In a decisive move to protect Nigeria’s financial system from potential abuse, the Economic and Financial Crimes Commission (EFCC) and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) have taken steps toward a stronger partnership aimed at safeguarding the nation’s digital economy.
During a courtesy visit to the EFCC headquarters in Abuja, SiBAN led by its President, Obinna Iwuno, met with the Commission’s Executive Chairman, Ola Olukoyede, who was represented by his Chief of Staff, Mr. Michael Nzekwe. The meeting focused on collaboration to ensure that innovation in the blockchain and cryptocurrency ecosystem does not come at the expense of national security or financial integrity.
Olukoyede, through his representative issued a clear warning about the dangers of unregulated cryptocurrency activity, he said;
“Crypto is the new oil. There’s so much money in it. But the ecosystem needs to be properly regulated. Without that regulation, even genuine actors will run into problems. There is a thin line between genuine crypto operators and fraudsters. Sadly, we are seeing politically exposed persons and even so-called legitimate actors exploiting crypto for laundering money.”
The EFCC Chairman acknowledged cryptocurrency’s dual role as both an enabler of global innovation and a potential gateway to illicit activities such as money laundering, terrorism financing, and fraud. To prevent such risks, he urged industry stakeholders to prioritize investor education, transparency and compliance as part of a wider partnership with regulators.
He further stressed the role stakeholders like SiBAN can play in reporting malpractice. According to him;
“You can collaborate with us to stop money laundering. You can blow the whistle. You can be whistleblowers. The more enlightenment and training we provide, the stronger our economy becomes.”
Also, SiBAN formally presented its Code of Ethics to the Commission, positioning it as a framework to support regulatory oversight and promote responsible conduct among operators within Nigeria’s digital asset space.
SiBAN’s Position: Responsible Innovation, Global Standards
Responding, SiBAN President Obinna Iwuno reaffirmed the association’s longstanding commitment to ethical practice, compliance, and self-regulation in Nigeria’s blockchain industry.
“We have drawn from international standards to create a code of ethics for practitioners and operators in Nigeria.This demonstrates our commitment to be ethical, regulated, and compliant with both local and global laws. We have been calling for regulation since 2018 because without it, Nigeria risks losing out to capital flight.”
Iwuno outlined the measures already taken by SiBAN to strengthen accountability in the sector, including mandatory Know Your Customer (KYC) requirements for operators, and the designation of compliance officers within digital asset platforms. He further noted that the association is committed to investor education, anti-scam campaigns, and fraud-reporting mechanisms as practical steps to build market integrity.
However, he also cautioned that regulation must strike the right balance. He said;
“As much as we push for regulation, we also want to make sure innovation is not strangulated. Nigeria has the largest youth population in Africa, and they are very active in this space. But without proper regulation, we stand at risk of money laundering, terrorism financing, threats to national security, and proliferation financing.”
Iwuno expressed optimism that SiBAN’s closer partnership with the EFCC would ensure that innovation and compliance progress hand-in-hand, enabling Nigeria to harness blockchain’s full potential while safeguarding the financial system.
A Pivotal Step for Nigeria’s Digital Economy
This engagement between the EFCC and SiBAN marks a critical milestone in the evolution of Nigeria’s blockchain and cryptocurrency ecosystem. It reflects a recognition by law enforcement that SiBAN is an essential partner in advancing financial innovation while protecting the system from abuse.
Both SiBAN and the EFCC agreed to a strategic partnership focused on investor education, capacity building, and the enforcement of industry standards. This collaboration is designed to strengthen compliance, safeguard market integrity, and prevent the misuse of blockchain and cryptocurrency channels for illicit activities such as money laundering, financial crimes, and terrorism financing.
With Nigeria poised as Africa’s largest digital asset market, the stakes are high. The collaboration between SiBAN and EFCC has the potential to set a new benchmark in the fight against financial crime.
As the industry grows, SiBAN remains steadfast in its mission to build a safe, inclusive, and globally competitive blockchain ecosystem, one that ensures Nigeria does not just participate in the global digital economy but helps shape it.
SiBAN members present were Ayo Shonibare of Roqqu, Ememobong Udofot of FlashChange, Jeremiah Mayowa of Jeroid, Cyprian Obi of ZoneX, Chinedu Mbakwe of Ubyco Hub, Ugo Peters and Christiana Peters of HXafrica
Be a part of this journey
At SiBAN, we believe that securing Nigeria’s digital future requires a united effort. If your organization shares our vision of a blockchain industry built on trust, compliance, and responsible innovation, we invite you to become a SiBAN member today.
Contact Us
Website: www.siban.org
Email: membership@siban.org
