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Nigerian blockchain group removes defiant president

GrafaGrafa2024/09/15 09:10
By:Mahathir Bayena

The Stakeholders in Blockchain Association of Nigeria (SIBAN) has expelled its president, Obinna Iwuno, over allegations of misconduct, including the unauthorised registration of a new entity under the association's name.

Iwuno, who became SIBAN’s leader in December 2022, is accused of creating “The Registered Trustees of SiBAN” without the approval of the organisation and allegedly misusing his position.

The SIBAN Board of Trustees claims that Iwuno acted without proper consultation and showed insubordination and lack of cooperation with other stakeholders.

In a statement released on September 11, the SIBAN trustees expressed their shock at Iwuno’s actions, stating, “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.’”

Prior to his removal, Iwuno openly criticised the SIBAN Board of Trustees, accusing them of attempting an illegal power grab.

He also announced plans to initiate legal action against five individuals, including former SIBAN leader Senator Inheyen, and specifically targeted the leader of the caretaker committee, Toritseju Kaka, and his team.

Iwuno has remained defiant in the face of his expulsion.

Following his ouster, Iwuno denied the accusations of misappropriating the association’s funds and countered that the Board of Trustees had become a de facto authority, which he argued was in violation of SIBAN’s code of conduct.

Defending his actions, Iwuno said that trademarking SIBAN was a necessary step to facilitate the association’s engagement with international bodies.

While insisting that he remains the legitimate president of SIBAN, Iwuno declared, “I have not misappropriated any funds, and my actions were to ensure we had a legal standing to work with international organizations.”

In response, the SIBAN Board of Trustees has cautioned affiliate members, government agencies, and the media to avoid dealing with what they describe as Iwuno’s "fraudulently registered association."

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