Nigerian Blockchain Group Ousts President, Who Remains Defiant

The Stakeholders in Blockchain Association of Nigeria (SIBAN) expelled its president, Obinna Iwuno, for allegedly registering an illegal body and misusing his position. Iwuno denied these allegations and accused the SIBAN board of trustees of acting unlawfully. Despite the expulsion, Iwuno claimed to remain SIBAN’s president. The SIBAN board warned others to avoid dealing with Iwuno’s fraudulent association.

Former SIBAN President Accused of Misappropriation

One of Nigeria’s influential blockchain and cryptocurrency lobby groups, the Stakeholders in Blockchain Association of Nigeria (SIBAN), announced the expulsion of its president, Obinna Iwuno, after he allegedly “unilaterally registered an illegal body named ‘The Registered Trustees of SiBAN.'”

According to a statement released by the SIBAN board of trustees on Sept. 11, Iwuno acted without proper consultation or approval from the community. In addition to allegedly setting up the illegal body, Iwuno is also accused of misusing his position, insubordination, and failing to cooperate with other stakeholders.

Slamming Iwuno, who became the leader of SIBAN in December 2022, the SIBAN trustees said: “It beats our wildest imagination that a member of our dear association SiBAN will purportedly register the same association in the same name, install himself with his accomplices as the registered trustees, and then start parading themselves as ‘SiBAN.'”

Iwuno Accuses SIBAN Board of Power Grab

Meanwhile, just before his ouster, Iwuno reportedly criticized the SIBAN board of trustees and announced legal action against five individuals, including former SIBAN leader Senator Inheyen. Iwuno also singled out the leader of the caretaker committee, Toritseju Kaka, and his team.

However, after being expelled by the SIBAN Board of Trustees, Iwuno denied allegations of misappropriating the association’s funds. He also accused the Board of Trustees of acting as a de facto authority, which he claimed violated SIBAN’s code of conduct. Iwuno defended trademarking SIBAN, saying it facilitated the association’s work with international bodies.

While Iwuno insisted on remaining president, the SIBAN Board of Trustees warned affiliate members, government agencies, and the media to avoid dealing with Iwuno’s fraudulently registered association.

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