FG Set Up New Council to Fight Fraud, Protect Investors and Strengthen Digital Economy
President Bola Ahmed Tinubu don sign a new Executive Order on Virtual Assets Coordination, 2026, to harmonise how Nigeria go regulate cryptocurrencies, blockchain technology and other virtual assets.
The State House announce say the Executive Order take effect immediately after the President sign am under Section 5 of the 1999 Constitution.
According to the Presidency, the new order go improve cooperation among financial regulators, protect Nigerians from online fraud, money laundering and cybercrime, while still allowing innovation and growth for the country’s digital economy.
The government explain say as virtual assets continue to grow, many agencies dey regulate different parts of the sector separately, creating loopholes wey fraudsters and illegal operators don exploit to scam many Nigerians.
To solve the problem, President Tinubu approve the creation of a Virtual Asset Council.
The Central Bank of Nigeria (CBN) go chair the council, while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) go serve as vice-chairmen.
Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council go coordinate policies, improve collaboration among regulators and work with the Attorney-General of the Federation to develop a unified legal framework for Nigeria’s virtual asset industry.
The Executive Order also establish a Virtual Asset Office, wey go operate from the CBN to coordinate daily activities, information sharing and supervision among all participating agencies.
The Presidency clarify say the Executive Order no create any new regulator and no remove powers from existing agencies.
Instead, every regulator go continue to perform its constitutional responsibilities while working together under one coordinated framework.
Under the new arrangement, virtual assets wey qualify as securities go remain under SEC regulation, while payment services, digital asset custody and other non-security virtual asset activities go remain under the CBN.
Where confusion arise over which agency should regulate any operator, the Virtual Asset Council go make the final decision.
As part of the reforms, the CBN also go launch a Virtual Assets Regulatory Sandbox, where approved companies fit test new blockchain products and digital financial services under government supervision before releasing them to the public.
The Federal Government say this move go help protect consumers, improve financial stability and ensure safe innovation.
Meanwhile, the Nigeria Revenue Service (NRS) go soon release a tax policy for cryptocurrencies and virtual assets to provide certainty for investors and ensure the sector contributes fairly to government revenue.
The Presidency also disclose say government dey finalise a comprehensive Virtual Assets White Paper, wey go provide Nigeria’s long-term roadmap for the digital asset industry.
President Tinubu direct the newly established Council to produce a Harmonised Implementation Framework within 30 days to ensure immediate execution of the Executive Order.
