Just In: Tinubu Signs New Executive Order as Details Emerge
- President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, with immediate effect on Friday
- The order establishes a Virtual Asset Council chaired by the CBN, with the SEC and Nigerian Revenue Service as vice-chairs
- The Nigerian Revenue Service is set to release a dedicated tax policy covering the virtual assets sector under the new framework
President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, directing federal agencies to work together in regulating the country's virtual assets sector.
The Presidency announced the signing on Friday, stating that the order takes effect immediately and was issued under Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as altered).
Source: Twitter
According to the Presidency, the order responds to a regulatory environment that has become fragmented as virtual assets increasingly blur the traditional boundaries between currencies, commodities and securities. The stated objectives include protecting citizens from fraud, strengthening the integrity of the financial system, and creating conditions for responsible innovation.
Virtual Asset Council established
At the centre of the order is a newly created Virtual Asset Council, which will be chaired by the Central Bank of Nigeria (CBN). The Securities and Exchange Commission (SEC) and the Nigerian Revenue Service (NRS) will serve as vice-chairs, while the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) are also named as members.
The Council is tasked with setting policy direction, fostering coordination among participating agencies, and working alongside the Attorney-General of the Federation to develop a unified legal and institutional framework that aligns the sector with Nigeria's national security, economic and social objectives.
The Presidency was explicit that the order does not create a new regulatory body or shift powers between existing institutions. Each agency retains its full statutory mandate, with the framework designed to coordinate rather than replace their individual functions.
On the question of registration, the Presidency clarified that the rules will follow the nature of each activity and asset. Virtual asset activities that resemble securities will fall under the SEC, while payment, settlement, custody and related services involving non-security virtual assets will be registered through the CBN. The Council will arbitrate in cases where responsibility between agencies is not immediately clear.
Tax policy for incoming virtual assets
Separately, the Presidency disclosed that the Nigerian Revenue Service will publish a tax policy specifically for the virtual assets sector. The policy is intended to clarify how existing Nigerian tax laws apply to virtual assets, encourage voluntary compliance among operators and users, and ensure the sector contributes proportionately to national revenue as it expands.
See the full statement from the presidency on X here:
Tinubu, Wike's allies clash
Legit.ng earlier reported that Dr Dakorinama Alabo George, replaced as BCDA Executive Secretary by President Tinubu, refused to vacate the office and continued holding official engagements weeks after his replacement was announced.
The Presidency confirmed that Abdulrazak Sa'ad Namdas remains the new BCDA Director General, flatly rejecting social media claims that George had been reappointed.
George met with the Finance Minister last Thursday to discuss budget releases for the agency, even as his profile continued to appear on the BCDA website as its serving head.
Source: Legit.ng
