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Tinubu signs executive order to harmonise virtual assets regulation, establishes council
🇳🇬 Nigeria /Economy & Trade

Tinubu signs executive order to harmonise virtual assets regulation, establishes council

From Vanguard · () English

Summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Nigeria's President Bola Ahmed Tinubu has signed an executive order to harmonize virtual asset regulation and combat associated risks.
  • The order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria, to provide policy direction and improve regulatory efficiency.
  • A new Virtual Asset Office will serve as the council's operational arm, coordinating information sharing and reporting among agencies without creating a new regulator.

President Bola Ahmed Tinubu has enacted an executive order to coordinate and harmonize the regulation of virtual assets in Nigeria. The "Presidential Executive Order on Virtual Assets Coordination, 2026" aims to address regulatory gaps and mitigate risks such as money laundering, terrorism financing, and revenue losses.

The order takes immediate effect.

— Bayo OnanugaThe Special Adviser to the President on Information and Strategy announced the immediate effect of the executive order.

The new framework establishes a Virtual Asset Council, with the Central Bank of Nigeria (CBN) at its helm, supported by the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) as vice-chairs. Other key members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). This council will guide policy, foster inter-agency cooperation, and develop a unified legal framework for the sector.

The absence of coordinated oversight among relevant agencies had exposed the country to risks including money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses.

— PresidencyThe Presidency explained the rationale behind the executive order, highlighting the risks of fragmented regulation.

An operational arm, the Virtual Asset Office, will be housed at the CBN. It will streamline information sharing and reporting through an integrated technology platform, while existing agencies retain their statutory responsibilities. The presidency emphasized that the order does not create a new regulator but enhances coordination for efficiency. Activities will be registered based on their nature, with SEC overseeing securities and CBN handling non-security virtual assets, with the council resolving any ambiguities.

The new framework would protect citizens from fraudulent operators while creating an environment that supports legitimate digital asset innovation.

— PresidencyThe Presidency described the intended benefits of the new regulatory framework.

The CBN is also developing a regulatory sandbox to allow eligible operators to test blockchain-based products and services before market entry. This initiative seeks to foster responsible innovation within Nigeria's digital economy while protecting citizens from fraudulent operators.

The council is expected to provide policy direction, promote cooperation among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for the sector.

— PresidencyThe Presidency outlined the expected functions of the newly established Virtual Asset Council.
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Originally published by Vanguard. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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