Good People, join me to congratulate the big boss, Chairman Tony Elumelu, for taking UBA to the mountaintop as the Africa’s global bank picks a license to begin full-scale banking operations in France: “The United Bank for Africa (UBA) has entered into a pivotal agreement with the French government to establish full-scale banking operations in France. The move represents a major step forward in UBA’s mission to connect Africa to the global financial system, marking a new chapter in the bank’s international expansion strategy.”
As a teacher, many things have become very easy in business because Chairman Elumelu gave a village boy from Ovim the opportunity to enter those special rooms.
When he invited me to join the advisory board of the $100 million Tony Elumelu Entrepreneurship Fund, it was my first time doing anything in that domain. I was just a teacher teaching microelectronics at Carnegie Mellon University, but here a banking legend felt he could be valuable. In the last few weeks, we have invested in 15 companies in Mexico, US, India, UK, Nigeria, etc via Tekedia Capital, and what we do possibly may not have happened without those privileged exposures.
So, on this day, I congratulate him, the UBA family, and Nigeria, for this major win. Nigeria needs to be represented in all the key markets in the world. The UBA logo welcoming all of us in France, at the retail space beyond its previous structure in Paris, London, New York, etc, is moving forward, for Africa.
Since its first launch in early 2023, Pepe (PEPE) experienced a run of the ages as it soared by nearly 200x in the span of a year and a half. Along the way, Pepe minted more than a few millionaires and although it can still bring substantial returns in the upcoming months.
Another newcomer, Cutoshi (CUTO) in the meme coin space could mimic Pepe’s path in 2025.
Pepe Rebounds From The Lows With A 7% Daily Surge
Over the last months, Pepe scaled the crypto ranks with ease, becoming the 3rd largest meme coin after Dogecoin and Shiba Inu and claiming the 19th place on the crypto totem pole with $7.2 billion in market capitalization.
After a triple-digit monthly rally that saw it break to a new all-time high of $0.0000248, Pepe (PEPE) entered a cool-off phase with its price consolidating around the $0.000019 mark. Today, Pepe trades at $0.0000194 with a 7% intraday increase that’s offset by a 7.4% weekly decline.
Despite the short-term turmoil, the big picture is undoubtedly bullish for Pepe. Renowned analyst Bluntz Capital has pointed out that Pepe is forming a falling wedge pattern on the chart. Once a breakout is confirmed, Pepe will regain its upward momentum and probably see a new peak by the end of 2024.
This thesis is also corroborated by Pepe’s daily RSI, which currently sits at 60, indicating sustained buyer interest while still being far from overbought territory. This means that Pepe still has a lot of fuel left in the tank before topping out.
While Pepe is still a great investment, with the meme coin euphoria gripping the markets, its multi-billion valuation makes it significantly harder for Pepe to experience the same gigantic price multiples of the past. This is why savvy investors are rotating profits into promising but undervalued projects such as Cutoshi.
Cutoshi Is Spearheading A New Meme Coin Revolution
Cutoshi blends together meme energy and state-of-the-art blockchain tech. The project brings a revolutionary DeFi platform that could give established DEXs such as Uniswap and Raydium a run for their money.
The project’s flagship feature is CUTO DEX, a novel cross-chain exchange that connects all major blockchains and allows for cheap and near-instantaneous transactions.
Cutoshi is the digital descendant of the Lucky Cats from Japanese legends, who are said to bring good fortune to businesses and households. Cutoshi tokenizes good fortune and brings it on the blockchain through the viral Cutoshi Farming initiative.
Cutoshi wants its community to win big and spread the good word by completing fun missions and tasks. For their efforts, individuals will receive CUTO points, which can then be redeemed for the native $CUTO token once it hits the markets. A staking system will also be available post-launch, allowing users to enjoy a passive income stream.
Just a few days ago, Cutoshi gave the start to a contest, encouraging the community to share their best memes for the chance to win a cut of the $2,000 prize pool. To learn more, head over to Cutoshi’s official X account.
