The Stakeholders in Blockchain Association of Nigeria (SiBAN), a leading advocate for cryptocurrency recognition and regulation in Nigeria, is currently facing a significant leadership crisis. All executive members of the association have been expelled following allegations of misconduct and insubordination against the former President, Mr. Obinna Iwuno.

The expulsion was announced by a group calling itself the “Board of Trustees,” who accused Iwuno of misusing his position, registering the association without consulting relevant stakeholders, and forming a rival organization using the SiBAN brand. Iwuno, however, denies these allegations, claiming that the Board of Trustees is attempting to hijack the association.

The Fallout:

The crisis has led to a power struggle within SiBAN, with both factions vying for control of the association. The Board of Trustees has revoked Iwuno’s administrative access to the association’s website and virtual group, and is attempting to recover the database of email information of SiBAN members.

Implications for Cryptocurrency Advocacy:

This internal conflict poses a significant setback for cryptocurrency advocacy in Nigeria. SiBAN has been a key player in advocating for the regulation of cryptocurrencies in the country, and its leadership crisis could hinder its ability to effectively represent the interests of stakeholders.

The Road Ahead:

The resolution of this dispute will be crucial for the future of SiBAN and its role in the Nigerian cryptocurrency ecosystem. A peaceful resolution that preserves the integrity and unity of the association is essential for continued progress in advocating for cryptocurrency recognition and regulation.

Key Questions:

• How will this leadership crisis impact SiBAN’s ability to advocate for cryptocurrency regulation in Nigeria?
• What are the potential long-term consequences of this internal conflict for the association?
• How can SiBAN resolve this dispute and move forward as a unified organization?

As this situation unfolds, CryptoTimes Africa will continue to provide updates and analysis on the SiBAN leadership crisis and its implications for the cryptocurrency industry in Nigeria.