Business
President Tinubu signs executive order on virtual assets
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, marking a significant step in Nigeria’s efforts to regulate the rapidly growing virtual assets industry while promoting innovation in the digital economy.
The Executive Order, which took immediate effect upon signing, is designed to harmonise the regulation of virtual assets, improve coordination among government agencies, protect investors from fraud, and strengthen the integrity of Nigeria’s financial system.
According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the new policy responds to the increasingly complex nature of virtual assets, which now cut across traditional categories such as currencies, securities, commodities and digital payment systems. The Presidency noted that fragmented oversight had created regulatory gaps that were being exploited by fraudulent and unregistered operators, exposing Nigerians to financial crimes, cyber threats, money laundering and revenue losses.
A major highlight of the Executive Order is the establishment of a Virtual Asset Council, which will coordinate regulatory oversight across relevant agencies.
The council 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-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The council is expected to provide strategic policy direction, improve inter-agency collaboration, and work with the Office of 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 Executive Order also establishes a Virtual Asset Office, which will function as the operational arm of the council. The office will be headquartered at the Central Bank of Nigeria and will coordinate regulatory reporting, information sharing and licensing processes through an integrated supervisory technology platform.
Government officials explained that the arrangement is intended to improve efficiency without creating another regulator or stripping existing agencies of their statutory responsibilities. Instead, each agency will continue to regulate areas that fall within its legal mandate.
Under the new framework, the Securities and Exchange Commission will continue to regulate virtual assets that qualify as securities, while the Central Bank of Nigeria will oversee payment systems, settlement services, custody operations and other non-security virtual asset activities.
Where jurisdiction overlaps or remains unclear, the newly created Virtual Asset Council will determine the appropriate regulatory authority.
The Presidency said the Executive Order aims to eliminate regulatory loopholes that have enabled illegal operators to exploit unsuspecting Nigerians.
It also seeks to strengthen Nigeria’s ability to combat money laundering, terrorism financing, cybercrime, tax evasion and other financial offences associated with digital assets while encouraging responsible innovation in blockchain technology and financial technology (FinTech).
As part of the implementation plan, the Central Bank is expected to introduce a regulatory sandbox that will allow eligible firms to test blockchain-based products, cryptocurrency services and other virtual asset innovations under regulatory supervision before they are launched commercially. The sandbox will enable regulators to assess potential risks to financial stability, consumer protection and monetary policy while supporting innovation.
The Federal Government also disclosed that the Nigeria Revenue Service will develop a dedicated tax policy for the virtual assets industry to provide clarity on the application of existing tax laws, encourage voluntary compliance and improve government revenue from the expanding digital economy.
In addition, work is said to be at an advanced stage on a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term strategy, implementation priorities and policy roadmap for the sector.
President Tinubu has directed the newly established Virtual Asset Council to produce a Harmonised Implementation Framework within 30 days, ensuring swift execution of the Executive Order and improved coordination among participating agencies.
Industry stakeholders believe the initiative could position Nigeria as one of Africa’s leading destinations for digital finance and blockchain innovation by providing greater regulatory certainty while safeguarding consumers and strengthening confidence in the country’s digital economy.
Business
North African Airline incurs Nigeria’s wrath
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Business
₦10m monthly made from akara and bread business -Umo Eno
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
Business
All share index gains about 0.81% as NGX rebounds
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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