The Board of Trustees of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has officially announced the dissolution of the Executive Council of the association, which had been under suspension since May 2024. This decision follows the thorough investigations conducted by the Panel of Inquiry, established to address concerns regarding financial mismanagement, abuse of office, and governance lapses under the leadership of Mr. Obinna Iwuno as president (January 2023–September 2024).
In May 2024, Ophi Rume, former Executive Secretary of SiBAN raised allegations against Mr. Obinna Iwuno. At that time, the majority of the Executive Council members had resigned, leaving only the former president, Mr. Obinna Iwuno, and the former VP (Media and Publicity), Mr. Emeka Ezike. As a result, the Executive Council could no longer form a quorum, and SiBAN was at the precipice. The Board of Trustees had to step in to save the association and ensure its continued operation. A Caretaker Committee, led by Mr. Toritseju Kaka, was subsequently appointed to manage the affairs of SiBAN during the period of inquiry.
The Panel of Inquiry, chaired by Chioma Onyekelu, CCI, recently concluded its report, which has been made available to SiBAN members. The 44-page report, based on established and incontrovertible facts, highlights several violations by the former president, including mismanagement of funds, improper appointments within the association, and bad leadership.
Key resolutions arising from the Panel’s report include the following:
- Financial Mismanagement: The report uncovered instances of funds mismanagement by Mr. Obinna Iwuno, including the improper authorization of payments and the use of association funds for personal expenses. As a result, the Board of Trustees has resolved, as recommended by the Panel of Inquiry, that new procedures will be established to ensure transparency and accountability in the handling of SiBAN’s finances.
- Reformation of the SiBAN Secretariat: Under Mr. Obinna Iwuno’s administration, the SiBAN Secretariat was significantly weakened and was barely existent, due to total disregard for the office of the Executive Secretary, an elective role and central role in the association Moving forward, processes will be put in place to ensure that all appointed officers are duly trained and appointed in accordance with the association’s regulations.
- Membership Registration and Data Protection: Following the Panel of Inquiry’s report, it was established that access and management controls regarding the membership database were not adequate. The membership registration process will undergo reforms to enhance database management and ensure that no single individual has sole access to the association’s membership data.
- Third-Party Vendor Management: The report highlights the mishandling of the association’s website redesign project, which left the association with no functional website for months until it was recently revamped by the Caretaker Committee. Steps will be taken to recover the funds paid to the vendor who failed to deliver on the web development and design contract with the association., The Board of Trustees has resolved that competent contractors must be appointed for future website management.
- Membership in BICCoN: The association will maintain its membership in the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), as the previous attempt by Mr. Obinna Iwuno to withdraw from the committee without proper consultation was deemed to be arbitrary and inappropriate.
- Accountability of the Executive Council: The former president’s actions, which included unilateral decision-making and failure to consult with other Executive Council members on key issues, will no longer be tolerated. Moving forward, all elected officers must collaborate with their peers and ensure accountability in the association’s internal and external affairs.
- Filling of Vacant Positions: Mr. Iwuno’s practice of appointing individuals to vacant positions without elections was deemed unacceptable. The association will ensure that all electoral offices are filled through proper democratic processes.
Given the findings of the inquiry, the Board of Trustees resolved to dissolve the Obinna Iwuno-led Executive Council. All elected and appointed officers are to return all SiBAN properties in their possession within seven working days. The Caretaker Committee will continue to oversee the administration of SiBAN during this transition period.
The Board of Trustees remains committed to restoring transparency, accountability, and effective governance in SiBAN, with the ultimate goal of strengthening the association for its members and the broader blockchain community in Nigeria.
For more information, please contact the SiBAN Secretariat at info@siban.org.ng.
Signed,
Emmanuel Babalola,
Secretary,
SiBAN Board of Trustees.
Tony Emeka,
Chairman,
SiBAN Board of Trustees.