Tinubu Signs Executive Order on Virtual Assets
…Establishes Council to Coordinate Digital Asset Regulation
President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a new framework to harmonise the regulation of virtual assets in Nigeria, combat financial crimes, and promote responsible innovation in the country’s digital economy.
The State House, in a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said the Executive Order takes immediate effect and is aimed at addressing the fragmented regulatory landscape surrounding virtual assets.
According to the statement, the increasing overlap between virtual assets, currencies, securities, commodities and payment systems has created regulatory gaps that have exposed Nigeria to risks such as money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses.
To tackle these challenges, the Executive Order establishes a Virtual Asset Council, to be chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will coordinate policy, improve collaboration among relevant agencies, and work with the Attorney-General of the Federation to develop a harmonised legal framework that aligns virtual asset regulation with Nigeria’s economic, security and social objectives.
The Order also creates a Virtual Asset Office, which will serve as the Council’s operational arm. The office, to be headquartered at the CBN, will coordinate information sharing, applications and reporting among participating agencies through an integrated supervisory technology platform.
The Presidency stressed that the Executive Order does not establish a new regulator or remove the statutory powers of existing agencies. Instead, it provides a coordinated framework under which each regulator retains its legal mandate while working together to close regulatory loopholes.
Under the framework, virtual asset operators will be registered according to the nature of their activities. The SEC will oversee activities involving securities, while the CBN will regulate payment, settlement, custody and other services related to non-security virtual assets. The Council will determine jurisdiction where responsibilities overlap.
The Federal Government also announced that the CBN will launch a regulatory sandbox to allow eligible firms to test virtual asset products and blockchain-based innovations under regulatory supervision before they are introduced into the wider market.
Similarly, the Nigeria Revenue Service is expected to unveil a tax policy for the virtual assets sector to clarify tax obligations, improve compliance and ensure the growing industry contributes to national revenue.
In addition, the government said it is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation strategy for the sector.
President Tinubu further directed the newly established Council to develop a Harmonised Implementation Framework within 30 days to facilitate the speedy execution of the Executive Order.
