The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) is cracking down on misconduct within its ranks, as it announced the expulsion of several individuals and disassociation from others due to violations of the association’s Code of Conduct.
Announcing this in a statement signed by its President, Obinna Iwuno and Barr. Mela Claude Ake, Member, SiBAN Board of Trustees, the leading Nigerian blockchain association, duly Incorporated Trustee with the CAC with registration number IT-7844224, and dedicated to promoting and safeguarding the integrity, transparency, and ethical standards of the blockchain industry in Nigeria, emphasizes its commitment to promoting ethical practices and protecting consumers in the cryptocurrency and blockchain space.
The statement reads that following investigations, the association identified individuals who engaged in activities deemed harmful to SiBAN’s credibility and misleading to the public.
Those either expelled or disassociated from SiBAN are Emmanuel Babalola, Chris Ani, Senator Ihenyen, Tony Emeka Nwabishop, Paul Ezeafulukwe, Toritseju Kaka, Jude Ozinegbe, Stanley Golomo, Asemota Igiogbe, Ifeoma Ben and Iliasu Yakubu.
The statement noted that expelled members and disassociated individuals were found to be involved in:
- Creating a competing organization: Some attempted to establish a rival group posing as SiBAN, causing confusion among stakeholders, regulators, and the public.
- Misrepresenting SiBAN: Certain individuals falsely claimed to be SiBAN officials or representatives without authorization.
- Impersonating SiBAN Officials: Some expelled members went as far as parading themselves as elected SiBAN officials, despite holding no such position.
- Violating SiBAN’s Code of Conduct: SiBAN has a strict code requiring members to adhere to ethical standards and comply with regulations set by the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), and other relevant bodies.
Meanwhile, SiBAN has strongly advised the public, businesses, and regulatory bodies including the Securities and Exchange Commission (SEC), National Information Technology Development Agency (NITDA), Nigeria Financial Intelligence Unit (NFIU), Central Bank of Nigeria (CBN), and other relevant government agencies, to avoid any dealings with the aforementioned individuals under the impression they represent SiBAN.
According to SiBAN, these individuals are not authorized to act on their behalf, and any claims suggesting otherwise are false and misleading.
While assuring of its dedicated to ensuring a transparent, ethical, and compliant blockchain industry in Nigeria, SiBAN noted it will continue to hold its members accountable through code enforcement and advocating for safe and fair practices within the industry.
It also urged the stakeholders and the general public to contact SiBAN directly through official channels for any inquiries, confirmations, or reports of misrepresentation. They remain vigilant in addressing attempts to mislead the public and uphold their established ethical framework.