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With Anambra’s Igba Boi Law, Nigeria Now Needs Igba Boi Institute

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Congratulations to the Governor of Anambra State, Professor C.C. Soludo, the State House of Assembly, and the people of Anambra for the passing of the Igbo Apprenticeship System into law, which takes effect on September 10, 2025. This legislation aims to regulate, monitor, and enforce compliance with the world’s largest business incubation framework, popularly known as Igba Boi.

The new law introduces key requirements for apprentices, including the completion of junior secondary education and capping the apprenticeship period at seven years. This is a commendable effort by Governor Soludo and his team.

The Need for an “Igba Boi Institute”: The construct of this law now calls for the establishment of an Igba Boi Institute within a Nigerian university. We need to mirror institutions like the Confucius Institute (one exists in Nnamdi Azikiwe University, Awka), which serve as a platform for China to project its worldview. Nigeria and specifically the Igbo Nation need to export Igba Boi framework especially in this age where the world is experiencing wealth inequality.

As I highlighted in the Harvard Business Review, Igba Boi is a form of stakeholder capitalism that the Igbo people have been practicing for centuries. The Ghanaian concept of “sankofa”—which means “go back and get it”—is a powerful reminder that Africa can advance by leveraging its own historical knowledge and practices.

Silicon Valley calls it an “accelerator”, we call it “Igba Boi”. London calls it “stakeholder capitalism”, we call it “Umunneona Economics”. Simply, the fundamentals of these systems have long existed within Africa and we must relearn to advance.

Comment on Feed

Comment 1: It’s a good thing that the Igba Boi has been formalized and given a legal backing, so settlement at the end of service is no longer as the spirit leads. Creating an institute across educational institutions will also help, to create actionable and portable frameworks and validate case studies that can be scalable and exportable. It’s lack of intellectual framework that makes human creations seem like mystics and divine ordinance.

There will also be need for special tribunal or arbitration to speedily handle disputes. The traditional open market system is due for innovation, it cannot continue to remain as though it’s immune to evolution. Creating a legal framework is just the starting point.

Documented wisdom will always outperform and outlive folklore and fairytale.

My Response to a comment: “very wrong nomenclature for this famed Igbo practice” – I am not sure about “Ô na-amû ahia” which is “he/she is learning a trade”. The fact is this: he is my “Nwa Boi” [contextually, a young person, usually male, helping in business] is not a new phrase in the Igbo Nation. And no one uses it in a derogatory way because even boys are happy to be called “nwa boi”. What you wrote is a long-form explanation of what is happening, but that is not how to describe it.

It is like saying “He is in a university to learn” instead of saying “University Student”. The origin of Nwa Boi and Igba Boi if you look deep into Igbo etymology could be traced well before 1929. So, the 1990 case is just an isolated issue. But everything was scaled after the war as “Onye aghara nwanne ya” [do not leave your brethren behind] was put into action.

When the federal government cripped the Igbos with so many policies after the war, freezing their bank accounts, etc, the Greatest Generation of Igbos made decisions: young men must leave homeland and look for opportunities outside the Igbo Nation since it was in ruins. But as soon as they find opportunities, they must return to pick their brethren. And parents lobbied uncles, brothers, etc to take their kids since nothing was there in the Southeast as everything was bombed and destroyed.

That spirit picked up and after Christmas, boys will say “I am going to be Nwa Boi to Mazi Uche”.  By January, they’re gone. And as they did that, those Elders then said “Aku ruo ulo” [your wealth must reach home] which means even if you have found success in Kano, Lagos, etc bring some home as schools, clinics, etc are in ruins and no help is here. Check well there is that chieftaincy title “Ochi ri ozuo” [one who takes many people and train them] became iconic as those were men who raised many people]. There is nothing wrong with the “Igba Boi” phrase.

The Umunneoma Economics

Nvidia’s $46.7B Q2 FY2026 Earnings Beat Wall Street Expectations

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Nvidia chip

Nvidia’s Q2 FY2026 earnings beat Wall Street expectations with record revenue of $46.7 billion (up 56% year-over-year) and adjusted EPS of $1.05, surpassing estimates of $46.02 billion and $1.01, respectively.

Data center revenue, comprising 88% of total sales, reached $41.1 billion, up 56% from last year but slightly below the $41.3 billion consensus. Despite the beat, shares fell 3-7% in after-hours trading due to high investor expectations, a narrower beat margin compared to prior quarters, and no H20 chip sales to China due to export restrictions.

