TINUBU SIGNS EXECUTIVE ORDER ON VIRTUAL ASSETS, SETS UP CBN-LED COUNCIL
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By; Sunmola Ganiyat
President Bola Tinubu has signed the Executive Order on Virtual Assets Coordination, 2026, aimed at strengthening oversight of Nigeria’s digital asset ecosystem and enhancing collaboration among key financial and regulatory agencies.
In a statement issued on Friday, the Presidency said the executive order seeks to improve coordination among the country’s financial, revenue and capital market regulators while protecting Nigerians from fraud and other risks associated with virtual assets.
According to the statement, the order takes immediate effect and was issued pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
The Presidency noted that the initiative is designed to address regulatory gaps that have allowed unregistered and fraudulent operators to exploit unsuspecting investors, leading to significant financial losses.
It explained that the order is intended to strengthen supervisory coordination without creating additional layers of regulation or altering the statutory responsibilities of existing agencies.
To drive implementation, President Tinubu established a Virtual Asset Council, which will be chaired by the Central Bank of Nigeria (CBN).
The Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairmen, while 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 strategic policy direction, promote inter-agency collaboration and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns the virtual asset sector with Nigeria’s national security, economic and social objectives.
The executive order also establishes a Virtual Asset Office, which will serve as the operational arm of the council.
The office, to be headquartered at the CBN, will coordinate information sharing, regulatory applications and reporting among participating agencies through an integrated supervisory technology platform while ensuring each institution retains ownership and control of its data.
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