• The Stakeholders in Blockchain Association of Nigeria (SIBAN) has recently made headlines with the expulsion of its president, Obinna Iwuno.
• This decision came after accusations surfaced regarding the unauthorized establishment of an entity called “The Registered Trustees of SiBAN.”
• In a public statement, the SIBAN Board of Trustees highlighted various charges against Iwuno, including insubordination and misuse of his position.

Discover the latest developments in the Nigerian blockchain community as SIBAN addresses internal conflicts and leadership challenges.

SIBAN President Ousted Amid Controversy

The SIBAN trustees delivered a decisive blow by removing Obinna Iwuno from his presidential position on allegations of unilaterally registering an illicit entity under the association’s name. Iwuno, who assumed leadership in December 2022, is said to have acted without consultation, thereby breaching community protocols.

Accusations and Repercussions

SIBAN’s official statement on September 11 accused Iwuno of severely misusing his authority. The charges are multi-faceted, ranging from establishing a fraudulent body to insubordination and lack of cooperation. His unilateral decision to trademark “SiBAN” triggered significant unrest among the stakeholders, with claims that he installed associates as trustees of the newly formed entity.

Legal Challenges and Internal Strife

Just prior to his removal, Iwuno initiated legal actions against several individuals, including former SIBAN leader Senator Ihenyen and caretaker committee head Toritseju Kaka. This sparked heated debates within the organization, further complicating the leadership turbulence. Moreover, Iwuno criticized the Board of Trustees, accusing them of overstepping their authority, which he claimed violated the association’s bylaws.

The Defense and Aftermath

Following his expulsion, Iwuno countered the allegations, insisting that the trademark registration was to facilitate collaborations with global blockchain entities. He contested the accusations of fund misappropriation, asserting that the Trustees had turned into an unrivaled power within SIBAN. Despite his expulsion, Iwuno has not relented on his claims to the presidency, setting the stage for a protracted dispute.

Conclusion

The unfolding scenario within SIBAN portrays a significant conflict that threatens to disrupt the association’s harmony and its engagements within the global blockchain ecosystem. With accusations flying from both sides, the need for transparency and adherence to established protocols has never been more critical for SIBAN’s future stability. Observers will keenly watch how this conflict resolves and its implications on SIBAN’s role in Nigeria’s burgeoning blockchain landscape.