SiBAN, NFIU collaborate to strengthen blockchain regulatory compliance in Nigeria

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) recently reaffirmed its commitment to cleaning up the country’s digital asset ecosystem. To get everyone on the same page regarding regulation and transparency, the group sat down with the Nigerian Financial Intelligence Unit (NFIU).

SiBAN President Barr. Mela Claude Ake led a delegation, which included the association’s immediate past president, Mr Obinna Iwuno, to the NFIU headquarters in Abuja on Tuesday, March 3, 2026. Their main goal was to find ways to improve compliance and encourage responsible innovation among Virtual Asset Service Providers (VASPs).

NFIU Chief Executive Officer Hafsat Abubakar Bakari called the visit a necessary and constructive step for monitoring Nigeria’s rapidly shifting digital finance scene. 

She pointed out that safely adopting new technology requires regulators and the industry to actually cooperate. Bakari also praised SiBAN as the leading voice in the local blockchain space, asking the group to keep pushing for integrity within the sector.

SiBAN President Barr. Mela Claude Ake and NFIU Chief Executive Officer Hafsat Abubakar Bakari

Interestingly, Bakari didn’t just want SiBAN’s help; she pushed for tighter bonds across all Nigerian fintech and blockchain groups. A united industry, she noted, makes regulation easier and helps legitimate VASPs merge smoothly into the country’s broader financial system.

SiBAN moves to strengthen relationship with NFIU

On SiBAN’s side, President Ake tipped his hat to the NFIU for its ongoing fight against illicit financial activities. But he also made it clear that hazy rules scare off money. The delegation stressed that a clear-cut regulatory framework is exactly what’s needed to unlock major investment opportunities without killing innovation.

Speaking after the meeting, the president 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,” Ake said. “We expressed a desire to deepen that relationship for the benefit of Nigeria’s blockchain ecosystem and the Nigerian economy.” 

SiBAN President Barr. Mela Claude Ake

Ake noted that the bulk of their chat revolved around striking the right balance. Yes, oversight is critical, but he argued that heavy-handed policies shouldn’t suffocate local entrepreneurs.

The visit reflects its ongoing efforts to strengthen collaboration between the blockchain industry and key regulatory institutions as Nigeria continues to shape the future of its digital asset economy. The group has been at the forefront of advocating for smarter policies that benefit the entire industry. 

Beyond the NFIU, SiBAN recently engaged the Securities and Exchange Commission (SEC) to propose a tiered licensing framework for VASPs, aiming to protect early-stage local startups from being squeezed out by steep capital requirements.

The association has also actively collaborated with the National Information Technology Development Agency (NITDA) on the National Blockchain Adoption Strategy, cementing its role as an advocate for both innovation and compliance.

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