Blockchain group commits to economic devt

   By Motunrayo Akintunde A group, Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has restated its commitment to partnering with the government to promote economic growth and development in the country. A statement jointly endorsed by its President, Obinna Iwuno and member, Board of Trustees Barr. Mela Claude Ake, said the group will not be distracted by persons or groups trying sow the seed of discord among its members. The statement read: “Our attention has been drawn to some recent publications in the media purportedly suspending/expelling the President of SiBAN. “Ordinarily, we would have ignored those publications, but for the constituted authorities, critical stakeholders in the digital currency space and the general public, we are issuing this statement to set the records straight with the following points. Read Also: Blockchain firm supports Plateau’s digital drive “That SiBAN is an organization duly registered with the Corporate Affairs Commission (CAC) IT-7844224 with constituted Board of Trustees, and a trademark by the Federal Ministry of Trades and Investment. “That there is no crisis in SiBAN as the President, the Executive Council and members of the Board of Trustees are running the association seamlessly meeting various critical stakeholders in the ecosystem. “That the focus of SiBAN as constituted is to address the numerous scams and fraudulent activities that have tarnished the industry’s reputation. Also, strengthening regulatory frameworks and promoting transparency creates a more secure and trustworthy environment for investors and businesses alike. “That the claim by some faceless groups that it has expelled the Board of Trustees, including the President of SiBAN, Obinna Iwuno is a joke taken too far as a faceless group cannot expel a body duly recognized by the law. “That the primary goal of the faceless group is to establish a shadow administration that operates behind the scenes and accommodates fraudulent activities, with the president serving as a mere figurehead. This is a misunderstanding of corporate governance as no successful organizations, regardless of size or industry run illegitimately in Nigeria.” It added that the actions of this faceless group are mere distractions and counterproductive to the group and sustainability of SiBAN and the digital currency space at large. “Also, it is a feeble attempt to kick against the reforms that SiBAN is undertaking to dismantle some of their fraudulent activities like the creation and proliferation of memecoins, operating unregistered, unlicensed and unregulated crypto hedge funds and others where Nigerians have lost millions of Naira unchecked. That the public should be aware of this faceless group and not interact with them as doing so will be at the risk of such individuals or groups. “As an association, we called on those with legitimate concerns to seek legal redress through the appropriate channels. Together, we can harness the potential of blockchain technology to drive economic growth and development in Nigeria,” the group added.