Nigeria creates virtual asset council as Tinubu signs executive order

Nigeria has moved to tighten oversight of virtual assets after President Bola Tinubu signed an executive order creating a new Virtual Asset Council and a Virtual Asset Office at the Central Bank of Nigeria. The measure takes effect immediately and is designed to close regulatory gaps, improve coordination among agencies, and protect citizens from fraud, money laundering and terrorism financing without creating a new regulator or stripping existing bodies of their authority. The council will be chaired by the CBN, with the Nigeria Revenue Service and the Nigeria Securities and Exchange Commission as vice chairs, while the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser will also serve as members. Registration responsibilities will be split by asset type: financial activities tied to securities will fall under the NSEC, while payments, settlements and custody services for non-security virtual assets will be overseen by the CBN. A new Virtual Asset Office inside the central bank will handle daily operations and information sharing through an integrated technology platform. The CBN also plans a regulatory sandbox for eligible operators to test virtual asset products and blockchain solutions under supervision, while the Nigeria Revenue Service is preparing a sector-specific tax policy to encourage voluntary compliance. The Virtual Asset Council has 30 days to establish a framework to roll out the order, and the government is finalizing a broader Virtual Assets White Paper to set out its long-term strategy.