SiBAN refutes expulsion claims, reaffirms commitment to blockchain regulation

   The Stakeholders in Blockchain Technology Association of Nigeria has reaffirmed the stability of their leadership while underscoring their commitment to strengthening regulatory oversight within the blockchain ecosystem. This was stated in a press release issued by SiBAN on Sunday. SiBAN also denied reports claiming that its President, Obinna Iwuno, had been expelled, describing the allegations as baseless and misleading. The clarification was issued in response to accusations made by the Blockchain Industry Coordinating Committee of Nigeria, which alleged that Iwuno had been suspended from his position as SiBAN President. BICCoN accused Iwuno and his associates of unethical behaviour, including the unauthorised incorporation of “The Registered Trustees of SiBAN”, an entity BICCoN described as an impostor organisation of SiBAN. BICCoN is composed of three major blockchain bodies in Nigeria—Blockchain Nigeria User Group, Cryptography Development Initiative of Nigeria, and SiBAN. The committee was formed on 13 January 2021 during a stakeholder engagement aimed at addressing the growing problem of crypto scams in Nigeria. BICCoN, which considers SiBAN a key member of its organisation, stated: “We stand in strong opposition to the recent unethical actions attributed to Mr Obinna Iwuno and his accomplices.” In its rebuttal, SiBAN denied these allegations, asserting that no suspension had taken place. The association described the claims as the work of a “faceless group” attempting to disrupt the organisation’s efforts to regulate and promote transparency within the blockchain industry. “There is no crisis within SiBAN. Our President, the Executive Council, and the Board of Trustees continue to manage the association smoothly while engaging with key stakeholders in the digital currency ecosystem,” part of the statement read. SiBAN further accused the group behind the expulsion claims of trying to establish an illegitimate administration that could enable fraudulent activities within the industry. The association underscored its commitment to addressing widespread scams, unlicensed operations, and other issues that have negatively affected Nigeria’s blockchain space. “These actions are not only a distraction but also an attempt to resist the reforms we are undertaking to dismantle fraudulent practices, such as the creation of unregulated crypto hedge funds and meme coins, which have cost Nigerians millions,” SiBAN noted. The association vowed to continue working on initiatives that promote transparency, regulatory compliance, and the development of a secure blockchain environment for businesses and investors. SiBAN also urged the public to be cautious when engaging with the group spreading these false claims, warning that interacting with them could pose significant risks. It called on those with legitimate concerns to seek redress through the proper legal channels.