Tinubu Signs Executive Order to Streamline Regulation of Virtual Assets

Tinubu Signs Executive Order to Streamline Regulation of Virtual Assets
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Tinubu Signs Executive Order to Streamline Regulation of Virtual Assets

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 and strengthen cooperation among key financial and security agencies.

The Executive Order, which takes immediate effect, is aimed at protecting Nigerians from fraud, closing regulatory gaps, safeguarding the integrity of the financial system and promoting responsible innovation in the country’s digital economy.

According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Order was signed pursuant to Section 5 of the 1999 Constitution (as amended).

The Presidency said the move was necessitated by the rapid growth of virtual assets, which increasingly cut across traditional regulatory boundaries involving currencies, commodities, securities and payment systems.

It noted that fragmented regulation and limited coordination among government agencies had exposed Nigeria to risks including money laundering, terrorism financing, cybersecurity and data privacy threats, fraud and revenue losses, while allowing unregistered operators to exploit unsuspecting Nigerians.

To address these challenges, the Executive Order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

The Council will provide policy direction, promote inter-agency collaboration and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework that aligns the virtual assets sector with Nigeria’s economic, security and social objectives.

The Order also creates a Virtual Asset Office, which will serve as the operational arm of the Council. The office, with its secretariat domiciled 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 create a new regulator or alter the statutory mandates of existing agencies. Instead, it provides a coordinated framework that enables regulators to work together while retaining their respective powers.

Under the arrangement, registration of operators will be determined by the nature of the activity involved. Virtual assets classified as securities will be regulated by the SEC, while payment, settlement, custody and other non-security virtual asset services will fall under the oversight of the CBN. The Council will determine regulatory responsibility where jurisdiction is unclear.

As part of the implementation, the CBN will establish a regulatory sandbox to allow eligible operators to test virtual asset products, blockchain-based solutions and related services in a controlled environment before they are introduced into the wider market.

According to the Presidency, the sandbox will enable regulators to assess the implications of new technologies on monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion and revenue administration.

The CBN is expected to announce further details of the initiative.

The Nigeria Revenue Service will also release a tax policy for the virtual assets sector to provide clarity on the application of Nigeria’s tax laws, improve voluntary compliance and ensure the industry contributes to national revenue.

In addition, the Federal Government is finalising a comprehensive Virtual Assets White Paper, which will outline the country’s long-term policy direction and implementation priorities for the sector.

The Presidency said the newly established Council has been directed to develop a Harmonised Implementation Framework within 30 days to facilitate the speedy implementation of the Executive Order.

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Customs Unveils 3,852 Successful Recruits, Adopts Annual Employment Exercise The Nigeria Customs Service (NCS) has announced the release of the final list of 3,852 successful candidates for its 2024/2025 recruitment exercise and unveiled plans to institutionalise annual recruitment to ensure continuous manpower renewal. Speaking at a press briefing, the Comptroller-General of Customs, Bashir Adewale Adeniyi, said the successful applicants were selected across three entry cadres, with 1,275 recruited into the Superintendent Cadre, 367 into the Inspectorate Cadre, and 2,210 into the Customs Assistant Cadre. Adeniyi said the publication of the final list marks the successful conclusion of the recruitment exercise, which commenced in December 2024. He apologised for the delay in completing the exercise, attributing it to the unprecedented number of applications received and the Service’s determination to conduct a transparent, credible and merit-driven recruitment process. According to the Customs boss, the Service received 573,680 applications for just 3,852 available positions, making the exercise one of the most competitive in the agency’s history. He explained that all applications underwent rigorous screening procedures, including computer-based examinations, verification of credentials against the National Identity database, and additional checks where inconsistencies were detected. He noted that candidates who made the final list would still undergo physical and medical examinations before receiving final approval from the Nigeria Customs Service Board. Adeniyi disclosed that the overall success rate was 0.67 per cent, meaning only one out of every 148 applicants secured a place in the exercise. Breaking down the figures, he said the Superintendent Cadre attracted 276,995 applications for 1,275 vacancies, representing one successful applicant out of every 217 candidates. The Inspectorate Cadre recorded 128,604 applications for 367 positions, making it the most competitive category with one successful candidate for every 350 applicants, while the Customs Assistant Cadre received 168,081 applications for 2,210 vacancies, translating to one successful applicant for every 76 candidates. He encouraged unsuccessful applicants not to be discouraged, stressing that many met the required qualifications but could not be accommodated because of the limited vacancies and intense competition. The Comptroller-General said the recruitment reflected the Federal Character principle, with all 36 states and the Federal Capital Territory represented. Each state was allocated 105 slots, comprising 35 positions in the Superintendent Cadre, 10 in the Inspectorate Cadre and 60 in the Customs Assistant Cadre, while the FCT received 72 slots under the approved allocation formula. On gender representation, Adeniyi revealed that women accounted for 839 successful candidates, representing 21.8 per cent of the total intake, slightly higher than their 21.2 per cent share of the total applications received. He added that female applicants recorded a marginally higher success rate than their male counterparts, particularly in the Inspectorate and Customs Assistant cadres, reaffirming the Service’s commitment to encouraging greater female participation in future recruitment, especially in operational and enforcement roles. According to him, the exercise also produced a youthful workforce, with a median age of 26 years and nearly three-quarters of the successful candidates below the age of 30. He said the youthful intake would strengthen the Service’s capacity to embrace modern customs administration driven by technology, data analytics and automated risk management. Adeniyi further announced that the Nigeria Customs Service would now conduct recruitment exercises annually instead of waiting several years between recruitment cycles. He disclosed that the 2026 recruitment exercise would commence later this year, expressing confidence that future recruitment would be completed within a single calendar year, from advertisement to the publication of the final list. According to him, the digital systems, screening architecture and verification processes developed during the current exercise would significantly shorten future recruitment timelines. He explained that the annual recruitment policy would enable the Service to plan its workforce more effectively, promptly replace retiring personnel and provide qualified Nigerians with predictable employment opportunities. The Comptroller-General advised successful candidates to rely only on official Nigeria Customs Service communication channels for further instructions, reiterating that recruitment into the Service remains completely free. He urged members of the public to report anyone demanding money in exchange for employment, describing such individuals as fraudsters. Congratulating the successful candidates, Adeniyi reminded them that they earned their positions through a rigorous and highly competitive process and urged them to uphold the professionalism, discipline and integrity expected of officers of the Nigeria Customs Service. He also assured unsuccessful applicants that another opportunity would be available later this year under the newly introduced annual recruitment programme.

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