Tinubu signs Executive Order to streamline virtual asset regulation

From Juliana Taiwo-Obalonye, Abuja

President Bola Tinubu has signed an Executive Order to harmonise Nigeria’s virtual asset regulatory framework, establishing a Virtual Asset Council and a standing Virtual Asset Office to strengthen oversight, protect consumers and curb fraudulent activities.

Announcing the Presidential Executive Order on Virtual Assets Coordination, 2026, the Presidency said the directive takes immediate effect under Section 5 of the Constitution.

It noted that gaps in the fragmented regulatory environment had allowed unregistered and fraudulent operators to exploit Nigerians, exposing the country to money laundering, terrorism financing, cyber-attacks, data breaches and revenue losses.

To address the challenge, the President established 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 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 aligned with Nigeria’s national security and economic objectives.

A Virtual Asset Office, which will serve as the council’s secretariat, will be domiciled at the CBN to coordinate information sharing, applications and reporting through an integrated supervisory technology platform.

The Presidency clarified that the order does not create a new regulator, stressing that existing agencies will retain their statutory powers while operating under a coordinated framework.

Under the new arrangement, securities-related virtual asset activities will be regulated by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will fall under the CBN. Where jurisdiction is unclear, the council will determine the appropriate regulator.

The order also directs the CBN to establish a regulatory sandbox for virtual assets, while the Nigeria Revenue Service will issue a tax policy for the sector.  Tinubu further directed the council to produce a Harmonised Implementation Framework within 30 days.