News Highlights:
- SiBAN expelled 11 individuals, including notable names like Emmanuel Babalola and Chris Ani, for violating its Code of Conduct.
- The association reaffirmed its commitment to ethical practices and urged the public and regulatory bodies to avoid engaging with these individuals.
The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), a registered association with the Corporate Affairs Commission (CAC), has announced the expulsion of no fewer than 11 individuals and the disassociation of unregistered persons following violations of its Code of Conduct.
Digital TimesNG understands that the body dedicated to promoting and safeguarding the integrity, transparency, and ethical standards of the blockchain industry in Nigeria took the actions to safeguard the integrity and ethical standards of Nigeria’s blockchain industry.
According to a statement signed by SiBAN President, Obinna Iwuno, and Board Trustee member, Barr. Mela Claude Ake, the association conducted thorough investigations that revealed misconduct among certain individuals, including attempts to create a parallel organization, unauthorized misrepresentation as SiBAN officials, and violations of regulatory standards.
“As part of our mandate, we strive to ensure that our members adhere to the highest ethical and professional standards, particularly in protecting consumers and investors within the blockchain and cryptocurrency space.
“Following thorough investigations and reviews, several individuals have been found to be in violation of SiBAN’s Code of Conduct, which every registered member is bound to uphold.
“Consequently, these individuals have been expelled from SiBAN, while others have been disassociated due to their unregistered status and unauthorised activities that contravene the association’s objectives and policies,” SiBAN said in the statement.
Those found guilty of these infractions include notable names such as Emmanuel Babalola, Chris Ani, Senator Ihenyen, Tony Emeka Nwabishop, Paul Ezeafulukwe, Toritseju Kaka, and Jude Ozinegbe.
Others include Stanley Golomo, Asemota Igiogbe, Ifeoma Ben, and Iliasu Yakubu and some other unnamed individuals involved in similar activities.
SiBAN emphasized that these individuals’ actions are not reflective of the association’s values and therefore, urged the public, businesses, and regulatory bodies, including the Securities and Exchange Commission (SEC) and Central Bank of Nigeria (CBN), to avoid engaging with these individuals in any capacity on behalf of SiBAN.
“These individuals are not authorised to represent SiBAN in any capacity, and any claims to the contrary are false and misleading. Any dealings with them under the impression that they are acting on behalf of SiBAN should be considered illegal and should be reported to the association,” SiBAN cautioned.
Reaffirming its commitment to ethical practices and consumer protection, SiBAN stated that it will continue to uphold the highest standards in Nigeria’s blockchain space and take necessary actions to ensure transparency and compliance.
“SiBAN remains unwavering in its commitment to ensuring that the blockchain industry in Nigeria operates transparently, ethically, and in full compliance with national regulations.
“As the leading association for blockchain stakeholders in Nigeria, we will continue to uphold the highest standards in all our activities, including the enforcement of our Code of Conduct and the promotion of safe and fair practices in the industry,” the blockchain technology group said.
While pledging to remain vigilant in addressing any further attempts to mislead the public or operate outside of its established ethical framework, SiBAN encouraged stakeholders, both in Nigeria and abroad, to engage with SiBAN directly through its official communication channels for any inquiries, confirmations, or reports of misrepresentation.