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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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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.
Reverend Ezekiel Dachomo, Regional Chairman of the Church of Christ in Nations (COCIN) in Barkin Ladi Local Government Area in Plateau State has said he has received a threatening letter from suspected Fulani herdsmen vowing to attack and kill him along with members of his household.
Dachomo made the disclosure in a video shared on his X account, following fresh attacks on communities in the state by suspected armed herdsmen.
He claimed the letter, written in both Hausa and English, was sent by the herdsmen and that copies have been distributed to heads of various security agencies in the state.
In the video, the cleric quoted the letter’s senders as saying they would kill him and nine members of his household, just as they allegedly killed nine of his relatives.
“A few days ago, Fulani herdsmen sent a threatening letter to me and to members of my church. The letter was written in both Hausa and English, and its message was terrifying.
“They vowed to attack me and kill me soon, just as they killed nine of my relatives. Copies of these threatening letters have already been handed over to the security operatives,” Dachomo said.
Despite the threats, Dachomo said he remains unafraid, placing his life in God’s hands.
“Many people have asked me if I am afraid. My answer is no. I am not afraid because my life is in the hands of Almighty God,” he stated.
“The Lord is on my side; I will not fear. What can man do unto me?”
The reverend recounted the profound personal losses he has endured from recent attacks, describing the pain of conducting burials for loved ones and comforting families who lost parents and relatives.
“I know what it means to bury those I love. I know what it means to wipe the tears of children who watched their parents murdered. I know what it means to stand before grieving families whose only crime was refusing to deny Jesus Christ,” he said.
“Now they say I will be next. But I ask the world, what is my crime? Is my crime that I speak for widows who have no voice? Is my crime that I cry for orphaned children whose parents were murdered? Is my crime that I tell the stories of persecuted Christians in Nigeria so the world will not forget them?”
“If that is my crime, then I will continue until my last breath,” Dachomo added.
He emphasized that killing him would not silence the truth. The cleric called on the world to remember the victims and support justice for persecuted Christians.
“Remember the widows. Remember the orphans. Remember the innocent Christians who continue to suffer simply because of their faith. Stand with us in prayer. Stand with us in truth. Stand with us in demanding justice for every innocent life,” he urged.
“If one day my voice is silenced, let the world remember that I never carried a weapon. My only weapon was the truth. My only mission was to defend the persecuted.”
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