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From High Finance to Financial Inclusion: Mamadou Kwidjim Toure’s Ubuntu Tribe

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Toure's Ubuntu Tribe

Mamadou Kwidjim Toure structured deals worth over $25 billion during two decades at KPMG, BNP Paribas, and IBM. Then he left it behind to sell gold tokens for 10 cents each.

His company, Ubuntu Tribe, launched its GIFT Gold token in Singapore on October 1. Each token represents one milligram of gold — like splitting a gold bar into 31,000 digital shares — stored in vaults across Switzerland, Germany, Dubai, and Singapore. The product targets people who can’t meet the minimum investments traditional gold dealers require.

The Career That Revealed the Gap

Toure’s work took him across 26 African markets over 20 years. He watched traditional finance serve corporations and governments while ignoring the populations that needed it most. “Traditional gold investment requires thousands of dollars. That excludes 360 million unbanked adults in Sub-Saharan Africa who need protection from currency devaluation most,” Toure said.

That experience showed him a problem banks wouldn’t solve: millions of people locked out of wealth preservation tools while inflation eroded their savings. Ubuntu Tribe emerged from that gap.

How Swiss Vaults Serve the Unbanked

The model addresses a straightforward problem. Gold has climbed roughly 1,000% since 2000, outpacing most emerging market currencies. But traditional dealers require minimum investments that exclude most Africans from accessing that protection.

Ubuntu Tribe uses blockchain to track fractional ownership of physical gold reserves. “When someone buys our GIFT Gold tokens, they’re not betting on algorithms or market sentiment. They’re buying actual gold stored in Swiss vaults, verified by independent auditors,” Toure explained.

The company maintains a Track-n-Trace system that lets anyone with internet access verify reserves in real time. Toure said Ubuntu Tribe selected partners based on traditional finance credentials. “Everything gets published publicly. We chose partners based on their reputation in traditional finance, not crypto,” he said.

Token holders can request physical gold delivery, though the company expects most to keep their holdings digital. The focus on transparency stems from a string of crypto blowups — projects that claimed backing by real assets but folded once auditors found the vaults empty.

Navigating Fragmented Regulation

Ubuntu Tribe falls under the EU’s Markets in Crypto-Assets framework—detailed disclosures, reserve requirements, regular audits. But that regulatory footing stops at Europe’s borders. In Nigeria and Kenya, where Ubuntu Tribe sees its main opportunities, the rules look entirely different.

Toure points to this patchwork as a drag on growth. “Unified standards would let us scale faster, reduce costs, and pass those savings to users.”

The Crowded Race to Tokenize Assets

Ubuntu Tribe isn’t the first to tokenize gold. Established players already offer regulated products in most of major markets. Financial institutions and crypto startups both race to digitize commodities, real estate, and other physical assets.

The company’s success in Africa will depend on whether it can secure regulatory approvals in key markets and convince users to trust that tokens genuinely represent gold reserves. The continent has adopted digital finance before — mobile money moved over $1 trillion in 2024, more than Kenya’s entire GDP, by filling gaps banks left open.

Toure declined to speculate on expansion timelines beyond stating a principle. “Any future expansion would need to serve the same fundamental purpose: protecting purchasing power for people who lack access to traditional wealth preservation tools,” he said.

Credentials Meet Mission

The model combines regulatory compliance, verifiable reserves, and fractional ownership to tackle barriers that have kept gold investment out of reach. Currency devaluation continues to erode savings in markets where formal financial services remain scarce.

Toure’s two decades structuring deals across African markets and Ubuntu Tribe’s early regulatory compliance provide advantages that many tokenization projects lack. Whether those credentials can bridge the gap between high finance and financial inclusion will depend on execution in markets that need the solution most.

The man who once moved billions now focuses on 10-cent tokens. The scale changed. The mission — protecting purchasing power for those traditional finance excluded — stayed the same.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Dangote Petitions ICPC, Seeks Farouk Ahmed’s Prosecution

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By Aduragbemi Omiyale

A petition has been filed against the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Ahmed Farouk.

