JUST-IN: Tinubu Signs Executive Order To Regulate Virtual Assets, Establishes Inter-Agency Council

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a new regulatory framework aimed at harmonising the oversight of virtual assets and strengthening governance of Nigeria’s fast-growing digital economy.

The Executive Order, which takes immediate effect, creates a Virtual Asset Council to coordinate the activities of key financial, security, revenue and regulatory agencies, with the objective of protecting Nigerians from fraud, combating money laundering and terrorism financing, improving revenue collection, and promoting responsible innovation within the virtual assets ecosystem.

The development was announced in a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the Presidency, the Executive Order was signed pursuant to Section 5 of the 1999 Constitution to address increasing regulatory fragmentation as virtual assets continue to span multiple sectors, including currencies, securities, commodities and payment systems.

The statement noted that the lack of coordinated oversight had created regulatory loopholes that were being exploited by fraudulent and unregistered operators, exposing Nigerians to financial losses, cybersecurity threats, data privacy risks and other forms of criminal activity.

To address these challenges, the Executive Order establishes the 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.

According to the Presidency, the council will provide strategic policy direction, foster collaboration among participating agencies and work closely with the Office of the Attorney-General of the Federation to develop a harmonised legal and institutional framework for regulating virtual assets in line with Nigeria’s economic, security and social priorities.

The Executive Order also establishes a Virtual Asset Office, which will function as the operational arm of the council, with its secretariat domiciled at the Central Bank of Nigeria.

The office will coordinate information sharing, regulatory applications and reporting through an integrated supervisory technology platform, while allowing each participating agency to retain ownership and control of its data.

The Presidency added that where regulatory jurisdiction overlaps or remains unclear, the council will determine the appropriate agency responsible for oversight.

It explained that the new framework is intended to eliminate regulatory gaps that previously enabled unregistered virtual asset operators to evade supervision.

As part of the reforms, the Central Bank of Nigeria will introduce a regulatory sandbox that will enable eligible operators to test virtual asset products, blockchain technologies, and related services in a controlled environment under regulatory supervision before deployment.

The Federal Government also disclosed that work is at an advanced stage on a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction, implementation priorities and regulatory roadmap for stakeholders across the digital asset industry.

To ensure swift implementation, President Tinubu directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days to guide participating agencies in executing the provisions of the Executive Order.

“The Council has been directed to develop a Harmonised Implementation Framework within 30 days to guide the participating agencies in giving effect to the Order and to ensure its expedited implementation,” the statement concluded