Blockchain group denies internal conflict

The Blockchain Technology Association of Nigeria (SiBAN) has denied any internal wrangling within its ranks.

In a statement jointly signed by the President and Member, Board of Trustees, Obinna Iwuno and Mela Claude Ake respectively, SiBAN said it is an organisation duly registered with the Corporate Affairs Commission (CAC) IT-7844224 with constituted Board of Trustees, and a trademark by the Federal Ministry of Trades and Investment.

It pointed out that there is no crisis within the body as the President, the Executive Council and members of the Board of Trustees are running the association seamlessly meeting various critical stakeholders in the ecosystem.

According to it, the focus of SiBAN as constituted, is to address the numerous scams and fraudulent activities that have tarnished the industry’s reputation and also, strengthen regulatory frameworks and promote transparency to create a more secure and trustworthy environment for investors and businesses alike.

“That the claim by some faceless groups that it has expelled the Board of Trustees, including the President of SiBAN, Obinna Iwuno is a joke taken too far as a faceless group cannot expel a body duly recognized by the law.

“That the primary goal of the faceless group is to establish a shadow administration that operates behind the scenes and accommodates fraudulent activities, with the president serving as a mere figurehead. This is a misunderstanding of corporate governance as no successful organizations, regardless of size or industry run illegitimately in Nigeria.

“That the actions of this faceless group are mere distractions and counterproductive to the group and sustainability of SiBAN and the digital currency space. Also, it is a feeble attempt to kick against the reforms that SiBAN is undertaking to dismantle some of their fraudulent activities like the creation and proliferation of meme coins, operating unregistered, unlicensed and unregulated crypto hedge funds and others where Nigerians have lost millions of Naira unchecked,” it explained.

SiBAN added that the public should be aware of this faceless group and not interact with them as doing so will be at the risk of such individuals or groups.

“As an association, we called on those with legitimate concerns to seek legal redress through the appropriate channels. Together, we can harness the potential of blockchain technology to drive economic growth and development in Nigeria,” it stated.