SiBAN (Stakeholders in Blockchain Association of Nigeria), the group leading the advocacy for the adoption of cryptocurrencies in Nigeria, is currently entangled in a leadership crisis as all executive members of the association have been expelled. A group called the “Board of Trustees” announced this expulsion on the association’s website.
Why were the executives expelled?
SiBAN’s president, Mr. Iwuno Obinna was accused of misusing his position by making unauthorized decisions. The ‘Trustees’ claimed he formed a rival association using the SiBAN name, registered it with the Corporate Affairs Commission (CAC) without consulting anyone, and despite being under suspension, appointed himself as the chairman of a new Board of Trustees along with other suspended executives.
The ‘Trustees’ described his actions as illegal and harmful, stating that it would confuse members and the public since he was creating a rival organization under the SiBAN brand.
“Given these criminal, grave, and condemnable violations, all individuals listed as trustees of this newly formed association purportedly holding out itself as ‘SiBAN’ are hereby expelled from our dear association with immediate effect.
“Consequently, all our members, affiliates, partners, government agencies, including CBN, NITDA, CAC, NFIU, SEC, the media, other associations and bodies, blockchain organizations, and members of the general public are hereby put on notice to beware of this development and avoid having any dealings whatsoever with the fraudulently registered association known as the ‘Registered Trustees of SiBAN,’” the Board of Trustees stated.
Mr Iwuno Responds to the Allegations
In a call with a Nairametrics, Mr. Iwuno denied all the accusations levelled against him, claiming that the so-called “Board of Trustees” was trying to hijack the association. He noted that many of the trustees had never officially registered under the organization and had never paid any dues. He affirmed that they had been trying to impeach him for a while but remained unsuccessful.
He further explained that the crisis began last year, and although he had been trying to carry them along, tensions had escalated.
“They are in SiBAN by virtue of being part of the WhatsApp group from the beginning. Then, when SiBAN changed into registered membership, where we now pay dues to become members, they never paid a due till date. So their name is not on the SiBAN database,” Iwuno said.
“So, this thing didn’t start today. It started last year. They were instigating members to impeach me, but they saw that could not work as some people resisted it.
“It has been a hostile relationship between me and them, and I’ve tried my best to carry them along,” he added.
He stated that the trustees had taken over the WhatsApp group and the website and were attempting to gain access to the association’s database.
The latest development
Mr. Iwuno has hired lawyers and is planning to sue the “Board of Trustees” on the grounds that he was duly elected as president. On the other hand, the ‘Trustees’ have warned the public, including government agencies and media outlets, to refrain from having any dealings with the association created by Mr. Iwuno.
Why is this important
SiBAN, founded in 2018, is a leading professional body for cryptocurrency stakeholders. The association has been at the forefront of advocating for regulatory approval for crypto companies and enterprises. Recent progress includes the notable Approval-in-Principle granted to Quidax and Busha Digital Limited.
The role that SiBAN plays in Nigeria’s crypto space is at risk if the leadership crisis is not resolved.
