The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has reaffirmed its leadership stability and commitment to enhancing regulatory oversight within the blockchain ecosystem.
This statement was made in a press release on Sunday, addressing recent allegations regarding the status of its President, Obinna Iwuno.
SiBAN refuted claims of Iwuno’s expulsion, labeling them as baseless and misleading. These allegations originated from the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), which accused Iwuno and his associates of unethical practices, including the unauthorized incorporation of a group they termed “The Registered Trustees of SiBAN,” which they described as an impostor organization.
BICCoN, formed on January 13, 2021, comprises three major blockchain organizations in Nigeria: the Blockchain Nigeria User Group, the Cryptography Development Initiative of Nigeria, and SiBAN. It expressed strong opposition to the actions attributed to Iwuno and his team.
In its response, SiBAN emphasized that there is no internal crisis and that Iwuno, along with the Executive Council and the Board of Trustees, is effectively managing the organization. They accused the group behind the expulsion claims of attempting to undermine their regulatory efforts and establish an illegitimate administration that could facilitate fraudulent activities.
SiBAN reiterated its commitment to combating prevalent scams and unlicensed operations that have harmed Nigeria’s blockchain landscape. The association aims to promote transparency, regulatory compliance, and a secure environment for businesses and investors while addressing issues like unregulated crypto hedge funds and meme coins, which have reportedly cost Nigerians millions.
