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Resolving The SIBAN Crisis

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By Barr. Mela Claude Ake

In my opinion, the SIBAN kerfuffle is as political as it is legal. We cannot divorce the two — but the legal aspect is far weightier.

Barr. Mela Claude Ake

On the political side is a power-grab. A small group of individuals who think they should be the lords and masters of Nigeria’s crypto space are fighting for control. They want control of SIBAN and they want control of the SIBAN presidency. Essentially a shadow administration that runs the show from behind the scenes. For this to happen, the president has to be a puppet. What they fail to understand is that being a pioneer of a vision doesn’t necessarily mean that you must control it in perpetuity. Succession-planning is a vital part of corporate governance. Across the world, several major organizations abound, whether they be companies, political parties, associations and even nations where the founders of these visions are alive but do not call the shots anymore and quite frankly, that’s okay.

Coming to the issue of registering SIBAN with the Corporate Affairs Commission, the detractors are doing themselves a huge disservice. It’s both ridiculous and risky that an unincorporated body was carrying on and presenting itself as it did. I mean think about it; how do you hold high-level meetings and organise national industry conversations involving the SEC, NITDA etcetera as an unregistered body? Legally speaking, the implications are better imagined.

How does a group present itself as the foremost industry association for the blockchain sector in Nigeria and by extension Africa but is not registered with the Corporate Affairs Commission? Whose bank account were the dues being paid to? How do you woo foreign investors? How? Do you show them your WhatsApp group? Because that’s essentially what SIBAN was reduced to. A mere Whatsapp group. Can you imagine the Nigeria Bar Association not being registered with the CAC? The excuse about organizations with words such as “Blockchain” or “Crypto” not being accepted for registration by the CAC is weak because there are records of such organizations having been allowed to be registered by the CAC even as far back as 2018. The records are out there.

Now that the detractors are wailing, kicking and screaming can they prove by law that SIBAN has not been properly incorporated by this board of trustees? Can they prove that this incorporation exercise did not satisfy the extant corporate laws and regulations of the Federal Republic of Nigeria? If they have a good case, they should go to court and remember to sue the Corporate Affairs Commission as well. However if they know they cannot prove it, then they should be quiet because what they are doing is simply inviting more trouble than necessary with all this brouhaha. People in glass houses shouldn’t throw stones.

It should be on record that I was invited by the president to join this board and when he extended the invitation, I was shocked, to say the least, to find out that SIBAN was yet unincorporated. I was invited because he believes I will bring some value to the association and I will.

As a lawyer and a compliance and consumer rights advocate I am personally concerned about the several sharp practices that have been happening in the blockchain sector, that have caused unwitting investors to lose millions and in turn making the entire sector appear less trustworthy. My mission as a member of the SIBAN Board of Trustees is to help us tighten the loose ends and remove the permissive environment that has hitherto allowed sleazy fellows and shady schemes to thrive unchecked. Personally, I believe that if any crypto practitioner wilfully puts investor funds or public funds at risk, the practitioner shouldn’t only be banned for life, they should be locked up.

SIBAN has what it takes to accelerate prosperity through blockchain and I think Obinna Iwuno and this BOT as currently constituted have the requisite skills, passion and grit to make that happen.

– Barr. Mela Claude Ake. Member, SIBAN Board Of Trustees


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NAFDAC Dismisses False Claims of Approving ‘Lung-Cleansing Tea’

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National Agency for Food and Drug Administration and Control (NAFDAC) has refuted claims that it approved a herbal product marketed as “lung-cleansing tea” for smokers.

Mojisola Adeyeye, director-general of NAFDAC, in a statement on Saturday, December 14, clarified that the product, identified as Lungitox (Smokers Pride), was never approved and had its registration application rejected due to its unsubstantiated health claims.

“The attention of the National Agency for Food and Drug Administration and Control (NAFDAC) has been drawn to a misleading video circulating on social media, alleging that NAFDAC approved the registration of a herbal product claiming that ‘smoking is healthy’ when used with their product,” the statement read.

“NAFDAC wishes to categorically state that this claim is false and completely unfounded.

“The product in question—Lung Detox Tea or Lungitox (Smokers Pride) or any similar product—is NOT registered by NAFDAC.

