President Bola Tinubu has enacted an executive order that creates a unified regulatory structure for virtual assets in the nation.
The initiative is intended to enhance supervision of the country’s expanding digital asset landscape, safeguard investors, and reduce financial crimes.
A statement released on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, indicated that the Presidential Executive Order on Virtual Assets Coordination, 2026, which comes into effect immediately, was signed by Tinubu in accordance with Section 5 of the 1999 Constitution.
Onanuga stated that the directive was implemented to tackle regulatory fragmentation as virtual assets increasingly overlap with the responsibilities of financial, revenue, and capital market authorities.
He believes that the new framework will enhance collaboration among regulatory bodies, eliminate current loopholes used by dishonest operators, and foster responsible innovation in the digital economy.
He remarked that the lack of unified supervision had left the nation vulnerable to hazards, such as money laundering, terrorism financing, cybersecurity risks, data privacy violations, fraud, and revenue declines.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” he added.
To enhance supervision, the directive creates a virtual asset council, chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission acting as vice-chairs.
Additional participants in the council consist of the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.
The council will give policy guidance, coordinate regulatory efforts among involved agencies, and collaborate with the Attorney General of the Federation to create a unified legal and institutional framework for the sector.
The executive order signed by Tinubu additionally establishes a Virtual Asset Office, located at the CBN, which will function as the operational secretariat tasked with coordinating information exchange, handling applications, and reporting among the pertinent agencies via an integrated supervisory technology platform.
Onanuga emphasized that the directive does not establish a new regulatory body or shift legal authorities from current organizations.
“The Executive Order does not create a new regulator or transfer powers between agencies. Each institution retains its full statutory mandate and independence.
“Instead, regulatory responsibilities will continue to be determined by the nature of the virtual asset or service involved,” he added.
Within this framework, virtual assets deemed securities will remain under the regulation of the Securities and Exchange Commission, whereas services related to payment, settlement, and custody involving non-security virtual assets will be overseen by the Central Bank of Nigeria.
The council will establish accountability in situations where regulatory authority is ambiguous.
In line with the reforms, the CBN will establish a regulatory sandbox enabling qualifying operators to trial virtual asset products, blockchain technologies, and associated services under regulatory oversight prior to their market launch.
Onanuga states that the project aims to assist regulators in evaluating the effects of new technologies on financial stability, monetary policy, consumer protection, financial inclusion, and national revenue.
He mentioned that the Nigeria Revenue Service will also publish a tax policy for the virtual assets sector to clarify the application of current tax laws, enhance voluntary compliance, and guarantee that digital asset transactions contribute to government revenue.
The representative announced that the federal government was completing an extensive virtual assets white paper to define Nigeria’s long-term policy approach and execution priorities for the industry.
The recently formed Virtual Asset Council has been tasked with creating a Harmonized Implementation Framework within 30 days to assist participating agencies in executing the executive order.
