By Peace Erewunmi

President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a unified framework to regulate Nigeria’s virtual assets sector and strengthen collaboration among key government agencies. The Executive Order took immediate effect upon signing.

The Order establishes a Virtual Asset Council, which will be chaired by the Central Bank of Nigeria (CBN). The Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairmen, while the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) are among the council’s members. The body will coordinate policy, harmonise regulatory oversight and address overlapping responsibilities among agencies.

According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Executive Order is designed to close regulatory gaps that have exposed Nigeria to fraud, money laundering, terrorism financing, cybersecurity threats and revenue losses in the rapidly expanding digital asset ecosystem.

The framework also creates a Virtual Asset Office, to be domiciled at the CBN, which will serve as the operational secretariat of the council. The office will facilitate information sharing, application processing and regulatory reporting through an integrated supervisory platform while allowing participating agencies to retain their statutory powers.

Under the new arrangement, the SEC will continue to regulate virtual assets classified as securities, while the CBN will oversee payment, settlement, custody and other non-security virtual asset services. The council will resolve jurisdictional disputes where regulatory responsibilities overlap. The Order also provides for a regulatory sandbox to enable eligible firms to test blockchain-based products under regulatory supervision and directs the council to produce a harmonised implementation framework within 30 days.

The Presidency said the initiative is intended to promote responsible innovation, enhance investor confidence, strengthen consumer protection and support the sustainable growth of Nigeria’s digital economy while maintaining the integrity of the country’s financial system.