One of Cutoshi’s focuses is to bridge the knowledge gap and lower entry barriers. This is why the Cutoshi Academy was envisioned. This is an educational platform that aims to lend a helping hand to beginners and demystify key concepts such as DeFi. In the academy, newcomers will find free resources that teach the basics of trading, investing and future-proof portfolio management.
Stage 3 of the $CUTO presale is wrapping up and tokens are available at a discounted price of $0.0259. Over $1.1 million has been raised and demand is not slowing down with investors buying up tokens in anticipation of additional price increases.
For more information on the Cutoshi (CUTO) Presale:
After a slight dip midweek, the crypto market has regained its momentum as overall market cap hits $3.4 trillion. Solana has recovered from its weekly low of $223, while Shiba Inu is struggling to hold onto its gains. Meanwhile, investors are flocking to Yeti Ouro (YETIO) to capitalize on its 20% Black Friday bonus.
Solana News: SOL Targets $400 As Shiba Inu Coin Dips
Solana price dipped from $263 at the start of the week to trade just above $220 midweek, its lowest price since November 17th. The entire Solana ecosystem faced headwinds, with the overall market cap of the network’s tokens dipping from $350 billion to $228 billion, and their trading volume dipped nearly 50%.
However, since then, it has gained 10% to end the week on a high. Its market cap is now above $116 billion, but trading volume is still way below the highs it recorded a week ago.
SOL trades just below the 50% Fibonacci retracement level from the downward swing, and to sustain its revival, it must sustain above $244, its 61.8% Fib retracement level.
Despite the short-term volatility, Solana is positioned for major gains by the end of the year, and holders are targeting $400. Solana remains one of the most diverse and robust networks and has been competing with Ethereum for the throne of the ultimate decentralized ecosystem. In the past few weeks, Solana dApps, including its decentralized exchanges (DEXes), have been outpacing Ethereum. The network has also been generating more revenue than Ethereum on some days, giving a peak into the future of both networks.
Shiba Inu Coin News: SHIB Sees A Dip
While Solana shines, Shiba Inu price has been shaky this week. The second-largest memecoin was unable to sustain the gains that the US elections sparked earlier this month, dipping drastically on Wednesday. While Shiba Inu coin has recorded a slight comeback over the past two days, it has still yet to rediscover its form.
On-chain data shows that SHIB’s fortunes could get drastically worse if it falls below $0.000025. Above this price point, nearly 79% of all SHIB holders are in profit. However, if the memecoin dips below this price level, it could trigger massive sales of up to 76 trillion SHIB, which would be catastrophic for its price.
Investors Flock To Yeti Ouro For Black Friday Bonus
Investors on the hunt for the next 100X crypto opportunity are flocking to Yeti Ouro in its ongoing presale, whose first stage has raised $730,000 and sold over 60.6 million YETIO tokens. The investor interest has been reignited by a limited-time 20% Black Friday bonus, which ends on December 2nd. With the token going for $0.012 during the current presale stage, Yeti Ouro has emerged as one of the best opportunities in crypto today.
YETIO’s supply is capped at one billion tokens, and 5% of it is allocated to its token-burning mechanism. This ensures that the token stays deflationary and, unlike many other memecoins in the market with trillions of tokens in supply, it gives it a platform for future gains.
Yeti Ouro revolves around Yeti Go, its new and thrilling play-to-earn (P2E) game, where players get rewarded in YETIO for winning their races. They also pay race entry fees, purchase customizations and weapons and stake the tokens for exclusive content.
The United Bank for Africa (UBA) has entered into a pivotal agreement with the French government to establish full-scale banking operations in France.
The move represents a major step forward in UBA’s mission to connect Africa to the global financial system, marking a new chapter in the bank’s international expansion strategy.
The agreement was formalized during President Bola Tinubu’s state visit to France, with Tony Elumelu, Chairman of UBA Group, signing the deal alongside Antoine Armand, France’s finance minister. The ceremony was witnessed by both President Tinubu and French President Emmanuel Macron.
