The group advocating for cryptocurrency recognition and regulation, Stakeholders in Blockchain Association of Nigeria (SiBAN) has blamed some individuals believed to be creators of meme coins and other fraudulent crypto schemes for the recent upheaval within the Association.
The President of the Association, Obinna Iwuno, and a member of the Association’s Trustees, Barr. Mela Claude Ake stated this in a statement released on Monday.
The statement was against the backdrop of the recent announcement by a group that the executive of the Association had been dissolved.
SiBAN described the group as ‘faceless’ adding that the announcement was a “mere distraction and counterproductive to the group and sustainability of the digital currency space in Nigeria.
“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 meme coins, operating unregistered, unlicensed, and unregulated crypto hedge funds, and others where Nigerians have lost millions of Naira unchecked,” the statement read in part.
Shadow administration
The Association also accused the unnamed group of attempting to create a shadow administration within the organization, aimed at facilitating fraudulent activities.
- It condemned this alleged effort, stressing that no legitimate organization could function in such a manner under Nigerian law.
- Waving off the issue, SiBAN said there was no crisis in the Association, adding that it would continue to address fraudulent activities within the blockchain industry, strengthening regulatory frameworks, and promoting transparency to build a secure environment for investors and businesses.
Backstory
Last month, a group identified as the ‘Board of Trustees’ of the Association issued a public notice that the SiBAN President and all executive members of the association had been expelled.
- The President 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, 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 a 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.
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.
- Through their advocacy, the government is beginning to pay attention to the crypto space, a development which culminated in the recent approval-in-principle granted to two crypto exchanges, Quidax and Busha by the Securities and Exchange Commission (SEC).
