New framework targets fraud, money laundering, and tax compliance as Nigeria moves to strengthen oversight of its growing digital economy.
President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, creating a new inter-agency framework to regulate virtual assets and enhance oversight of Nigeria’s expanding digital economy.
The Executive Order, which takes immediate effect, establishes a Virtual Asset Council to coordinate the activities of key financial, security, and regulatory agencies, with a focus on combating fraud, money laundering, terrorism financing, and improving revenue collection while promoting responsible innovation.
According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the move was necessitated by growing regulatory fragmentation in the virtual assets sector.
The Presidency noted that the absence of coordinated oversight had allowed fraudulent and unregistered operators to exploit regulatory gaps, exposing Nigerians to financial losses, cybersecurity threats, and data privacy risks.
Under the new framework, the Central Bank of Nigeria (CBN) will chair the Virtual Asset Council, 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 provide policy direction, foster collaboration among participating agencies, and work with the Office of the Attorney-General of the Federation to develop a harmonised legal framework for the sector.
The Executive Order also establishes a Virtual Asset Office, which will serve as the operational arm of the Council, with its secretariat domiciled at the CBN.
The Presidency clarified that the Order does not create a new regulator or diminish the statutory powers of existing agencies. Instead, regulatory oversight will continue to depend on the nature of the asset or activity involved.
Virtual assets classified as securities will remain under the SEC’s jurisdiction, while payment, settlement, custody, and other non-security virtual asset services will continue to be regulated by the CBN.
As part of the initiative, the CBN will introduce a regulatory sandbox that will allow operators to test blockchain technologies and virtual asset products under regulatory supervision before full market deployment.
Meanwhile, the Nigeria Revenue Service is expected to unveil a dedicated tax policy for the industry to improve compliance and ensure that the sector contributes to government revenue.
The Federal Government also disclosed that work is nearing completion on a comprehensive Virtual Assets White Paper that will define Nigeria’s long-term policy direction for the sector.
President Tinubu has directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days to facilitate the immediate execution of the Executive Order.