President Bola Ahmed Tinubu has signed an executive order on Virtual Assets Coordination, 2026.
In a statement, Tinubu’s media office on Friday said the executive order would strengthen cooperation among the nation’s financial, revenue, and capital markets agencies and protect citizens from fraud in the digital ecosystem.
Tinubu said the order, which takes effect immediately, is in pursuance of Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as altered).
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings.
“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 statement reads.
In a move to ensure the implementation of the order, President Tinubu also established a Virtual Asset Council, chaired by the Central Bank of Nigeria, CBN, with the Nigeria Revenue Service, NRS and the Securities and Exchange Commission, SEC as vice-chairs, and comprising the Nigerian Financial Intelligence Unit, NFIU and the Office of the National Security Adviser, ONSA.
“The Council will provide policy direction, promote synergy among the participating agencies, and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns the sector with Nigeria’s national security, economic, and social objectives.
“The Order also establishes a Virtual Asset Office, the Council’s operational body, with its secretariat domiciled at the CBN. The office will be responsible for the day-to-day coordination of information sharing, applications, and reporting among the agencies, supported by an integrated supervisory technology platform that provides shared visibility while preserving each agency’s ownership and control of its data,” the presidency stated.
Eze Chidiebere Paul
I'm dedicated to creating high-quality content that informs, inspires, and delights. If you have any questions or suggestions, don't hesitate to get in touch. Happy reading!
