• The Blockchain Association of Nigeria recently faced turmoil due to the expulsion of its president, Obinna Iwuno, who was accused of registering an illegal body and misusing his position.

• Nigeria’s government has supported blockchain adoption through initiatives like the National Blockchain Adoption Strategy, which has fostered growth in the sector.

• The controversy surrounding Iwuno includes allegations of unauthorized actions and mismanagement, with both sides accusing each other of misconduct and corruption.

Blockchain adoption in Africa has steadily improved as the ears progressed. Today, more governments and nations have become more open-minded to the concept after witnessing the vast applications of blockchain technology and the steady progress of its peers.

Within the past two decades, several names have represented the untapped potential Africa has in the Web3-future. Among these various names, Nigeria stands tall alongside South Africa and Kenya as the pioneers of Web3 in Africa.

The region’s Blockchain Association of Nigeria was among the first bold initiatives the nation took, solidifying its intent to dominate Africa’s blockchain future. Under the direction of this new blockchain leadership, the region has grown into a hub for DeFi and crypto-based organizations.

Unfortunately, the once-hailed leader of blockchain adoption in Nigeria has come into turmoil after the scandal over the Obinna Iwuno ouster. According to the reports, the Stakeholders in the Blockchain Association of Nigeria (SIBAN) expelled its president, Obinna Iwuno, over an allegation of registering an illegal body and misusing his position.

Blockchain Association of Nigeria Scandal Rocks the Entire Ecosystem

Nigeria has become one of the cornerstones of Web 3 alongside well-known names such as South Africa, Kenya and Ghana.

The region’s crypto community has captivated the entire franchise after featuring in the top 10 countries with the highest crypto volume. Since then, its government has taken note of this grand achievement and kickstarted the journey of ensuring blockchain adoption in Nigeria.

One of the first notable milestones occurred on October 16th 2020, after its governments, through the National Information Technology Development Agency, released the National Blockchain Adoption Strategy.

These documents eventually paved the way for Nigeria to dominate the continent’s blockchain leadership board. In addition, it is focused on building blockchain infrastructure, enabling policies, and promoting a conducive environment for blockchain developers.

Also, Read: Nigeria Embraces Digital Economy: Civil Society Applauds Groundbreaking Crypto Tax Proposal.

Many claim that, with the approval of the document, the region’s crypto community showcased unprecedented growth.

Behind the scenes of the rapid growth of blockchain adoption in Nigeria, the SIBAN group carefully drafted policies and strategies to bridge the world of blockchain and its economic applications.

The Blockchain Association of Nigeria has gradually positioned itself to lead the next generation of youths to a Web3-focused future. Unfortunately, SIBAN has recently attained a new and darker reputation after the organization revealed shocking.

According to the allegations, the SIBAN officially expelled its president after he unilaterally registered an illegal body named The Registered Trustees of SIBAN.

The Obinna Iwuno Ouster claimed the president acted without proper consultation or approval from anyone within their community. In addition, by setting up the illegal body, Iwuno has misused his position and overstepped his corporate power, leading to insubordination and failure to cooperate with other stakeholders.

Other stakeholders of the Blockchain Association of Nigeria said, “It beats our wildest imagination that a member of our dear association SiBAN will purportedly register the same association in the same name, install himself with his accomplices as the registered trustees, and then start parading themselves as ‘SiBAN.'”

In his defence, Iwuno claimed he openly criticized the SiBAN board of trustees and claimed he would take legal action against all other members, including several of its former blockchain leadership board, Senator Inheyen.

Furthermore, Iwuno singled out Toritseju Kaka, leader of the caretaker committee and his team, claiming the group had involved itself with entities operating beyond the legal barrier.

As expected by many, Iwuno denied the allegations of misappropriating the association’s funds. He, in turn, accused the Board of Trustees of acting as a de facto authority for violating SIBAN’s code of conduct.

Also, Read: Secure Your Crypto Future: Nigeria’s Upcoming Licensing Regime Could Change Everything.

According to the former president, blockchain adoption in Nigeria is hindered by the likes of corrupt leaders who only desire to benefit themselves. In contracts, he defended trademarking SIBAN, stating it’s facilitated the association’s work and relations with international bodies.

What Next For Blockchain in Nigeria

Nigeria has dominated the blockchain leadership board for years thanks to the cooperation between its citizens and the government. Unfortunately, this operation was not easy. Initially, the high usage of cryptocurrency soon took a hefty toll on its fiat currency. As more citizens opted for a higher-valued and faster-performing currency, it led to a significant decline in the Naira.

As a result, the nation initially implemented a crypto ban. However, it didn’t deter its use. Its rapid growth only solidified the worry of its government. With the rapid development of fintech organizations and crypt-based entities within Africa, it became clear that blockchain was the future.

This revelation eventually led to a more open-minded government, which developed the eNaira regulations for digital assets and blockchain, hosting several blockchain-based events and many more.

With Obinna Iwuno out, plenty of scrutiny has fallen on the laps of the Blockchain Association of Nigeria. Many ask whether the Obinna Iwuno ouster was really telling the truth or was a mere cover-up. The turmoil within the organizations has raised plenty of questions. Will SIBAN resume usually? Or Will unprecedented changes prove that Obinna was right?

These questions may be pure speculation, but they may contain some truth in determining the future of blockchain in Africa.