The petition was written by the president of the Dangote Group, Mr Aliko Dangote, to the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Mr Dangote asked the agency to look into the finances of the head of the petroleum industry regulator, alleging the man is living far above his legitimate means as a public officer.

In the protest letter filed by his legal counsel, Mr Ogwu Onoja (SAN), the businessman claimed the NMDPRA chief spent over $7 million to educate his children, four in number, in Switzerland.

The petition, dated and submitted on Tuesday, December 16, 2025, and received by the office of the ICPC Chairman, also claimed that Mr Ahmed paid upfront for a six-month period, without any lawful source of income to justify such expenditure.

It also alleged that NMDPRA boss used his office to siphon and divert public funds for personal gain and private interests, actions which he claimed had fuelled public outrage and recent protests by various groups.

“That Engr Farouk Ahmed has grossly abused his office contrary to the extant provisions of the Code of Conduct for Public Officers and, in doing enmeshed himself in monumental corruption and unlawful spending of Public funds running into millions of dollars.

“That Engr Farouk Ahmed spent without evidence of lawful means of income humongous amount of money of over 7million dollars of Public funds, for the education of his four children in different schools in Switzerland for a period of six years upfront,” a part of the petition read.

“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement are gross acts of corrupt practices for which your Commission is statutorily empowered under Section 19 of the ICPC Act to investigate and prosecute,” another part added.

“Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five (5) years without option of fine,” it reminded the ICPC, urging it to act decisively by investigating the allegations against Mr Ahmed and prosecuting him if found culpable, stressing that the matter is already in the public domain, as this would help uphold justice and protect the image of the administration of President Bola Tinubu.

Mr Dangote promised to provide evidence to substantiate his allegations of corrupt enrichment, abuse of office and impunity against the NMDPRA chief when required.

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Former Chief Justice of Nigeria Ibrahim Tanko Muhammad Passes Away at 71

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Ibrahim Tanko Muhammad

By Adedapo Adesanya

A former Chief Justice of Nigeria (CJN), Justice Ibrahim Tanko Muhammad, has died at the age of 71.

Justice Muhammad reportedly passed away at a hospital in Saudi Arabia, about two weeks before his 72nd birthday, which would have fallen on December 31.

His death was confirmed on Tuesday in Abuja by the Bauchi State Governor, Mr Bala Mohammed, in a condolence message issued on Tuesday by his Special Adviser on Media and Publicity, Mr Mukhtar Gidado.

Governor Mohammed noted that Justice Muhammad was a distinguished son of Bauchi State whose life and career were marked by dedication, integrity, and an unwavering commitment to the rule of law.

“The late jurist was a venerable and accomplished legal icon who rose through the ranks of the judiciary with diligence and distinction, serving as a Judge of the High Court, Justice of the Court of Appeal, Justice of the Supreme Court, and ultimately as Chief Justice of Nigeria from 2019 to 2022,” he said.

According to the governor, Justice Muhammad was widely respected for his legal acumen, discipline, and immense contributions to the growth and development of Nigeria’s judicial system.

He added that the conferment of the national honour of Grand Commander of the Order of the Niger (GCON) on the late jurist was a testament to his outstanding service to the nation.

Mr Mohammed extended heartfelt condolences to the family of the deceased, his friends, colleagues in the legal profession, and the people of Bauchi State and Nigeria as a whole.

Also, the Nigerian Association of Muslim Law Students (NAMLAS) lauded the former jurist in its condolence message.

In the statement titled NAMLAS Condolence Message on the Passing of Hon. Justice Ibrahim Tanko Muhammad, GCON, Former Chief Justice of Nigeria, the association described his death as a monumental loss to the Nigerian judiciary and the nation.

“The Nigerian Association of Muslim Law Students receives with profound sorrow the news of the passing of Justice Ibrahim Tanko Muhammad, GCON, former Chief Justice of Nigeria. His demise is a monumental loss to the Nigerian judiciary, the legal profession, the Muslim Ummah, and the nation at large.”

