The Nigerian blockchain community is currently navigating turbulent waters following the expulsion of Obinna Iwuno, the President of the Stakeholders in Blockchain Association of Nigeria (SiBAN). The Blockchain Industry Coordinating Committee of Nigeria (BiCCON), an umbrella organisation encompassing major blockchain groups in the country, has publicly supported this decision, citing serious breaches of trust and governance.
In a statement released by BiCCON’s leadership—Chairman Lucky Uwakwe, Vice-Chairman Chimezie Chuta, and Publicity Secretary Kue Barinor Paul—the group expressed its full endorsement of SiBAN’s move to expel Iwuno and his associates. “We fully support SiBAN’s decision to expel Mr. Iwuno and his accomplices from the association,” the statement read, underscoring the severity of the alleged misconduct.
Get to Know SiBAN and BiCCON
SiBAN, founded in 2018, serves as a self-regulatory body dedicated to creating a safer and more structured blockchain and digital assets industry in Nigeria. As a collective of industry players, it aims to foster a conducive environment for blockchain innovation while upholding ethical standards.
BiCCON, established in January 2021, acts as an inter-community working group uniting key organisations such as the Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), and SiBAN itself. Its mandate is to ensure coordinated efforts within the blockchain space, addressing issues ranging from policy advocacy to dispute resolution.
The Allegations Against Obinna Iwuno
The turmoil began when SiBAN’s Board of Trustees accused Iwuno of multiple breaches of trust and governance standards, leading to his suspension in May 2024. According to the board, a panel of inquiry was set up to investigate these allegations, which culminated in his eventual expulsion. The board’s statement highlighted “multiple breaches of trust and governance standards that SiBAN upholds.”
These allegations took a darker turn with claims of Iwuno’s unauthorised incorporation of “The Registered Trustees of SiBAN,” a parallel organisation purportedly set up to undermine the original SiBAN. During his suspension, Iwuno allegedly appointed himself Chairman of this new entity, a move that BiCCON and the original SiBAN have condemned as a grave violation of trust and governance.
BiCCON’s Firm Support for SiBAN’s Decision
BiCCON’s backing of SiBAN’s decision is a strong message to the blockchain community. In their statement, BiCCON condemned Iwuno’s actions as “unauthorised” and “fraudulent,” emphasising that his conduct jeopardises the integrity of the industry.
“Their actions, carried out in disregard for SiBAN’s constitution and founding values, have severely undermined the trust placed in them. The fraudulent registration of ‘The Registered Trustees of SiBAN’ is an act of insubordination and deceit that should not stand unchallenged,” BiCCON stated, urging stakeholders and government agencies to disregard the new entity.
Obinna Iwuno’s Response: “It’s About Godfatherism”
On the other side, Iwuno has staunchly maintained his position as SiBAN’s President, dismissing the expulsion as a byproduct of internal politics. He accuses certain factions within the association of resisting reforms aimed at democratising decision-making and promoting transparency. “For a technology as disruptive and forward-thinking as blockchain, this resistance is not only ironic but also counterproductive to the mission of the organisation,” Iwuno stated.
Impact on the Blockchain Community
This leadership crisis could have far-reaching implications for the blockchain sector in Nigeria. For an industry that thrives on trust and decentralisation, such public disputes risk eroding confidence among investors, stakeholders, and the broader tech community. Moreover, it raises concerns about the ability of self-regulatory organisations like SiBAN to effectively govern and guide the sector.
Is this a Path to Resolution?
Despite the tensions, there is hope that the dispute will be resolved amicably. Many stakeholders believe that a unified front is crucial for advancing Nigeria’s blockchain agenda. The outcome of this saga could set a precedent for how internal conflicts are managed within the blockchain community.
BiCCON’s support for SiBAN’s decision to expel Iwuno and his associates is a significant step in restoring order. However, it remains to be seen whether this move will heal the rift or deepen the divisions within the community.
The expulsion of Obinna Iwuno from SiBAN, with the backing of BiCCON, marks a critical juncture for Nigeria’s blockchain industry. As the community grapples with issues of governance and leadership, the hope is that these challenges will ultimately lead to stronger, more transparent, and more resilient institutions. For now, all eyes are on the next steps that both SiBAN and BiCCON will take in shaping the future of blockchain in Nigeria.
Leave feedback about this