In a statement, UBA described the deal as a “significant indication of support by the French Government for the development of UBA’s full banking operations in France,” underscoring the growing collaboration between Africa and Europe.
Tony Elumelu highlighted the importance of this expansion in his remarks at the signing ceremony.
“This partnership reinforces UBA’s commitment to providing seamless international banking services for its customers—not just across the 11 Francophone African countries it serves, but throughout Africa; and French and European customers transacting with Africa,” he said.
Elumelu also positioned Paris as a key addition to UBA’s global network.
“Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together through innovative financial solutions. Paris will join London, New York, and Dubai as a critical component of our unique global network,” he stated.
A Broader Trend of Nigerian Banks Expanding Abroad
UBA’s move into France reflects a growing trend among Nigerian financial institutions establishing a foothold on the global stage. Experts have noted that this trend was pioneered by the late Herbert Wigwe, the former CEO of Access Bank, whose transformative leadership laid the foundation for Nigerian banks’ international ambitions. Wigwe’s legacy of global expansion is believed to have inspired other institutions to explore and penetrate foreign markets.
Under Wigwe’s tenure, Access Bank grew from a mid-sized Nigerian bank into a leading Pan-African institution with operations spanning several continents. His efforts have been widely credited with opening doors for Nigerian banks to compete on the global stage.
Economic analysts and banking experts have hailed UBA’s expansion as a testament to the growing confidence of Nigerian financial institutions in their ability to operate successfully in highly competitive international markets. They see this trend as not just an economic milestone but also a demonstration of Nigeria’s increasing influence in global finance.
What This Means for UBA and Nigeria
UBA’s expansion into France is expected to facilitate better financial services for Francophone African countries while providing European customers with seamless access to African markets. The move strategically positions Paris as a hub for UBA’s European Union operations, complementing its existing presence in global financial centers like London, New York, and Dubai.
The development also underscores Nigeria’s commitment to enhancing its financial services sector as a catalyst for broader economic growth. It is believed that UBA and other Nigerian banks are playing a crucial role in deepening trade, investment, and financial inclusion across continents by fostering connections between Africa and Europe.
UBA operates in 20 African countries and has established a robust presence in major financial hubs, offering retail, commercial, and institutional banking services. With over 25,000 employees and a customer base exceeding 45 million, UBA is one of Africa’s largest employers in the financial sector.
With France serving as UBA’s new EU hub, the bank is expected to unlock new opportunities for African businesses and European investors, further cementing its position as a trailblazer in international banking.
In Nigeria’s fiscal landscape, the new tax bill has sparked debates about its potential to recalibrate the nation’s revenue streams and foster economic sustainability. In this piece, our analyst addresses some critical questions as the debate rages on. What problems does the bill claim to address, whose interests does it prioritize, and how does its framing influence public perception? Beyond its technical language, the tax bill carries profound implications for equity, governance, and social justice.
Framing the Problem: Revenue Dependency and Tax Evasion
At its core, the tax bill identifies Nigeria’s over-reliance on oil revenues and low tax compliance as critical fiscal challenges. By expanding the tax base to include emerging sectors, such as digital markets, and strengthening enforcement mechanisms, the bill seeks to address these issues. On the surface, these appear to be pragmatic solutions to fiscal instability.
Yet, this framing of the problem carries certain assumptions. It portrays fiscal deficits as primarily a technical issue of insufficient revenue collection rather than a systemic one rooted in governance deficits. Corruption, inefficiencies in tax administration, and lack of transparency—critical factors undermining public trust—are conspicuously absent from the policy’s narrative. By narrowly focusing on compliance, the bill risks perpetuating the view of taxation as an extractive tool rather than a collective investment in national development.
The Power Dynamics of Tax Policy
Taxation is inherently political, reflecting and reinforcing power dynamics within society. In this context, the bill elevates the state as the primary authority over economic activities while positioning taxpayers as subjects of compliance.
However, this dynamic reveals a trust deficit. Decades of mismanaged public funds have eroded citizens’ confidence in the government’s ability to utilize tax revenues effectively. Without addressing this trust deficit, efforts to expand compliance may encounter resistance, particularly from informal workers and small businesses already burdened by economic uncertainties.
