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President Bola Tinubu

President Bola Ahmed Tinubu has signed a new Executive Order to regulate virtual assets in Nigeria, establishing a central coordinating council to address gaps in oversight, curb fraud and support innovation in the digital economy.

The Presidential Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, aims to harmonise the roles of key financial and regulatory agencies while protecting citizens and strengthening the integrity of the country’s financial system.

According to the presidency, the order responds to growing concerns over a fragmented regulatory landscape, where virtual assets increasingly cut across currencies, commodities and securities, creating overlaps and loopholes among agencies.

To address this, the order creates a Virtual Asset Council chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission serving as vice-chairs. Other members include the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.

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The council is mandated to provide policy direction, promote inter-agency collaboration and work with the Attorney-General of the Federation to develop a unified legal framework aligned with national security and economic priorities.

A Virtual Asset Office, domiciled at the Central Bank, will handle day-to-day coordination, including data sharing, applications and reporting among agencies through a unified supervisory technology platform.

The government stressed that the order does not create a new regulator or strip existing institutions of their powers. Instead, it clarifies responsibilities, ensuring that assets classified as securities fall under the SEC, while non-security digital assets such as payments and custody services are regulated by the Central Bank.

Officials say the move is designed to close regulatory gaps previously exploited by fraudulent operators, which have led to financial losses for Nigerians and exposed the system to risks such as money laundering, terrorism financing and cyber threats.

As part of the reforms, the Central Bank will introduce a regulatory sandbox to allow controlled testing of virtual asset products and blockchain solutions, while the Nigeria Revenue Service is set to release a tax policy to guide compliance in the sector.

The Federal Government is also finalising a Virtual Assets White Paper to outline long-term policy direction. Meanwhile, the newly established council has been directed to deliver a harmonised implementation framework within 30 days to ensure swift execution of the order.

The Traffic NG
President Bola Ahmed Tinubu
Amarachi Ihesiulo
The Traffic NG

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