The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has launched a series of reforms to improve governance and raise professionalism within the blockchain and cryptocurrency sectors.
As part of the changes, several members have been expelled for breaching the association’s Code of Conduct, marking a firm stance against unethical behaviour.
SiBAN’s president, Obinna Iwuno, in an interview with LEADERSHIP, said the association was dedicated to upholding integrity and transparency in the blockchain space. Iwuno emphasised that protecting consumers and investors remains a top priority, and all members are expected to maintain high ethical standards.
“After thorough investigations, it was found that certain individuals violated SiBAN’s Code of Conduct. Consequently, they have been expelled, while others have been disassociated due to unauthorized activities or unregistered status that contradict our objectives,” Iwuno said.
The president explained that the decision to expel and disassociate the individuals was based on actions that damaged SiBAN’s credibility and caused confusion within the blockchain community, including attempts to establish a parallel organisation, misrepresentation of SiBAN, and illegal parading as officials.
SiBAN’s strict Code of Conduct aligns with ethical and regulatory standards set by bodies like the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), Iwuno noted. Those expelled include notable names such as Emmanuel Babalola, Chris Ani, Senator Ihenyen, and several others.
In light of the actions, SiBAN has advised the public, businesses, and regulatory agencies to avoid engaging with the expelled individuals, warning that any dealings under the assumption they represent SiBAN are illegal and should be reported. “These individuals are no longer authorized to represent SiBAN in any capacity,” Iwuno stated.
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