Blockchain Stakeholders Debunk President Expulsion Rumors, Caution Against Fraudulent Groups 

In an official statement made available to the newsmen, SiBAN labeled the claims as baseless, made by a ‘faceless group,’ and emphasised that the association continues to operate smoothly under its current leadership.

The statement, signed by SiBAN president, Obinna Iwuno and member, Board of Trustees, Barr. Mela Claude Ake clarified the association’s status as a registered entity with the Corporate Affairs Commission (CAC) under registration number IT-7844224. SiBAN is also recognized by the Federal Ministry of Trades and Investment, with a constituted Board of Trustees actively guiding its operations.

SiBAN reaffirmed that there is no internal crisis, and its leadership—including the President and the Executive Council—remains engaged with critical stakeholders in the blockchain and digital currency ecosystem. The association’s primary mission remains focused on combating fraud in the industry, strengthening regulatory frameworks, and promoting transparency, it affirmed.

“The allegations of expelling the President and the Board of Trustees are not only false but represent a misunderstanding of corporate governance,” SiBAN stated.

“No organization recognized by Nigerian law can be dismissed by an illegitimate group seeking to undermine its work.”

The statement accused the so-called “faceless group” of attempting to create a shadow administration to enable fraudulent activities, such as the proliferation of unregulated crypto hedge funds and memecoins, which have led to significant financial losses for Nigerians.

SiBAN urged the public to remain vigilant, warning that any interaction with this group would be at the risk of the individuals involved. It further encouraged anyone with legitimate concerns to seek redress through appropriate legal channels.

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