NAMLAS described the late jurist as a towering figure of integrity, humility and unwavering commitment to justice, noting that throughout his judicial career, he exemplified fairness, courage and fidelity to the rule of law.

The association said that as Chief Justice of Nigeria, Muhammad discharged his responsibilities with wisdom and restraint, leaving behind a legacy that would continue to guide generations of legal practitioners.

Beyond his judicial service, NAMLAS highlighted his role as a mentor to young Muslim law students across the country, describing him as a fatherly figure and a source of encouragement.

“To NAMLAS, the late Chief Justice was more than a jurist; he was a fatherly pillar and a source of encouragement to Muslim law students nationwide,” the statement said.

The association extended its condolences to the family of the deceased, the Nigerian judiciary, the Federal Government and the Muslim Ummah, while praying for the repose of his soul.

Justice Ibrahim Tanko Muhammad served as Chief Justice of Nigeria from 2019 until his retirement in 2022.

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Customs, NMDPRA Strengthen Interagency Efforts Against Fuel Diversion

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By Adedapo Adesanya

The Nigeria Customs Service (NCS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are strengthening their collaboration to combat the diversion of petroleum products intended for domestic use and to safeguard Nigeria’s energy security.

This renewed partnership was highlighted during a meeting between Comptroller General of Customs, Mr Adewale Adeniyi and the NMDPRA Executive Director of Distribution Systems, Storage and Retailing Infrastructure, Mr Ogbugo Ukoha, at Customs House, Maitama, Abuja.

During the engagement, Mr Adeniyi reaffirmed the service’s commitment to strengthening inter-agency cooperation, particularly in safeguarding Nigeria’s domestic energy security and ensuring that petroleum products meant for local consumption are not diverted to neighbouring countries.

He noted that collaboration between both agencies had already produced measurable results, especially through Operation Whirlwind, which he described as a model for intelligence sharing, joint enforcement and coordinated field operations.

He said the Nigeria Customs Service remains fully aligned with ongoing reforms in the petroleum regulatory space and will continue to provide technical input, operational feedback and border management expertise to support the implementation of new guidelines being developed by the NMDPRA.

He commended the Authority for its efforts to harmonise legacy processes with the Petroleum Industry Act, stressing that clear and efficient export point procedures are essential as Nigeria moves from being a net importer to an emerging exporter of petroleum products.

“We welcome every initiative that strengthens energy security and ensures that the gains made in reducing cross border diversion are not reversed. Our shared responsibility is to protect national interest, support legitimate trade and maintain a transparent system that stakeholders can rely on. We will continue to work closely with sister agencies to achieve these outcomes,” he stated.

In his remarks, the Executive Director, Mr Ukoha, said the NMDPRA enjoys a longstanding and productive working relationship with the Nigeria Customs Service, noting that Operation Whirlwind remained the high point of that collaboration.

He explained that both agencies deployed personnel, exchanged intelligence and jointly monitored petroleum products in border corridors, leading to a marked reduction in cross border diversion.

Ukoha said the purpose of the visit was to brief the CGC on newly developed guidelines for designating export points for petroleum products as Nigeria’s refining capacity expands.

He said the NMDPRA is engaging key institutions, including Customs, the Central Bank of Nigeria (CBN), the Federal Ministry of Industry, Trade and Investment, and the Nigerian Navy, to ensure the guidelines reflect operational realities before implementation.

The NMDPRA executive recalled several field operations and strategic engagements with the Customs leadership, including the joint launch of Operation Whirlwind in Yola, where both agencies reinforced their commitment to curbing diversion and securing the domestic supply chain.

He added that while enforcement had played a major role in reducing irregular movements of petroleum products, the removal of fuel subsidy had significantly reduced the economic incentive for cross border smuggling.

According to him, the authority will continue to work closely with the Customs Service to sustain progress and ensure that petroleum exports are properly regulated without exposing the country to energy security risks.

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