President Bola Ahmed Tinubu has signed a landmark Executive Order establishing a coordinated regulatory framework for Nigeria’s rapidly expanding virtual assets sector, with the aim of tightening oversight, curbing financial crimes and creating a safer environment for digital innovation.
The development was announced on Friday in a statement by the President’s spokesman, Bayo Onanuga, who said the Executive Order on Virtual Assets Coordination, 2026, takes immediate effect.
Rather than creating another regulatory agency, the new framework brings together key financial, security and revenue institutions under a single coordinating structure to eliminate overlaps, close regulatory loopholes and improve supervision of virtual asset activities across the country.
At the heart of the initiative is the newly established Virtual Asset Council, which will be chaired by the Central Bank of Nigeria (CBN), while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairmen.
Rather than creating another regulatory agency, the new framework brings together key financial, security and revenue institutions under a single coordinating structure to eliminate overlaps, close regulatory loopholes and improve supervision of virtual asset activities across the country.
At the heart of the initiative is the newly established Virtual Asset Council, which will be chaired by the Central Bank of Nigeria (CBN), while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairmen.
Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council is expected to drive policy coordination, strengthen information sharing among participating agencies and work with the Office of the Attorney-General of the Federation to develop a harmonised legal framework that aligns virtual asset regulation with Nigeria’s economic, security and social priorities.
The Executive Order also creates a Virtual Asset Office, to be domiciled at the CBN, as the Council’s operational arm.
The Council is expected to drive policy coordination, strengthen information sharing among participating agencies and work with the Office of the Attorney-General of the Federation to develop a harmonised legal framework that aligns virtual asset regulation with Nigeria’s economic, security and social priorities.
The Executive Order also creates a Virtual Asset Office, to be domiciled at the CBN, as the Council’s operational arm.
The office will coordinate inter-agency collaboration, supervise information exchange and manage a shared technology platform designed to improve oversight while preserving each agency’s statutory responsibilities.
According to the Presidency, the framework is intended to address longstanding regulatory fragmentation that has allowed fraudulent operators to exploit gaps in the system, exposing Nigerians to financial losses, money laundering, terrorism financing, cyber threats and revenue leakages.
The Order provides that the responsibility for registration will depend on the nature of the virtual asset or service involved.
According to the Presidency, the framework is intended to address longstanding regulatory fragmentation that has allowed fraudulent operators to exploit gaps in the system, exposing Nigerians to financial losses, money laundering, terrorism financing, cyber threats and revenue leakages.
The Order provides that the responsibility for registration will depend on the nature of the virtual asset or service involved.
The SEC will regulate activities classified as securities, while the CBN will oversee payment, settlement, custody and other non-security virtual asset services. Any jurisdictional disputes will be resolved by the Council.
As part of the reforms, the CBN is set to launch a regulatory sandbox that will allow eligible firms to test blockchain-based products and virtual asset services under regulatory supervision before they are introduced into the wider market.
The Nigerian Revenue Service will also unveil a dedicated tax policy for the virtual assets industry to clarify tax obligations, encourage voluntary compliance and ensure the growing sector contributes appropriately to national revenue.
The Presidency further disclosed that the Federal Government is preparing a comprehensive Virtual Assets White Paper to provide a long-term policy roadmap for the industry.
To ensure swift implementation, President Tinubu directed the newly established Council to produce a harmonised implementation framework within 30 days, setting the stage for coordinated enforcement of the Executive Order across all participating agencies.
As part of the reforms, the CBN is set to launch a regulatory sandbox that will allow eligible firms to test blockchain-based products and virtual asset services under regulatory supervision before they are introduced into the wider market.
The Nigerian Revenue Service will also unveil a dedicated tax policy for the virtual assets industry to clarify tax obligations, encourage voluntary compliance and ensure the growing sector contributes appropriately to national revenue.
The Presidency further disclosed that the Federal Government is preparing a comprehensive Virtual Assets White Paper to provide a long-term policy roadmap for the industry.
To ensure swift implementation, President Tinubu directed the newly established Council to produce a harmonised implementation framework within 30 days, setting the stage for coordinated enforcement of the Executive Order across all participating agencies.
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