General
From High Finance to Financial Inclusion: Mamadou Kwidjim 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.
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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