President Bola Ahmed Tinubu has enacted the Presidential Executive Order on Virtual Assets Coordination, 2026. This directive seeks to streamline the oversight of digital assets to curb risks like money laundering and fraud while fostering secure innovation. According to Bayo Onanuga, the President’s Special Adviser on Information and Strategy, the order is effective immediately.
This initiative addresses regulatory fragmentation by establishing the Virtual Asset Council. Led by the Central Bank of Nigeria, with support from the Nigeria Revenue Service and the Securities and Exchange Commission, the council aims to harmonize policies across government agencies. Membership also includes the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.
The order also creates a Virtual Asset Office to act as the council’s operational arm. Importantly, this move does not supersede existing agencies or create a new regulator; instead, it establishes a framework for cooperation. Under this system, the SEC oversees securities-related activities, while the Central Bank manages payments and custody services. Furthermore, the Central Bank is launching a regulatory sandbox to test blockchain products safely, and the Nigeria Revenue Service will establish a clear tax policy for the industry.