Tinubu Signs Executive Order To Harmonise Nigeria’s Virtual Asset Regulation, Tackle Fraud

Tinubu Signs Executive Order To Harmonise Nigeria’s Virtual Asset Regulation, Tackle Fraud President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, aimed at creating a more coordinated regulatory framework for Nigeria’s growing virtual asset sector and protecting citizens from fraud. The Executive Order, which takes effect immediately, is designed to strengthen cooperation among financial, revenue and capital market agencies while promoting responsible innovation in Nigeria’s digital economy. The Presidency said the move addresses challenges caused by fragmented oversight of virtual assets, where overlapping responsibilities and regulatory gaps have exposed the country to risks including fraud, money laundering, terrorism financing, cybersecurity threats and revenue losses. Under the new framework, a Virtual Asset Council will be established to provide policy direction and improve collaboration among key government institutions. The council will be chaired by the Central Bank of Nigeria CBN, with the Nigeria Revenue Service NRS and Securities and Exchange Commission SEC serving as vice-chairs, alongside other relevant agencies. The order also creates a Virtual Asset Office, with its secretariat domiciled at the CBN, to coordinate information sharing, reporting and supervisory activities among participating regulators. The Presidency stressed that the directive does not create a new regulator or remove the statutory responsibilities of existing agencies. Instead, it is intended to harmonise their activities and close gaps that have been exploited by fraudulent operators targeting unsuspecting Nigerians. Officials said the new framework will help improve consumer protection, strengthen financial system integrity and provide clearer rules for businesses operating within the virtual asset space. The development comes as Nigeria continues efforts to balance the rapid growth of digital assets with the need to prevent financial crimes and protect investors.