As part of efforts to advocate for the broader adoption of blockchain technology in Nigeria, the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) recently met with the Chairman of the Senate Committee on Capital Markets, Senator Osita Bonaventure Izunaso.
The meeting's primary goal was to bring the national conversation on blockchain beyond digital assets and highlight its potential for wider applications across all spectrum of the Nigerian economy and capital market.
SiBAN was represented at the meeting by its President, Obinna Iwuno and distinguished members of SiBAN; Ayo Shonibare of Roqqu, Bidemi Oke of Flashchange and Bilikis Yakubu of Dantown and Janet Oyelade
They argued that while the Investment and Securities Act (ISA) provides some recognition for digital assets, the existing legal framework is insufficient to support the diverse applications of blockchain technology's potential to revolutionize various sectors, including finance, agriculture, supply chain management, identity systems, public governance and intellectual property protection.
The association called for the development of a comprehensive and enabling legal framework to foster innovation and build investor confidence, insisting that such is essential for Nigeria to remain globally competitive in the digital economy.
Responding, the Senate Committee acknowledged the strategic importance of blockchain technology for Nigeria's digital economy and expressed its willingness to collaborate with SiBAN. As a result, the committee has invited SiBAN to make a formal presentation to the Senate Committee.
The proposed presentation aims to introduce SiBAN as the representative body for Nigerian blockchain stakeholders, educate lawmakers on the technology's diverse applications and advocate for a comprehensive regulatory framework to attract investment and foster innovation.
SiBAN views these engagements as significant milestones in its efforts to shape Nigeria's blockchain policy environment and ensure the industry's voice is central to the national discourse.
At SiBAN, we believe blockchain’s future in Nigeria must be shaped with industry, not around it. As we prepare to engage the Senate, we call on innovators, enterprises, professionals, and policymakers to join us in this collective effort.
Become a SiBAN member today: membership@siban.org