Further, the bill aligns with global tax standards, such as curbing Base Erosion and Profit Shifting (BEPS) by multinational corporations. While this alignment is commendable, it largely serves the state’s interests in negotiating with large corporations. Meanwhile, local businesses—especially those in the informal sector—struggle with limited institutional support, placing them at a disadvantage in this new tax regime.
Exhibit 1: Issues and opportunities in the proposed bill
The language of the tax bill is steeped in technical jargon, emphasizing modernization, compliance, and revenue diversification. This language conveys a sense of inevitability and progress, masking the political nature of taxation and its redistributive consequences.
For example, terms like “tax compliance” and “enforcement mechanisms” are presented as neutral tools for fiscal discipline. However, they carry implicit moral judgments, framing taxpayers as either cooperative citizens or deviants undermining national development. This binary framing risks alienating small businesses and informal workers, who may face systemic barriers to compliance rather than deliberate tax evasion.
Moreover, the bill’s language overlooks the socio-political realities of enforcement. Increased taxation without addressing systemic inefficiencies in tax collection could exacerbate the financial burden on marginalized groups while enabling elites to exploit legal loopholes.
Equity in Focus: Who Gains, Who Loses?
From a social justice perspective, the bill raises critical concerns about equity. Its emphasis on broadening the tax base may inadvertently burden low-income earners and small businesses, who already operate in a challenging economic environment. Without progressive measures—such as tax reliefs for low-income groups or incentives for small businesses—the reforms risk deepening existing inequalities.
Conversely, the bill’s provisions for addressing multinational corporations’ tax practices represent a potential win for equity. By ensuring that wealthier corporations contribute their fair share, the policy could reduce fiscal inequities. However, the effectiveness of these measures hinges on robust enforcement mechanisms and the government’s willingness to resist corporate lobbying.
Exhibit 2: Network of issues and opportunities in the proposed tax bill
Source: Infoprations Analysis, 2024
The Informal Economy: A Marginalized Stakeholder
The informal economy, which constitutes a significant portion of Nigeria’s GDP, is notably underrepresented in the bill’s narrative. While the policy seeks to integrate informal workers into the tax system, it provides little clarity on how systemic barriers—such as lack of financial inclusion or complex registration processes—will be addressed.
For many informal workers, taxation is not just a financial burden but also a bureaucratic challenge. Simplifying tax processes, providing incentives for formalization, and ensuring that tax revenues translate into tangible benefits are critical to fostering compliance and trust among this group.
Public Trust and Governance: The Missing Link
The success of any tax reform lies in its ability to foster public trust. Citizens are more likely to comply with tax obligations when they perceive that revenues are being utilized transparently and effectively. Unfortunately, Nigeria’s fiscal history is marred by allegations of corruption and mismanagement, undermining confidence in the tax system.
To bridge this trust gap, the government must adopt a participatory approach to tax reform. Engaging citizens in fiscal decision-making, enhancing transparency in public expenditure, and demonstrating accountability are crucial steps toward building a more inclusive and equitable tax system.
Toward a Just and Sustainable Fiscal Future
The Nigerian tax bill represents a significant step toward fiscal modernization and economic diversification. However, its potential benefits must be weighed against its social and political implications. By framing taxation as a neutral economic tool, the policy risks obscuring its redistributive effects and marginalizing vulnerable groups.
To ensure its success, the government must go beyond technical fixes and address the deeper systemic issues that undermine public trust. This includes tackling corruption, simplifying tax processes, and fostering a more inclusive dialogue on fiscal priorities. By aligning taxation with broader social and economic goals, Nigeria can create a tax system that not only generates revenue but also promotes equity, inclusion, and trust.
In the end, taxation is not merely about numbers; it is about building a fairer society where every citizen, regardless of income or status, contributes to and benefits from national development. Through a more equitable and transparent tax policy, Nigeria can lay the foundation for a just and sustainable fiscal future.
