the Seattle area), there is no city more associated with tech than San Francisco. By locating Vogue World there, this is another indication of Wintour’s approval.
Vogue, as a media publication, is always following the money, and as a cultural bible, is always looking for ways to stay relevant. Turning toward the worldwide headquarters of AI, good or bad, is brilliant for business (and Wintour is nothing if not brilliant).
But Vogue World was previously held in New York, London, Paris, and this year, Milan. Maybe because I live in an East Coast bubble, but I’ve not heard anyone in recent years refer to San Francisco as a beacon of style to rank alongside these other cities.
While the city has a reputation as the land of the free-spirited bohemian, tech and its workers have a reputation for hoodies, Patagonia vests, and expensive athletic shoes, if they even dress up that much.
For instance, billionaire Alexandr Wang, who is now running Meta’s all-important Superintelligence Labs, just did an interview with Y Combinator’s Garry Tan in front of a packed stadium wearing a faded Nintendo T-shirt and what looked like a pair of Crocs. Comfy? Yes. High fashion? Decidedly no.
But maybe that’s changing. Wang’s boss, Mark Zuckerberg, who once always appeared in a plain gray T-shirt and jeans, has made efforts in recent years to become more fashionable. Zuck and his wife Priscilla Chan were spotted front row at a Prada show this season. The new campaign for Meta Glasses has a slew of celeb ambassadors and looks like it could be a Saint Laurent or Balenciaga ad.
OpenAI and Palantir have recently released merch collabs, playing on the minimalist style of tech workers (the merch line of the latter, I would argue, looks inspired by Virgil Abloh’s Off-White).
I concede that creatively there is much to be done with the understated, Northern California style. Surrounded by beautiful nature and cooler temperatures, plenty of fashion designers could be motivated by San Francisco’s tech industry. I look forward to seeing Claude-inspired terra cotta-colored gowns and Vogue-emblazoned quarter-zips soon.
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