Nvidia’s Q3 revenue guidance of $54 billion (±2%) was in line with expectations, but the lack of China sales and a softer data center performance raised concerns about the AI rally’s sustainability. Nvidia’s Q2 FY2026 earnings beat estimates but triggered a 3-7% drop in after-hours trading, reflecting market sensitivity to high expectations and specific headwinds.

Nvidia’s stock has been priced for perfection due to its central role in the AI boom, with a forward P/E ratio significantly higher than peers. The narrower-than-expected beat (revenue 1.4% above consensus vs. 10-15% in prior quarters) disappointed investors, leading to the after-hours sell-off.

The in-line Q3 guidance of $54 billion (±2%) suggests robust growth (44% YoY) but lacks the upside surprise investors have come to expect, signaling potential peaking of the AI-driven rally in the short term. Data center revenue ($41.1 billion, 88% of total) remains Nvidia’s growth engine, driven by demand for AI chips like the H100 and upcoming Blackwell architecture.

However, the slight miss on data center consensus ($41.1B vs. $41.3B) and flat sequential growth from Q1 raise concerns about whether hyperscalers are nearing saturation or optimizing existing GPU deployments. Investors may question if AI infrastructure spending is slowing, especially as enterprise AI adoption lags behind hyperscaler investments.

Gross margins held strong at 75.7%, slightly above estimates, reflecting Nvidia’s pricing power and limited competition in high-end AI chips. However, rising production costs for Blackwell chips and potential supply constraints could pressure margins in future quarters.

Capex guidance of $7-8 billion for FY2026 (down from $8.7B in Q2) suggests confidence in supply chain improvements but may also signal a cautious outlook on near-term demand. Data center revenue, primarily from AI GPUs, grew 56% YoY but was flat sequentially, indicating a potential plateau in hyperscaler spending.

Major clients like Microsoft, Meta, and Google are still investing heavily in AI infrastructure, but the slight miss suggests demand may be stabilizing or shifting toward inference-focused chips, which Nvidia also supplies but at lower margins. Continued strength in data center revenue underscores Nvidia’s dominance in AI hardware, with no immediate threat from competitors like AMD or custom chips from hyperscalers.

Flat sequential growth and a small miss vs. consensus fuel concerns that the AI infrastructure buildout may be reaching a temporary ceiling, particularly if enterprise AI adoption doesn’t accelerate to justify further hyperscaler capex. U.S. export controls blocked Nvidia from selling its H20 chip (designed for China to comply with restrictions) in Q2, resulting in zero China data center revenue.

China previously accounted for 20-25% of Nvidia’s data center sales, a significant loss. The absence of China sales directly contributed to the data center miss and tempered Q3 guidance. Without export restrictions, Nvidia could have exceeded expectations by a wider margin.

Ongoing U.S.-China tensions and potential tightening of export controls (e.g., on software or cloud access) pose a persistent risk to Nvidia’s global revenue. China’s push for domestic AI chips (e.g., Huawei’s Ascend) could further erode Nvidia’s market share there.

Nvidia is developing compliant chips like the B20, but adoption is slow, and margins are likely lower than for flagship products like the H100. Nvidia’s performance is a bellwether for the AI sector. The after-hours drop may weigh on other AI-related stocks (e.g., AMD, TSMC) as investors reassess the pace of AI growth.

Nvidia’s confidence in resolving Blackwell supply issues by Q4 is positive, but any delays could exacerbate investor concerns, especially with competitors like AMD ramping up MI300 production. The market’s reaction reflects a shift toward scrutinizing Nvidia’s ability to sustain 50%+ growth rates.

If enterprise AI adoption accelerates or Blackwell ramps successfully, sentiment could rebound. Conversely, further export restrictions or demand slowdowns could prolong volatility. The loss of China revenue and flat sequential data center growth amplify concerns about the AI rally’s sustainability, contributing to the after-hours sell-off.

While Nvidia’s fundamentals remain strong, its high valuation leaves little room for error, and investors will closely watch Blackwell adoption and geopolitical developments in Q3.

Solana TVL Reaches $12.7B As Global Stablecoin Supply Hits $280B

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Solana’s decentralized finance (DeFi) ecosystem has seen a significant milestone, with its total value locked (TVL) reaching $12.7 billion, the highest since January 2022, according to DeFiLlama.

