The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has reaffirmed its commitment to strengthening transparency and regulatory collaboration within Nigeria’s digital asset ecosystem following a strategic engagement with the Nigerian Financial Intelligence Unit (NFIU).
On Tuesday, March 3, 2026, a SiBAN delegation led by its President, Barr. Mela Claude Ake, paid a courtesy visit to the NFIU headquarters in Abuja to explore opportunities for cooperation aimed at improving compliance, transparency, and responsible innovation within the blockchain and digital asset sector, particularly among Virtual Asset Service Providers (VASPs). The SIBAN delegation included the immediate past president, Mr. Obinna Iwuno.
NFIU Calls for Industry Unity and Responsible Adoption
Hafsat Abubakar Bakari, the chief executive officer of NFIU, welcomed the initiative during the meeting and characterized the engagement as a constructive and essential step toward bolstering oversight within Nigeria's fast changing digital finance landscape. She pointed out that in order to guarantee the safe and responsible adoption of emerging technologies, cooperation between regulators and industry stakeholders is crucial.
The NFIU expressed its appreciation for the role of SIBAN over the years in being the most prominent voice in blockchain and urged commitment to continue to play its role in the blockchain sector especially in maintaining the integrity of the blockchain sector.Additionally, Bakari urged greater collaboration between Nigerian blockchain and fintech associations, stressing that industry cohesion would improve regulatory efficacy and facilitate the legitimate integration of VASPs into the nation's financial system.
Focus on Transparency, Guidance, and Capacity Building
President Mela Claude Ake commended the NFIU for its continued efforts to safeguard Nigeria’s financial system and strengthen institutional capacity against illicit financial activities. The delegation emphasized that clearer regulatory frameworks would help unlock significant investment opportunities while supporting innovation within the blockchain sector.
Speaking after the meeting, Barr. Mela Claude Ake reiterated SiBAN’s commitment to strengthening its relationship with the NFIU and supporting policies that promote both compliance and innovation.“I was there to reaffirm our commitment to the partnership between SiBAN and the NFIU,” He said.
“We expressed a desire to deepen that relationship for the benefit of Nigeria’s blockchain ecosystem and the Nigerian economy.”He noted that discussions during the meeting focused on achieving the right balance between regulation and innovation. While acknowledging the importance of regulatory oversight, He emphasized that policies should not hinder entrepreneurial activity within the sector.
The visit reflects ongoing efforts by SiBAN to strengthen collaboration between the blockchain industry and key regulatory institutions as Nigeria continues to shape the future of its digital asset economy. SiBAN continues to advocate for better policies and move collaboration for the whole blockchain industry.
To become a member of SiBAN, send an email to [email protected] to begin the membership process. You can also connect with the community by joining the SiBAN Telegram group, where members share insights, industry updates, and opportunities within the blockchain and digital asset space.Be part of the movement shaping the future of blockchain innovation in Nigeria. Join SiBAN today.
