SiBAN: Some ‘Founding’ Members Suspended

The leadership crisis rocking the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), took a new dimension today as some of the supposed founding members were suspended.

In a statement on Monday evening, signed by Obinna Iwuno, president, Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) and Mela Claude Ake, member, SiBAN Board of Trustees, SiBAN, the suspension of the members was “following thorough investigations and reviews, several individuals have been found to be in violation of SiBAN’s Code of Conduct, which every registered member is bound to uphold”.

Obinna Iwuno, SiBAN president

“As part of our mandate, we strive to ensure that our members adhere to the highest ethical and professional standards, particularly in protecting consumers and investors within the blockchain and cryptocurrency space.

“Consequently, these individuals have been expelled from SiBAN, while others have been disassociated due to their unregistered status and unauthorised activities that contravene the association’s objectives and policies.

Basis for Expulsion and Disassociation

According to Iwuno and Ake, “SiBAN’s decision to expel and disassociate ourself from these individuals stems from various documented activities that have undermined the association’s credibility, caused confusion among stakeholders, and misled the public.

These actions are detailed as follows:

1. Creation of a Parallel Organisation: Some of the individuals involved have attempted to create or promote a parallel organisation purporting to represent SiBAN’s interests. This has led to confusion within the blockchain community, as well as with regulators, investors, and the public.
2. Misrepresentation of SiBAN: It has come to our attention that certain expelled and disassociated individuals have falsely represented themselves as officials or representatives of SiBAN without proper authorisation.
3. Illegal Parading as SiBAN Officials: In addition to unauthorised misrepresentation, some individuals have taken further steps to parade themselves as elected officials of SiBAN, even though they hold no such positions within the association.
4. Violation of SiBAN’s Code of Conduct: SiBAN has a strict Code of Conduct that requires members to comply with ethical standards and regulatory frameworks, including those set by the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), and other government bodies overseeing financial and technological industries. 

“As a result of these infractions, the following individuals have been expelled from SiBAN, or in cases where they were never registered members, we disassociate ourself from them:

• Emmanuel Babalola
• Chris Ani
• Senator Ihenyen
• Tony Emeka Nwabishop 
• Paul Ezeafulukwe
• Toritseju Kaka
• Jude Ozinegbe
• Stanley Golomo 
• Asemota Igiogbe 
• Ifeoma Ben 
• Iliasu Yakubu 
• Others involved in similar activities

“It is important to clarify that while these individuals were either registered members of the association at one time or associated with SiBAN, their actions are not representative of the association’s values or goals.

Call for Public and Stakeholder Caution

“Given the situation, SiBAN strongly advises all members of the public, businesses, and regulatory bodies, including the Securities and Exchange Commission (SEC), National Information Technology Development Agency (NITDA), Nigeria Financial Intelligence Unit (NFIU), Central Bank of Nigeria (CBN), and other relevant government agencies, to refrain from engaging in any dealings with the aforementioned individuals on behalf of SiBAN.

“These individuals are not authorised to represent SiBAN in any capacity, and any claims to the contrary are false and misleading. Any dealings with them under the impression that they are acting on behalf of SiBAN should be considered illegal and should be reported to the association”.

Historically, Senator Iheyen was the first president of SiBAN. Prior to his election, SiBAN was led at one point in time by Chris Ani, Tony Emeka and Paul Ezeafulukwe as chairmen, who were regarded as among the founding members.

However, the statement by Iwuno and Ake notes that SiBAN remains unwavering in its commitment to ensuring that the blockchain industry in Nigeria operates transparently, ethically, and in full compliance with national regulations.

“As the leading association for blockchain stakeholders in Nigeria, we will continue to uphold the highest standards in all our activities, including the enforcement of our Code of Conduct and the promotion of safe and fair practices in the industry.

Actions Moving Forward

“We encourage stakeholders, both in Nigeria and internationally, to engage with SiBAN directly through our official communication channels for any inquiries, confirmations, or reports of misrepresentation.

“SiBAN will remain vigilant in addressing any further attempts to mislead the public or operate outside of our established ethical framework”, the statement reads.

Efforts to reach Senator Iheyen for comments, at the time of filling this report, proved abortive.

However, in a phone interview with Techeconomy, Mr. Jude Ozinegbe, likened the purported suspension to the last kick of a dying horse.

He said that the SiBAN’s leadership crisis was preventable, however, the founding members are working towards rescuing the situation.