This marks a substantial increase from earlier figures, such as $6.1 billion in October 2024 and $8.6 billion in Q2 2025, driven by platforms like Raydium, which accounts for over $1.8 billion of the TVL. The surge reflects growing user trust and engagement, fueled by Solana’s high-throughput blockchain and low transaction fees, despite challenges like declining DEX volumes and NFT trading.

Global Stablecoin Supply Hits $280B

The global stablecoin supply has reached a new high of $280 billion, indicating robust growth in stablecoin adoption. Solana’s stablecoin supply alone exceeds $11.4 billion, with $215 billion transferred in July 2025, highlighting its significant role in the stablecoin ecosystem. This growth aligns with broader market trends, including institutional interest and increasing DeFi activity.

Solana’s DeFi TVL growth outpaces many competitors, positioning it as a leading blockchain for DeFi, second only to Ethereum in some metrics. The stablecoin supply milestone underscores the increasing reliance on stablecoins for DeFi liquidity and cross-chain transactions. However, Solana’s DEX volumes and NFT markets have faced declines, suggesting that while DeFi fundamentals are strong, speculative trading has cooled.

Solana’s DeFi TVL reaching $12.7 billion signals robust growth and increasing user confidence in its ecosystem. This could attract more developers and projects, further expanding DeFi offerings and potentially challenging Ethereum’s dominance in the sector.

Higher TVL suggests significant capital inflows, likely driven by Solana’s low-cost, high-speed transactions. This makes Solana appealing for yield farming, lending, and other DeFi activities, potentially drawing institutional and retail investors seeking efficient blockchain solutions.

The milestone could fuel bullish sentiment for Solana’s native token, SOL, potentially driving price appreciation. However, declining DEX volumes and NFT trading indicate that speculative fervor may be cooling, which could temper short-term price volatility.

Solana’s DeFi growth puts pressure on rival layer-1 blockchains (e.g., Avalanche, Polygon) to innovate or risk losing market share. It also highlights Solana’s edge in scalability, though network stability concerns from past outages could resurface if growth strains infrastructure.

Implications of Global Stablecoin Supply Hitting $280B

A $280 billion stablecoin supply reflects their critical role in DeFi, enabling seamless transactions, lending, and trading. Solana’s $11.4 billion stablecoin supply and $215 billion in transfers (July 2025) suggest it’s a key hub for stablecoin activity, enhancing liquidity for its DeFi protocols.

The surge in stablecoin supply points to growing institutional interest, as stablecoins are often used for cross-border payments, remittances, and as a hedge against crypto volatility. This could drive further integration of blockchain into traditional finance.

A larger stablecoin market may attract stricter regulatory oversight, especially given concerns about reserve backing and systemic risks. Jurisdictions may impose new rules, impacting stablecoin issuers and platforms like Solana that rely on them.

Stablecoins facilitate access to dollar-based assets in regions with unstable currencies, potentially reshaping financial inclusion. However, over-reliance on stablecoins could expose users to risks if major issuers face liquidity or compliance issues.

Solana’s DeFi TVL growth and the stablecoin supply surge are interconnected, as stablecoins fuel DeFi liquidity. Solana’s ability to handle high transaction volumes positions it to capture a larger share of the stablecoin-driven DeFi market.

Both trends face risks from market volatility, regulatory changes, and potential technical issues (e.g., Solana’s past network outages). Investors should monitor these factors closely. If Solana sustains its DeFi growth and leverages the stablecoin boom, it could solidify its position as a DeFi leader. However, competition, regulatory hurdles, and market dynamics will shape its trajectory.

Spot Ethereum ETFs Continue Inflows Rally Amid Jupiter Lend Public Beta Launch

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Spot Ethereum ETFs have shown strong momentum, continuing a five-day inflow streak with $307 million in net inflows, reflecting robust institutional interest.

BlackRock’s iShares Ethereum Trust (ETHA) has been a key driver, with significant contributions to the inflow trend, alongside other funds like Fidelity’s FETH. This follows a broader pattern of Ethereum ETF inflows, with cumulative totals reaching over $12 billion since their launch, despite occasional outflows earlier in August.

