In the wake of recent reports suggesting internal discord within the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), President Obinna Iwuno has unequivocally dismissed these claims. He underlined the association’s commitment to improving regulatory frameworks and enhancing transparency, which he believes are crucial for creating a safer and more reliable environment for both investors and businesses.
In a formal statement released by SiBAN and co-signed by Board of Trustees member Mr. Mela Claude Ake, the leadership addressed the situation directly. They clarified that there is no crisis within SiBAN, highlighting that the President, the Executive Council, and the Board of Trustees are effectively steering the association while actively engaging with various important stakeholders in the ecosystem.
The statement also refuted allegations made by unnamed groups purporting to have expelled the Board of Trustees, including President Iwuno. It branded such claims as misinformed, asserting, “No anonymous group has the authority to expel a legally recognized body.” Additionally, it accused these unidentified factions of attempting to establish a shadow administration that could enable fraudulent activities, with the President merely serving as a figurehead.
The statement continued by addressing the misunderstanding of corporate governance at play, emphasizing that no reputable organization, regardless of size or sector, can operate illegally in Nigeria. It described the actions of these faceless groups as distractions that threaten both SiBAN and the wider digital currency ecosystem. Furthermore, the statement criticized these factions for trying to impede SiBAN’s ongoing reforms, aimed at rooting out fraudulent practices such as the creation and distribution of memecoins and the operation of unregistered crypto hedge funds, which have led to significant financial losses for Nigerians.
