The Nigerian Law Society (NLS) has hosted a high-level delegation from the Ugandan Law Reform Commission (ULRC) in Abuja as part of a benchmarking visit aimed at supporting Uganda’s efforts to develop a legal and regulatory framework for Virtual Assets and Virtual Asset Service Providers (VASPs).
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The visit, held on September 10, 2026, at the NLS National Secretariat, was facilitated by the Nigerian Securities and Exchange Commission (SEC) and combined a courtesy visit with a technical consultation on Nigeria’s evolving virtual asset regulatory environment.
According to a statement signed by the National Publicity Secretary of the Nigerian Law Society, Dr Lilian Uche, the Ugandan delegation also held a technical session with the Founder of the NLS, Chief J-K Gadzama, SAN and Life Bencher, as part of efforts to understand Nigeria’s approach to the registration, licensing and regulation of virtual assets and VASPs.
The Ugandan delegation was led by Mr Rutaremwa Kenneth and included Ms Agnes Kisamba, PHO/ULRC, and Mr Edward T. Mugwanya, Legal Research Officer at the Ugandan Law Reform Commission.
Representatives of the Nigerian SEC at the engagement were Mr Anthony Edet, Head of Protocol; Ms Anwulika Odinwe, Senior Manager; Mr Ekemini Akpan of International Relations; and Mr Udokwere Michael, also of International Relations.
The NLS said the visit was intended to assist the Ugandan Law Reform Commission in developing what it described as a robust and workable virtual assets law by drawing lessons from Nigeria’s experience.
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The Society noted that Nigeria had taken significant legislative and regulatory steps in relation to digital and virtual assets.
According to the statement, virtual assets were not expressly recognised as securities under the repealed Investments and Securities Act 2007, but the Investments and Securities Act 2025, signed into law in March 2025, introduced a different framework.
The NLS said the 2025 Act expressly brought digital assets, virtual assets and tokenised instruments within the definition of securities, thereby giving the SEC statutory powers to regulate, license and enforce compliance within the digital asset space.
The statement further recalled that President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, on July 17, 2026.
According to the NLS, the Executive Order established the Virtual Asset Council as the highest inter-agency policy coordination body for the sector.
The Council, the statement said, is chaired by the Central Bank of Nigeria, with the Securities and Exchange Commission and Nigeria Revenue Service serving as Vice Chairs.
Other members include the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.
The NLS said the Council is mandated to provide strategic policy direction, promote regulatory coordination and information-sharing among relevant agencies, resolve jurisdictional disputes and work with the Attorney-General of the Federation towards developing a harmonised legal and institutional framework for virtual assets in Nigeria.
The Ugandan delegation, led by Kenneth, was said to have explained that Nigeria was selected for the benchmarking exercise because of its economic position and the role played by the Nigerian Law Society in legal development.
The delegation also drew a parallel between the NLS and the Ugandan Law Society, which it said plays a central role in Uganda’s law reform process.
The broader objective, according to the statement, was to help Uganda formulate a functional legal framework for regulating virtual assets and related service providers.
During the technical session, members of the Nigerian Law Society provided guidance on issues surrounding the registration, licensing and regulation of Virtual Asset Service Providers.
The discussions covered consumer protection mechanisms within the Nigerian regulatory framework, the relationship between legal practitioners and the regulatory architecture, as well as strategies for combating money laundering and terrorism financing while safeguarding financial stability.
The NLS also drew the attention of the Ugandan delegation to what it described as possible legislative gaps that Uganda may wish to consider in developing its own framework.
The Society said the engagement reflected its commitment to legal development, regulatory thought leadership and the promotion of the rule of law.
President of the Nigerian Law Society, Chief Mela Audu Nunghe, SAN, described the meeting as evidence of growing legal and regulatory cooperation between Nigeria and Uganda.
He said: “The session is a testament to the growing bonds of legal and regulatory cooperation between our sister nations in East and West Africa.”
Nunghe added: “The Nigerian Law Society is proud to have hosted this delegation, and we remain committed to sharing our expertise and learning from our Ugandan colleagues as we collectively navigate the complexities of virtual asset regulation.”
The Founder of the Nigerian Law Society, Chief J-K Gadzama, SAN and Life Bencher, also commended the delegation for the depth of its engagement during the visit.
“This visit reaffirms the NLS’s place as a key player in Nigeria’s legal and regulatory landscape. The robust technical session is a reflection of our commitment to the rule of law and to fostering international collaboration,” Gadzama said.
The NLS said its members remain actively involved in Nigeria’s developing virtual asset ecosystem by providing legal guidance, compliance advice and policy-related contributions on the registration, licensing and regulation of VASPs.
The Society added that it also used the meeting to highlight areas in Nigeria’s existing legal regime that could provide useful lessons for Uganda as it develops its own virtual asset legislation.
According to the NLS, its engagement in the sector is guided by a commitment to upholding the rule of law, protecting investors and contributing to the development of a transparent, robust and investor-friendly virtual asset market in Nigeria.
The Society said it looked forward to continued exchanges of ideas and experiences between both countries’ institutions and to strengthening legal and regulatory cooperation between Nigeria and Uganda.
The September 10 engagement, it added, represents another step in cross-border collaboration on emerging areas of financial technology regulation, particularly as African countries increasingly confront legal and regulatory questions arising from virtual assets, digital finance and Virtual Asset Service Providers.
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