By Eshioromeh Sebastian
President Bola Ahmed Tinubu has signed an Executive Order establishing a coordinated regulatory framework for virtual assets, a move aimed at closing supervisory gaps that have left Nigerians vulnerable to fraud and financial crimes.
The Presidential Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, responds to a regulatory environment that has become fragmented as virtual assets increasingly blur the traditional boundaries between currencies, commodities, money, and securities, according to a statement issued by the Presidency.
With relevant agencies operating in silos, the country has been exposed to risks including money laundering, terrorism financing, cybersecurity threats, fraud, and revenue losses. The Presidency noted that unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings.
The Order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission as vice-chairs. The Council also comprises the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.
“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 Presidency said.
The Order does not create a new regulator or transfer powers between agencies. Each institution retains its full statutory mandate and independence. Registration will follow the nature of the activity involved: securities-related activities will be registered by the SEC, while payment, settlement, and custody services involving non-security virtual assets will be registered by the CBN. The Council will resolve any case where responsibility cannot be readily determined.
A Virtual Asset Office, domiciled at the CBN, will serve as the Council’s operational body, responsible for coordinating information sharing, applications, and reporting among agencies. This will be supported by an integrated supervisory technology platform that provides shared visibility while preserving each agency’s ownership and control of its data.
As part of the coordinated approach, the CBN is proceeding with a regulatory sandbox for virtual assets, which will provide a controlled environment for eligible operators to test products and blockchain-based solutions under close supervision. The CBN will announce further details of the sandbox.
The Nigerian Revenue Service will also release a tax policy for the virtual assets sector, operationalising existing tax laws to provide greater certainty for taxpayers and service providers while ensuring the sector contributes fairly to national revenue.
The Federal Government is finalising a comprehensive Virtual Assets White Paper, which will set out the country’s longer-term policy direction and serve as a roadmap for stakeholders.
The Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide the participating agencies in giving effect to the Order.
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