Nigerian Law Society hosts Ugandan Law Reform Commission on benchmarking visit to Nigeria on the 10th of September 2026

September 10, 2026

The Nigerian Law Society (NLS) today played host to a high-level delegation from the Ugandan Law Reform Commission (ULRC) at its National Secretariat. The visit, facilitated by the Nigerian Securities and Exchange Commission (SEC), marks a significant step in regional cooperation, aimed at assisting Uganda in developing its legal framework for Virtual Assets and Virtual Asset Service Providers (VASPs).
The visit, which was both a courtesy visit to the Nigerian Law Society and a technical session/consultation with the founder of the Nigerian Law Society, Chief J-K Gadzama, SAN, regarding Nigeria’s evolving regulatory landscape for Virtual Assets and Virtual Assets Service Providers (VASPs), in order to help the Ugandan Law Commission to develop a robust Virtual Assets Law. The delegates from Uganda include Rutaremwa Kenneth (Head Of The Ugandan Delegation); ⁠Agnes Kisamba (PHO/ULRC) and⁠ ⁠Edward T. Mugwanya (Legal Research Officer, ULRC), while delegates from SEC are Anthony Edet (Head of Protocol, SEC); Anwulika Odinwe (Senior Manager, SEC) Ekemini Akpan (International Relations, SEC), Udokwere Michael (International Relations, SEC
As many are aware, Nigeria has taken bold and progressive steps in this space. Under the repealed Investments and Securities Act (ISA) 2007, virtual assets were not explicitly recognised as securities. However, the new Investments and Securities Act 2025, signed into law in March 2025, changed this. The ISA 2025 explicitly includes digital assets, virtual assets, and tokenised instruments within the definition of securities. This gives the SEC express statutory powers to regulate, license, and enforce compliance in the digital asset space. Furthermore, on 17th July 2026, President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026.

This Executive Order established the Virtual Asset Council as the highest inter-agency policy coordination body. The Council is chaired by the Central Bank of Nigeria (CBN), with the Securities and Exchange Commission (SEC) and the Nigeria Revenue Service (NRS) serving as Vice Chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). The Council is mandated to provide strategic policy direction, promote regulatory coordination and information sharing, resolve jurisdictional disputes between agencies, and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for virtual assets in Nigeria.
The Ugandan delegation, led by Mr Rutaremwa Kenneth, noted that Nigeria was selected for this benchmarking exercise due to its stable economy and the central role the Nigerian Law Society plays in legal development, a parallel to the Ugandan Law Society’s role in their home country, which is central to their law reform process. Ultimately, this was intended to assist in formulating a workable legal framework for regulating virtual assets in Uganda.
The delegation included:
• Mr. Rutaremwa Kenneth (Head of Delegation)
• Ms. Agnes Kisamba (PHO/ULRC)
• Mr. Edward T. Mugwanya (Legal Research Officer, ULRC)
They were joined by representatives from the Nigerian SEC:
• Mr. Anthony Edet (Head of Protocol)
• Ms. Anwulika Odinwe (Senior Manager)
• Mr. Ekemini Akpan (International Relations)
• Mr. Udokwere Michael (International Relations)
During the technical session, NLS members provided guidance on the intricacies of registering, licensing, and regulating VASPs. The discussions addressed critical concerns raised by the Ugandan delegation, including:
• Consumer protection mechanisms within the Nigerian framework.
• The interaction between legal practitioners and the regulatory architecture.
• Strategies for combating money laundering and terrorism financing while ensuring financial stability.
The NLS also highlighted potential legislative gaps for the Ugandan delegation to consider, reinforcing the NLS’s commitment to thought leadership and the rule of law.
The President of the Nigerian Law Society, Chief Mela Audu Nunghe, SAN, in his remarks, described the session as “a testament to the growing bonds of legal and regulatory cooperation between our sister nations in East and West Africa.” He 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 NLS, Chief J-K. Gadzama, SAN & Life Bencher, also commended the delegation for its thorough engagement. He noted: “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.”
The Nigerian Law Society, as the premier professional association for legal practitioners in Nigeria, remains actively engaged in this ecosystem. Our members provided legal guidance, compliance advice, and thought leadership on the registration, licensing, and regulation of VASPs, while also pointing out gaps in our law for them to watch out for when formulating their own law. We are committed to upholding the rule of law, protecting investors, and contributing to the development of a robust, transparent, and investor-friendly virtual asset market in Nigeria.
We look forward to a continued exchange of ideas and experiences between our institutions and to strengthening the bonds of legal and regulatory cooperation between Nigeria and Uganda.

Dr Lilian Uche
National Publicity Secretary