The unscrupulous individual behind this product had applied for registration, but the application was outrightly rejected due to the unsubstantiated and dangerous claim that smoking could be made ‘healthy’ by consuming the product.”

NAFDAC reaffirmed its commitment to protecting public health and ensuring that only safe and scientifically validated products are approved.

“NAFDAC remains steadfast in its mandate to protect public health and ensure that only safe, effective, and scientifically substantiated products are approved.

“We condemn any attempt to mislead or endanger the public with false claims.

“The public is advised to disregard this video and report any suspicious claims or products to the Agency through our official channels.”

Adeyeye provided contact information for reporting such claims, urging Nigerians to remain vigilant.

“For further inquiries or reports, please contact NAFDAC via 0800-162-3322, email [email protected], or visit our website at www.nafdac.gov.ng.

NAFDAC will continue to take decisive action against any individual or entity attempting to violate public health standards.”

The agency reiterated its dedication to ensuring that all products in the Nigerian market meet the required safety and efficacy standards.


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Coalition Drags Reuben Abati, Arise TV to NBC over Anti-Igbo Remarks

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A coalition of media organisations, comprising the League of Public Affairs Analysts and South East Media Professionals Network, has called for disciplinary action against Arise TV and Dr. Reuben Abati, show host, over alleged inciting remarks against the Igbos.

Coalition Drags Reuben Abati, Arise TV to NBC over Anti-Igbo Remarks

This was contained in a formal petition to the National Broadcasting Commission (NBC), signed by Ambrose Igboke.

According to the group, Arise TV and Dr. Reuben Abati allegedly made a divisive comment against the South East and Igbos during a TV Breakfast Show on November 21, 2024.

Recall that during the November 21 Breakfast Show, Abati had said on Arise TV, “It is a shame that the same Igbos who are so industrious that they’re all over and they do well in other parts of Nigeria.

“You go there as a non-Igbo man to go and buy land, you’ll be told that you don’t belong, even as an in-law. These are the issues in my view.”

The journalist and former Presidential aid referred to an incident reportedly involving the former Minister of Information, T.O.S Benson, who sought to purchase land in Igbo land for his wife.

The anti-Igbo comment has resulted in criticism and outburst from different groups.

They argued in the petition that there are “concerns about remarks made by Dr. Abati, which perpetuated harmful stereotypes against the Igbo community.

“These statements have been further amplified by extremist groups like Lagospidia, exacerbating ethnic tensions in an already delicate socio political climate.”

The media professionals said, “Dr. Abati’s reference to the Igbo people in a broad, negative context risks inflaming ethnic tensions and promoting dangerous generalizations. This kind of action was what ignited the Rwandan genocide where the Hutu and Tutsi engaged in a fratricidal war of extermination. It all started with a radio

“His comments were quickly weaponized by groups known for anti-Igbo sentiments, fueling divisive narratives that undermine national unity.

“Dr. Abati’s hostile response to a colleague, Ms. Ojy Okpe, on the following day’s broadcast, demonstrated a troubling disregard for professional journalistic standards.

” The remarks and behavior constitute a breach of the Nigerian Broadcasting Code, which prohibits content that incites division or promotes hate speech.”

The petitioners called for a thorough review of Abati’s remarks and the editorial lapses that allowed such conduct to air.


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NCAA Educates Passengers on Travel Challenges and Solutions

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Nigeria Civil Aviation Authority (NCAA) has called on aviation passengers to become more informed about the challenges they may encounter while traveling through airports.

This appeal was made by the NCAA Head of Consumer Protection, Michael Achimugu, during a road walk in Port Harcourt, the Rivers State capital, on Saturday, December 7.

He highlighted the importance of passenger awareness, especially during the heavy travel season, and emphasized the need for proper sensitization regarding flight delays and possible solutions.

“We’re now in the high travel season in aviation and as you know there’s been a lot of flight disruptions as well as a lot of complaints,” Achimugu said.

“Our duty at NCAA is to sensitize our passengers because most of the time when complaints come about these disruptions, it comes from a place of poor knowledge about their rights and responsibilities as air passengers. We must protect both the passenger and the airline,” he added.

The NCAA continues to engage in efforts to educate passengers and address concerns during this busy travel period.


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