The recent streak aligns with Ethereum’s price surge, with analysts suggesting potential for further gains toward $5,000-$6,000 if inflows persist. On the other hand, Jupiter Lend’s public beta launch marks a significant step for the Jupiter ecosystem on Solana.

Announced recently, Jupiter Lend allows users to lend and borrow assets, expanding DeFi capabilities within the Jupiverse. This launch follows other developments like Jupiter Send, indicating ongoing growth in their product suite. Posts on X highlight community excitement around the beta, though specific details on participation or initial performance are still emerging.

The five-day inflow streak of $307 million into spot Ethereum ETFs signals strong institutional and retail investor confidence, with several implications for the crypto market and Ethereum’s price dynamics.

The consistent inflows, led by funds like BlackRock’s iShares Ethereum Trust (ETHA), indicate growing institutional interest in Ethereum as a legitimate asset class. This bridges traditional finance and crypto, potentially stabilizing Ethereum’s market perception and attracting more conservative investors.

The $307 million net inflows over five days reflect bullish sentiment, countering earlier outflows in August (e.g., $2 billion reported earlier in the month). This shift suggests investors are regaining confidence, possibly driven by macroeconomic factors like anticipated Federal Reserve rate cuts or Bitcoin’s parallel rally to $80,000.

ETFs make Ethereum more accessible to investors who avoid direct crypto ownership due to custody or regulatory concerns. Increased liquidity from ETF trading can reduce volatility over time and support price appreciation.

Strong ETF inflows may indirectly boost Ethereum’s ecosystem, encouraging development in DeFi, NFTs, and layer-2 solutions, as investor interest often correlates with on-chain activity. Ethereum’s price recently approached $4,800, with intraday highs near $4,820, up significantly from lows around $2,100 earlier in the year.

This rally aligns with the ETF inflow streak, as rising prices often attract momentum-driven investors. Bitcoin’s surge past $100,000 has fueled broader crypto market optimism, with Ethereum benefiting as the second-largest cryptocurrency. The ETF inflows amplify this, as institutional buying via ETFs reinforces price gains.

Despite Bitcoin ETF outflows in some periods (e.g., $81.36 million recently), Ethereum ETFs have maintained positive flows, suggesting Ethereum is capturing market share. This is partly due to its unique value proposition (smart contracts, DeFi) and lower market cap, offering higher growth potential.

Jupiter Lend 

Jupiter Lend’s public beta launch on Solana adds to the broader DeFi narrative. It highlights competition among blockchains, but Ethereum’s ETF-driven capital inflows give it a unique edge in attracting institutional funds, unlike Solana-based projects which rely more on retail DeFi adoption.

Ethereum’s price strength could indirectly pressure competing ecosystems to innovate faster, as seen with Jupiter’s expansion. If broader market sentiment shifts (e.g., due to unexpected macroeconomic data), ETF inflows could slow, impacting Ethereum’s price.

Ongoing SEC scrutiny of crypto products could affect ETF performance or investor confidence. Technical indicators like RSI suggest Ethereum may be nearing overbought territory, which could lead to a short-term pullback despite ETF support.

Ethereum’s price rally, driven by technical breakouts and broader market optimism, has fueled ETF inflows, creating a virtuous cycle of institutional interest and price growth. The $307 million inflow streak underscores Ethereum’s growing role in traditional finance, while projects like Jupiter Lend highlight the competitive DeFi landscape, where Ethereum’s ETF advantage gives it a unique position.

Both developments underscore the growing integration of traditional finance with crypto (via ETFs) and the expansion of decentralized finance platforms like Jupiter, signaling a dynamic period for the crypto market.

Sandbox Layoffs 50% of Its Workforce Amid Gemini Relaunching ETH and SOL Staking in UK

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The Sandbox, a blockchain-based metaverse platform, is undergoing a significant restructuring, laying off over 50% of its approximately 250 employees and closing offices in Argentina, Uruguay, South Korea, Thailand, Turkey, and Lyon, France, with further cuts expected in Paris.

Co-founders Arthur Madrid and Sébastien Borget have stepped down from operational roles, with Madrid transitioning to non-executive chairman and Borget becoming a global ambassador. Animoca Brands, The Sandbox’s majority shareholder, has assumed direct control, with its CEO Robby Yung taking over as The Sandbox’s CEO. The restructuring is driven by low user engagement, with only a few hundred daily active users, many reportedly bots, despite $300 million in funding.

