•Launches Utribe wallet, GIFT token
By Chinenye Anuforo
Ubuntu Tribe, in collaboration with Red Media and DLM Capital Group, has positioned to strengthen Nigeria’s capital markets by introducing natural mineral tokenised assets through the launch of Utribe and GIFT token.
The Utribe wallet is a platform that empowers users to access GIFT, a 1:1 gold-backed digital certificate of gold ownership. This wallet is set to redefine wealth management, providing secure and transparent access to GIFT which is backed by LBMA-approved, insured, audited and physically secured gold in world-class vaults situated across Europe, the Middle East, Switzerland, and Southeast Asia.
Mined sustainably and made secure and accessible to all, these assets aim to usher in a new era of wealth security and increased opportunities for individuals and nations alike. The overarching goal is to enhance knowledge, access and participation in the global economy, fostering prosperity and inclusivity.
Ubuntu Tribe is a tech company whose primary goal is to help Africa leverage on its natural resources to create shared prosperity. “So what we do basically is to provide the oppourtunity for anyone in Nigeria and in Africa and around the world to be able to buy gold from as low as five cents from their mobile phone and our model allows to have this as a savings instrument but also as an investment, to be able to trade but also preserve against currency depreciation”, Mamadou Kwidjim Toure, CEO/ Founder, Ubuntu Tribe told journalists at the sideline of the launch event.
He discussed how technology can help Africa monetize its underground resources and build its economy. Toure proposed using satellites and drones to map resources and generate immediate revenue by selling fractional ownership of the resources. “This can be done through a mobile wallet app, allowing equal access to opportunities.”
He also mentioned that they have secured and audited gold available for purchase, which can be verified publicly, emphasizing the need to give people in Africa the chance to realize their potential”.
He said the whole idea was effectively to issue gold ownership certificate stating GIFT is not a cryptocurrency but a digital asset. “So, GIFT ultimately is a digital certificate of gold ownership. And because it’s digital, it’s transferable. Your gold doesn’t move, right? But your ownership of it, you can be transferred”, he said.
On how secure investment in Utribe is, Toure explained that GIFT is a regulated security backed by real assets, specifically gold. He emphasized that buyers directly own the gold, unlike other projects backed by derivatives. “The gold is stored under the buyer’s name in a private vault, ensuring protection even if the company goes bankrupt.”
Toure also said the Security and Exchange Commission of Nigeria is aware of their operations and are looking to collaborate on asset tokenization.
He added that the target audience for the project is broad, as gold is desired by individuals and companies alike. The CEO addressed concerns about fraud stating the company have real-time proof of reserves, third-party verification, and the ability to test the system by buying and requesting delivery of the gold.
Also speaking at the event, Mr.
Oscar Onyema, the Group Managing Director and CEO of the Nigerian Stock Exchange Group highlighted the advantages of tokenization to include immutability, traceability, global accessibility, and fractionalization. He also stated that investment in Utribe is safe for Nigerians, as it has gone through regulatory processes and is approved by the Nigerian Securities and Exchange Commission.
He believed that asset tokenization has the potential to accelerate economic development in Nigeria by improving access to financing and new asset classes.
On his own part, Sonnie Babatunde Ayere, CEO, of DLM Capital Group, diversified financial services company expressed enthusiasm about the launch of Utribe Wallet and GIFT stating it will give many people the opportunity to keep the value of their wealth without having to buy $ which puts negative pressure on our Naira.
He explained his company would be providing securities trading for Ubuntu, allowing users to buy and sell tokens with ease adding that investing in gold tokens is a safe way to preserve capital and hold value.
“Tokenization allows for fractional ownership of assets, making it accessible to a wider audience”, Ayere said.
Adebola Williams, Co-founder, and Chairman of RED Media Africa, underscored the influential role of media in shaping narratives. “RED Media is dedicated to telling the story of Africa and its products. We are thrilled to witness the positive impact of regenerative finance on our continent.”