Tinubu signs Executive Order to harmonize Virtual Assets Regulation, establishes Coordination Council
President Bola Tinubu
Abdullateef Fowewe
President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, aimed at streamlining oversight of the digital economy, curbing fraud, and fostering responsible innovation in Nigeria’s virtual assets sector.
According to a statement issued on Friday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the order addresses a fragmented regulatory landscape where virtual assets blur lines between currencies, commodities, and securities.
“With relevant agencies operating in silos, overlapping in some areas and leaving gaps in others, the country has been exposed to risks, including money laundering, terrorism financing, cybersecurity and data privacy threats, fraud, and revenue losses.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement noted.
The Executive Order, which takes immediate effect pursuant to Section 5 of the 1999 Constitution (as amended), establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN).
The Nigeria Revenue Service (NRS) and Securities and Exchange Commission (SEC) serve as vice-chairs, with the Nigerian Financial Intelligence Unit (NFIU) and Office of the National Security Adviser (ONSA) as members.
A Virtual Asset Office will handle day-to-day coordination and information sharing, supported by integrated supervisory technology.
The framework emphasises collaboration without creating new regulators or displacing existing mandates.
“Registration will follow the nature of the activity and the asset involved, activities like securities will be registered by the SEC, while payment, settlement, custody and related services involving non-security virtual assets will be registered by the CBN,” it added.
The order also paves the way for a CBN regulatory sandbox for testing virtual asset products under supervision and an upcoming tax policy from the NRS.
A comprehensive Virtual Assets White Paper is being finalised to outline long-term policy direction.
The Council has 30 days to develop a harmonised implementation framework.
