Leadership crisis rocks Nigeria’s blockchain association, SiBAN, all executives expelled

Samson Akintaro

2 months ago

The group advocating for cryptocurrency recognition and regulation, Stakeholders in Blockchain Association of Nigeria (SiBAN) is currently embroiled in a leadership crisis as all executive members of the association have been expelled.

The expulsion of the executives was announced in a notice posted on the Association’s website by another group identified as ‘Board of Trustees’.
In the notice, SiBAN President, Mr. Obinna Iwuno, was accused of misusing his position by making unauthorized decisions.

He was also accused of “insubordination and lack of cooperation” and forming a rival organization using the SiBAN brand.
However, Mr Iwuno in a call with Nairametrics denied all the allegations, saying that the so-called Board of Trustees wanted to hijack the association.

Grounds of expulsion

According to the public notice issued by the Trustees, the President had registered the Association with the Corporate Affairs Commission without consulting any of the relevant governing bodies or stakeholders.

The Board of Trustees also noted that all the Association’s executives were under suspension when the association was registered.

• They claimed that Iwuno, while under suspension as president, had appointed himself as the Chairman of his own Board of Trustees, and Mr. Emeka Ezike, the suspended VP (Media & Publicity) designated as the Secretary of the Board of Trustees.

• Other SiBAN-registered members named as members of the Board of Trustees of this unauthorized association include Rabiu Abdulhameed Jibia (suspended Acting Vice President, Memberships) Dania Oluwaseun Narudeen (aka Seun Dania), and Mela Claude Ake.

• The Board also noted that date of the registration was 17the August 2024, after Mr. Iwuno and the Executive Council had been suspended and a Panel of Inquiry was still sitting.

“This disregard for our dear association, its founders, its past and present leaders, and its members gravely and flagrantly undermines the principles on which SiBAN is founded since 2018. Apparently, the illegal and unauthorized action of Mr Obinna Iwuno and his accomplices was carried out in bad faith,” the Board stated.

• They also noted that by registering the organization under a new structure and appointing his own board, Mr. Iwuno has effectively formed a rival association using the SiBAN brand.

• They described the action as “a condemnable and criminal act that will create confusion and deception among our good members, stakeholders, and the public.”

• The Board added that the action constitutes a direct attempt to undermine the existing leadership and the unity of our community.

“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.

Iwuno’s claims
However, Iwuno, who was elected by members of the Association in 2022 said the so-called Board of Trustees appointed themselves in an attempt to hijack the Association. According to him, most of them are not registered members of the Association.

“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 told Nairametrics.

“So, this thing didn’t start today. It started last year. They were instigating members to impeach me but they saw that 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.

Iwuno said he has already informed his lawyers to seek redress in a court of law as he was duly elected.

At the moment, the board of trustees has revoked his administrative access to the association’s website, and virtual group on WhatsApp, and is currently trying to recover the database of email information of the SiBAN members which includes enthusiasts, professionals, and blockchain companies.

What you should know
SIBAN, founded in 2018, is the only professional body comprising stakeholders in the cryptocurrency space in Nigeria. The association has been at the forefront of the calls for the regulation of crypto in Nigeria to provide recognition for legitimate businesses in the space.

While this call is beginning to yield positive results with the recent approval-in-principle granted to two crypto exchanges, Quidax and Busha by the Securities and Exchange Commission (SEC), the ongoing crisis in the group may be the end of the advocacy if not resolved amicably.

The group advocating for cryptocurrency recognition and regulation, Stakeholders in Blockchain Association of Nigeria (SiBAN) is currently embroiled in a leadership crisis as all executive members of the association have been expelled.

The expulsion of the executives was announced in a notice posted on the Association’s website by another group identified as ‘Board of Trustees’. In the notice, SiBAN President, Mr. Obinna Iwuno, was accused of misusing his position by making unauthorized decisions.

He was also accused of “insubordination and lack of cooperation” and forming a rival organization using the SiBAN brand. However, Mr Iwuno in a call with Nairametrics denied all the allegations, saying that the so-called Board of Trustees wanted to hijack the association.

Grounds of expulsion

According to the public notice issued by the Trustees, the President had registered the Association with the Corporate Affairs Commission without consulting any of the relevant governing bodies or stakeholders.

The Board of Trustees also noted that all the Association’s executives were under suspension when the association was registered.

• They claimed that Iwuno, while under suspension as president, had appointed himself as the Chairman of his own Board of Trustees, and Mr. Emeka Ezike, the suspended VP (Media & Publicity) designated as the Secretary of the Board of Trustees.

• Other SiBAN-registered members named as members of the Board of Trustees of this unauthorized association include Rabiu Abdulhameed Jibia (suspended Acting Vice President, Memberships) Dania Oluwaseun Narudeen (aka Seun Dania), and Mela Claude Ake.

• The Board also noted that date of the registration was 17the August 2024, after Mr. Iwuno and the Executive Council had been suspended and a Panel of Inquiry was still sitting.

• They also noted that by registering the organization under a new structure and appointing his own board, Mr. Iwuno has effectively formed a rival association using the SiBAN brand.

• They described the action as “a condemnable and criminal act that will create confusion and deception among our good members, stakeholders, and the public.”

• The Board added that the action constitutes a direct attempt to undermine the existing leadership and the unity of our community.

Iwuno’s claims However, Iwuno, who was elected by members of the Association in 2022 said the so-called Board of Trustees appointed themselves in an attempt to hijack the Association. According to him, most of them are not registered members of the Association.

“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 told Nairametrics.

“So, this thing didn’t start today. It started last year. They were instigating members to impeach me but they saw that 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.

Iwuno said he has already informed his lawyers to seek redress in a court of law as he was duly elected.

At the moment, the board of trustees has revoked his administrative access to the association’s website, and virtual group on WhatsApp, and is currently trying to recover the database of email information of the SiBAN members which includes enthusiasts, professionals, and blockchain companies.

What you should know SIBAN, founded in 2018, is the only professional body comprising stakeholders in the cryptocurrency space in Nigeria. The association has been at the forefront of the calls for the regulation of crypto in Nigeria to provide recognition for legitimate businesses in the space.

While this call is beginning to yield positive results with the recent approval-in-principle granted to two crypto exchanges, Quidax and Busha by the Securities and Exchange Commission (SEC), the ongoing crisis in the group may be the end of the advocacy if not resolved amicably.

The expulsion of the executives was announced in a notice posted on the Association’s website by another group identified as ‘Board of Trustees’.
In the notice, SiBAN President, Mr. Obinna Iwuno, was accused of misusing his position by making unauthorized decisions.

He was also accused of “insubordination and lack of cooperation” and forming a rival organization using the SiBAN brand.
However, Mr Iwuno in a call with Nairametrics denied all the allegations, saying that the so-called Board of Trustees wanted to hijack the association.

Iwuno’s claims
However, Iwuno, who was elected by members of the Association in 2022 said the so-called Board of Trustees appointed themselves in an attempt to hijack the Association. According to him, most of them are not registered members of the Association.

What you should know
SIBAN, founded in 2018, is the only professional body comprising stakeholders in the cryptocurrency space in Nigeria. The association has been at the forefront of the calls for the regulation of crypto in Nigeria to provide recognition for legitimate businesses in the space.