TINUBU SIGNS EXECUTIVE ORDER TO REGULATE VIRTUAL ASSETS IN NIGERIA
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By ‘Sefiu Ajape
President Bola Tinubu has signed an Executive Order establishing a coordinated regulatory framework for virtual assets in Nigeria.
The move is aimed at strengthening oversight of the country’s growing digital asset ecosystem, protecting investors and curbing financial crimes.
According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidential Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, was signed pursuant to Section 5 of the 1999 Constitution.
Onanuga said the order was introduced to address regulatory fragmentation as virtual assets increasingly cut across the mandates of financial, revenue and capital market regulators.
According to him, the new framework is expected to improve coordination among regulatory agencies, close existing loopholes exploited by fraudulent operators and promote responsible innovation in the digital economy.
He noted that the absence of coordinated oversight had exposed the country to risks, including money laundering, terrorism financing, cybersecurity threats, data privacy breaches, fraud and revenue losses.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” he added.
To strengthen oversight, the order establishes a Virtual Asset Council, to be chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairmen.
Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The council will provide policy direction, coordinate regulatory activities among participating agencies and work with the Attorney General of the Federation to develop a harmonised legal and institutional framework for the sector.
The executive order also creates a Virtual Asset Office, domiciled at the CBN, to serve as the operational secretariat responsible for coordinating information sharing, processing applications and reporting among the relevant agencies through an integrated supervisory technology platform.
Onanuga stressed that the order does not create a new regulator or transfer statutory powers from existing institutions.
“The Executive Order does not create a new regulator or transfer powers between agencies. Each institution retains its full statutory mandate and independence.
“Instead, regulatory responsibilities will continue to be determined by the nature of the virtual asset or service involved,” he added.
Under the framework, virtual assets classified as securities will continue to be regulated by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will fall under the supervision of the CBN.
The council will determine responsibility in cases where regulatory jurisdiction is unclear.
As part of the reforms, the CBN will introduce a regulatory sandbox that will allow eligible operators to test virtual asset products, blockchain technologies and related services under regulatory supervision before they are introduced into the wider market.
According to Onanuga, the initiative is expected to help regulators assess the implications of emerging technologies for financial stability, monetary policy, consumer protection, financial inclusion and national revenue.
He added that the Nigeria Revenue Service would also release a tax policy for the virtual assets sector to provide clarity on the application of existing tax laws, improve voluntary compliance and ensure that digital asset activities contribute to government revenue.
The presidential spokesman disclosed that the Federal Government is finalising a comprehensive Virtual Assets White Paper to outline Nigeria’s long-term policy direction and implementation priorities for the sector.
The newly established Virtual Asset Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide participating agencies in implementing the executive order.
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