Following the signing of the Presidential Executive Order on Virtual Assets Coordination, 2026, by President Bola Ahmed Tinubu on Friday, Zurray Integrated Services Ltd has assessed what the Order means beyond its headline announcement, describing the intervention as a potentially significant attempt to resolve years of regulatory fragmentation in Nigeria’s virtual asset ecosystem and urging transparent, proportionate and disciplined implementation.
In a policy intelligence assessment conducted by the company’s Policy Monitoring, Policy Intelligence and Public Sector Decision Innovation Desk, released in Abuja on Friday, by the organization’s lead Consultant, Oyigu Onuche Elijah who maintained that assessment was wholly conducted using policy intelligence parameters in line with global standards.
The organisation stated that the Executive Order should be understood primarily as an act of institutional consolidation and regulatory coordination, rather than the creation of a new regulatory regime.
Zurray Integrated Services Ltd is a policy intelligence and strategic research company focused on helping governments, public institutions, businesses and development stakeholders understand complex policy environments, anticipate institutional shifts and make better-informed decisions. The company provides Policy Monitoring, Policy Intelligence and Public Sector Decision Innovation services, with a strong emphasis on evidence-led analysis and practical decision support.
Its broader corporate focus includes strategic research and capacity development in public policy, governance, institutional reform, regulatory systems and leadership. Through its work, Zurray seeks to strengthen institutional coordination, improve the quality of public-sector decisions and support the development of more effective and future-ready systems.
According to Mr. Oyigu, the significance of the Order lies in its attempt to address the regulatory uncertainty that previously existed between the Central Bank of Nigeria and the Securities and Exchange Commission, particularly during the period when banking restrictions and capital market licensing operated without sufficient institutional alignment.
“Our assessment is that the Order responds to a real institutional problem. Nigeria’s virtual asset ecosystem has, for years, operated within a fragmented regulatory environment. The immediate opportunity before the Government is to convert coordination on paper into a predictable, fair and proportionate operating environment in practice,” Oyigu Onuche Elijah stated.
The Order brings together the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigeria Revenue Service, the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser under a coordinated Virtual Asset Council.
Zurray Integrated Services Ltd noted that the Order does not create a new tax or introduce a new tax rate for citizens. Rather, it directs the Nigeria Revenue Service to provide greater clarity on the application of existing tax laws to virtual assets.
Mr Oyigu stressed, however, that improved inter-agency information sharing and the proposed integrated supervisory technology architecture could make previously underreported transactions more visible to tax administration.
“The distinction between a new tax and stronger administration of an existing obligation is important. The Order does not, in itself, impose a new levy. However, citizens and businesses should expect greater traceability and improved enforcement as regulatory coordination improves,” he said.
Zurray Integrated Services Ltd also welcomed the proposed Central Bank regulatory sandbox, describing it as a potentially important instrument for supporting Nigerian blockchain and virtual asset innovation.
The company urged the relevant authorities to ensure that sandbox access is genuinely available to early-stage Nigerian innovators and not restricted in practice to large, well-capitalised operators.
According to Mr Oyigu, the thirty-day deadline for the production of a Harmonised Implementation Framework represents one of the most important tests of the new coordination model.
“The Harmonised Implementation Framework will be the first major test of the Executive Order. It must not become another layer of policy documentation. It should reconcile existing regulatory instruments, clearly define institutional responsibilities, establish a transparent mechanism for resolving classification disputes and provide plain-language guidance for operators and citizens,” he stated.
The company’s policy assessment further identified public enlightenment and consumer protection as critical components of the Order’s implementation.
Organization called for sustained public education on virtual asset fraud, particularly among citizens and small investors who may be vulnerable to unregistered operators and fraudulent investment schemes.
The company said the inclusion of the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser appropriately recognises money laundering, terrorism financing and cybersecurity risks as central elements of virtual asset governance. It, however, urged that security oversight be implemented in a manner that targets genuine illicit finance risks without unnecessarily discouraging lawful innovation.
Drawing lessons from South Africa, Kenya, the European Union and the United Kingdom, Mr Oyigu observed that regulatory coordination must be matched by clarity, proportionality and enforcement discipline.
“International experience demonstrates that coordination can strengthen financial confidence and market credibility. However, excessive compliance costs and unclear institutional boundaries can disadvantage smaller firms and limit innovation. Nigeria must learn from both sides of that experience,” he said.
Zurray Integrated Services Ltd therefore recommends that the Federal Government:
Publish the Harmonised Implementation Framework within the stipulated thirty-day timeline;
Provide clear and accessible guidance for citizens, investors and businesses;
Ensure that regulatory sandbox criteria are accessible to early-stage Nigerian firms;
Align the forthcoming tax policy with existing tax provisions to prevent ambiguity and possible double taxation;
Establish a clear mechanism for resolving classification disputes between the Central Bank of Nigeria and the Securities and Exchange Commission;
Invest in sustained public education on virtual asset fraud and consumer protection; and Monitor compliance costs to ensure that regulation remains proportionate to the size and capacity of market participants.
The Lead Consultant , said the Executive Order presents Nigeria with an opportunity to move from regulatory fragmentation to coordinated, intelligence-led and development-oriented virtual asset governance.
“The success of this policy will not ultimately be measured by the signing of the Order, but by the quality of its implementation. Nigeria needs a virtual asset framework that protects citizens, strengthens financial integrity, gives businesses regulatory certainty and preserves room for responsible innovation,” he concluded.
A virtual asset is a digital item or token that has value and can be owned, stored, transferred or traded electronically, including cryptocurrencies such as Bitcoin, digital tokens and certain blockchain-based assets.
– Oyigu Onuche Elijah
The Lead Consultant
