TL:DR,
- Stakeholders in Blockchain Association of Nigeria(SiBAN) expelled president Obinna Iwuno over allegations of registering an illegal body and misusing his position, threatening Nigeria’s Web3 leadership status in Africa.
- Nigeria’s cryptocurrency dominance faces uncertainty as SIBAN leadership crisis raises questions about regulatory compliance and organizational governance in the country’s blockchain ecosystem.
- The scandal involving unauthorized registration of “Registered Trustees of SIBAN” has created internal conflicts that could impact Nigeria’s position as Africa’s blockchain innovation hub.
Within the past two decades, several names have represented the untapped potential Africa has in the Web3 future. Among these various names, Nigeria stands tall alongside South Africa and Kenya as the pioneers of Web3 in Africa.
The region’s Blockchain Association of Nigeria was among the first bold initiatives the nation took, solidifying its intent to dominate Africa’s blockchain future. Under the direction of this new blockchain leadership, the region has grown into a hub for DeFi and crypto-based organizations.
Unfortunately, the once-hailed leader of blockchain adoption in Nigeria has come into turmoil after the SiBAN scandal. According to the reports, the Stakeholders in the Blockchain Association of Nigeria (SIBAN) expelled its president, Obinna Iwuno, over an allegation of registering an illegal body and misusing his position.
Blockchain Association of Nigeria Leadership Crisis
Nigeria has become one of the cornerstones of Web 3 alongside well-known names such as South Africa, Kenya and Ghana.
The region’s crypto community has captivated the entire franchise after featuring in the top 10 countries with the highest crypto volume. Since then, its government has taken note of this grand achievement and kick-started the journey of ensuring blockchain adoption in Nigeria.
One of the first notable milestones occurred on October 16th 2020, after its governments, through the National Information Technology Development Agency, released the National Blockchain Adoption Strategy.
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These documents eventually paved the way for Nigeria to dominate the continent’s blockchain leadership board. In addition, it is focused on building blockchain infrastructure, enabling policies, and promoting a conducive environment for blockchain developers.
Many claim that, with the approval of the document, the region’s crypto community showcased unprecedented growth.
Obinna Iwuno, former president of SiBan.[Photo: DL-View]
The Blockchain Association of Nigeria has gradually positioned itself to lead the next generation of youths to a Web3-focused future. Unfortunately, the SiBAN scandal has painted a new and darker reputation on the organization’s conduct.
The Complex Web of Accusations in the Ongoing SiBAN Scandal
According to the allegations, the SIBAN officially expelled its president after he unilaterally registered an illegal body named The Registered Trustees of SIBAN.
The whistleblower revealed that the president, Obinna Iwuno, acted without proper consultation or approval from anyone within their community. In addition, by setting up the illegal body, Iwuno has misused his position and overstepped his corporate power, leading to insubordination and failure to cooperate with other stakeholders.
Other stakeholders of the Blockchain Association of Nigeria 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.'”
In his defence, Iwuno claimed he openly criticised the SiBAN board of trustees and claimed he would take legal action against all other members, including several of its former blockchain leadership board, Senator Inheyen.
Furthermore, Iwuno singled out Toritseju Kaka, leader of the caretaker committee and his team, claiming the group had involved itself with entities operating beyond the legal barrier. As expected by many, Iwuno denied the allegations of misappropriating the association’s funds. He, in turn, accused the Board of Trustees of acting as a de facto authority for violating SIBAN’s code of conduct.
According to the former president, blockchain adoption in Nigeria is hindered by the likes of corrupt leaders who only desire to benefit themselves. In fact, he claimed that the firm facilitated the association’s work and relations with international bodies.
Regulatory Compliance Challenges in Nigeria’s Evolving Blockchain Landscape
Nigeria has dominated the blockchain leadership board for years thanks to the cooperation between its citizens and the government. Unfortunately, this operation was not easy. Initially, the high usage of cryptocurrency soon took a hefty toll on its fiat currency. As more citizens opted for a higher-valued and faster-performing currency, it led to a significant decline in the Naira.
As a result, the nation initially implemented a crypto ban. However, it didn’t deter its use. Its rapid growth only solidified the worry of its government. With the rapid development of fintech organisations and crypto-based entities within Africa, it became clear that blockchain was the future.
This revelation eventually led to a more open-minded government, which developed the eNaira regulations for digital assets and blockchain, hosting several blockchain-based events and many more.
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With Obinna Iwuno out, plenty of scrutiny has fallen on the laps of the Blockchain Association of Nigeria. Many wonder whether Nigeria will truly find a means to implement regulatory compliance given the implications of SiBAN. The turmoil within the organizations has raised plenty of questions. Will SIBAN resume usually? Or Will unprecedented changes prove that Obinna was right?
These questions may be pure speculation, but they may contain some truth in determining the future of blockchain in Africa.
