The Stakeholders in Blockchain Association of Nigeria (SiBAN), a prominent advocacy group for cryptocurrency recognition and regulation, has been plunged into a deep leadership crisis. The crisis has led to the expulsion of all executive members, including President Obinna Iwuno, by a group identifying itself as the ‘Board of Trustees’. This dramatic turn of events has raised concerns about the future of SiBAN’s mission to promote the growth of the blockchain and digital asset industry in Nigeria.
Background of the Crisis
The crisis began when President Iwuno registered the association with the Corporate Affairs Commission (CAC) without consulting the relevant governing bodies or stakeholders. This move was deemed unauthorized and a blatant disregard for the association’s principles. The Board of Trustees alleged that Iwuno, along with other executive members, was under suspension when the registration took place, further complicating the situation.
Allegations Against Iwuno
The Board of Trustees leveled several allegations against Iwuno, including:
1. Misuse of position: Iwuno allegedly made unauthorized decisions, undermining the association’s governance structure.
2. Insubordination: Iwuno reportedly failed to cooperate with the Board of Trustees, leading to a breakdown in communication.
3. Formation of a rival organization: Iwuno was accused of registering a new association using the SiBAN brand, creating confusion among members and the public.
Iwuno’s Response
In a call with Nairametrics, Iwuno vehemently denied the allegations, claiming the Board of Trustees was attempting to hijack the association. He stated that most board members were not registered SiBAN members and had been trying to impeach him since last year. Iwuno emphasized that he was duly elected by the association’s members in 2022 and would seek redress through legal channels.
Implications of the Crisis
The ongoing leadership crisis threatens to undermine SiBAN’s mission and advocacy efforts. Founded in 2018, SiBAN has been at the forefront of promoting cryptocurrency regulation in Nigeria. The association has made significant strides, including commending the Securities and Exchange Commission (SEC) for granting approval-in-principle to two crypto exchanges, Quidax and Busha.
Key Issues
1. Leadership Crisis: Expulsion of executive members, including President Obinna Iwuno
2. Registration Controversy: Unauthorized registration with Corporate Affairs Commission
3. Power Struggle: Accusations of hijacking and attempts to undermine existing leadership
4. Impact on Advocacy: Potential harm to SiBAN’s mission and cryptocurrency regulation efforts in Nigeria
Next Steps
To resolve the crisis, the following steps should be taken:
1. Internal Negotiations: Stakeholders should engage in constructive dialogue to resolve conflicting interests.
2. Legal Action: Iwuno has already indicated his intention to seek redress through the courts.
3. Clarification on Registration: The registration issue should be clarified, and its implications addressed.
4. Reconciliation: Conflicting parties should work towards reconciliation to maintain SiBAN’s advocacy momentum.
The Stakeholders in Blockchain Association of Nigeria must navigate this challenging period to ensure the continued growth and development of the blockchain and digital asset industry in Nigeria.
