SiBAN leadership tussle: 2 factions continue as questions linger over December elections

It is been over two months since the Stakeholders in the Blockchain Technology Association of Nigeria (SiBAN) were plunged into a leadership crisis that has left the association with a deep chasm. 

What initially began as allegations of financial misconduct and governance breaches spiralled into a full-blown dispute, resulting in two parallel factions operating under the same name, each claiming legitimacy. 

Now, with its scheduled December elections fast approaching, questions linger over whether the association can reconcile its differences or if the factions will conduct separate elections, further entrenching the division.  

Related: leadership crisis rocks Nigeria’s blockchain association, SiBAN

Overview of the SiBAN crisis

The impasse began in May 2024 when the SiBAN Board of Trustees (BoT) suspended the executive council led by President Obinna Iwuno, citing allegations of financial misappropriation, abuse of office, and violations of governance standards.

A Caretaker Committee led by Toju Kaka was installed to manage the association’s affairs. However, Iwuno rejected the BoT’s actions, labelling them unconstitutional and accusing the BoT of orchestrating a power grab.  

In September 2024, a Panel of Inquiry convened by the BoT concluded its investigation, affirming the allegations against Iwuno. The BoT swiftly announced the expulsion of Iwuno and members of his executive council, accusing them of fraudulently registering SiBAN as a new entity and appointing themselves as trustees. 

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN), an umbrella body for major blockchain groups in Nigeria, publicly backed the BoT’s decision to expel Iwuno, labelling his actions unethical. 

Undeterred, Iwuno continued to operate as SiBAN’s president, attending events, issuing public statements, and even launching a parallel website for his faction of the association. This defiance has left the Nigerian blockchain community grappling with a fractured SiBAN, as both factions vie for legitimacy.  

State of  the Union: Two Parallel SiBAN Leaderships

Since the expulsion, the two factions have functioned in parallel, each asserting authority over SiBAN’s name and operations. The Caretaker Committee led by Toju Kaka has maintained its claim to legitimacy, emphasizing the constitutional backing of the BoT’s actions.

In October, the Committee, led by Toju Kaka even oversaw the appointment of some members into the association’s Constitution, Election, and Membership (CEM) Reform Committee.

On the flip side, Iwuno continues to leverage his visibility and influence within the blockchain community to strengthen his faction’s claim, holding meetings, issuing press releases, and taking decisive actions such as “delisting members” of the opposing group.  

Both groups have continued to engage with industry stakeholders and government bodies, leading to confusion over which faction represents the “real” SiBAN.  

In all, the crisis has significantly affected the credibility and operations of SiBAN, once regarded as a unifying body for Nigeria’s blockchain community. 

The December election dilemma

SiBAN’s constitution mandates an election every two years. The next one is due this December. However, there has been no formal announcement or preparation for the elections, likely owing to the ongoing crisis. 

Read also: Blockchain Committee, BiCCON backs expulsion of SiBAN president, Obinna Iwuno by board

The critical question is whether both factions will attempt to hold separate elections, further cementing the divide, or if a resolution can be reached in time.  

This lack of clarity on election plans raises concerns about the future of the association. A divided SiBAN jeopardises its relevance and risks alienating the broader blockchain community in Nigeria, which relies on the association’s leadership to navigate regulatory and operational challenges.  

Despite the gravity of the situation, there appears to be little progress toward reconciliation. Both factions remain steadfast in their positions, each accusing the other of violating SiBAN’s constitution and governance principles. Attempts to mediate have yielded no tangible results, and the leadership vacuum continues to loom over the association.  

Technext reached out to both factions for comments on the current state of affairs and the prospects of holding the December elections, but neither side responded.