The platform is shifting focus from its metaverse roots to broader Web3 applications, including a memecoin launchpad on the Base blockchain. The SAND token, trading at around $0.28, has dropped 95-97% from its all-time high, reflecting market challenges.

Gemini Launches SOL and ETH Staking in the UK

Gemini, the cryptocurrency exchange led by Tyler and Cameron Winklevoss, has launched staking services for Ethereum (ETH) and Solana (SOL) in the UK, allowing users to stake any amount of these assets to earn rewards.

Previously, UK users needed a minimum of 32 ETH through Gemini’s Staking Pro service, but this barrier has been removed, making staking more accessible. Solana offers up to 6% APR, while ETH provides a variable rate (reportedly around 2.61% in some sources). The service, integrated into Gemini’s app and web platform, emphasizes simplicity, no minimum requirements, and institutional-grade security.

This launch follows Gemini’s opening of its first permanent UK office in London and aligns with its European expansion, including a recent MiCA license from Malta. The move reflects growing competition among exchanges to offer accessible staking for passive income.

The Sandbox’s layoffs and leadership overhaul reflect broader struggles in the metaverse and Web3 gaming space. With low daily active users (reportedly a few hundred, many potentially bots), the platform’s pivot from its metaverse roots to broader Web3 applications, such as a memec breadcrumbs memecoin launchpad, signals a struggle to maintain relevance.

This suggests that the metaverse’s promise of immersive virtual worlds has not yet resonated widely with users, challenging the sector’s growth narrative. The SAND token’s 95-97% drop from its peak highlights the financial pressures facing metaverse projects.

The Sandbox’s $300 million in funding has not translated into sustainable user growth, indicating a potential overvaluation of metaverse assets during the 2021-2022 crypto boom. This could lead to a broader market correction for similar projects, with investors becoming more cautious about Web3 ventures.

Cutting over 50% of its 250-strong workforce, including key staff in multiple global offices, could damage morale and The Sandbox’s ability to innovate. The loss of institutional knowledge from co-founders Arthur Madrid and Sébastien Borget stepping down from operational roles may further hinder strategic execution.

Animoca Brands’ takeover, with CEO Robby Yung assuming leadership, suggests a shift toward tighter integration with Animoca’s broader Web3 portfolio. While this could streamline operations, it risks alienating The Sandbox’s community and developers if the new direction diverges from its original vision.

The Sandbox’s move toward a memecoin launchpad on the Base blockchain indicates a strategic pivot away from metaverse gaming toward more speculative Web3 products. This could diversify revenue streams but risks further diluting its brand identity if not executed well.

The restructuring under Animoca’s control could be seen as a pragmatic move to stabilize the company, but the significant layoffs and closure of global offices may project an image of instability, potentially deterring partnerships and users.

Implications of Gemini’s ETH and SOL Staking Launch in the UK

By removing the 32 ETH minimum requirement (previously ~$80,000), Gemini’s staking service for ETH and SOL makes proof-of-stake (PoS) networks more accessible to retail investors. With Solana offering up to 6% APR and Ethereum a variable rate (around 2.61%), this move could attract a broader user base seeking passive income, boosting crypto adoption in the UK.

The no-minimum staking model and user-friendly interface position Gemini as a strong competitor against exchanges like Coinbase and Kraken, which also offer staking. This could drive market share growth, especially among new crypto users looking for low-barrier entry points.

The launch, coupled with Gemini’s new London office and MiCA license from Malta, signals a strategic push to capture the UK and European markets. The UK’s relatively clear regulatory stance on staking compared to other jurisdictions provides a favorable environment for Gemini’s expansion, potentially setting a precedent for other exchanges.

Gemini’s ability to navigate past regulatory challenges (e.g., a $5 million CFTC settlement in 2025 and dropped SEC charges in 2023) suggests a robust compliance framework, enhancing its credibility among institutional and retail investors. This could attract more conservative investors to its platform.

With traditional UK savings accounts offering low returns, Gemini’s staking service provides an alternative for retail investors to earn yields on crypto holdings. This could drive demand for ETH and SOL, potentially stabilizing or increasing their market prices. Gemini’s emphasis on institutional-grade security and daily reward tracking enhances user trust, critical in a market wary of crypto scams.

However, the variable ETH staking rates and potential slashing risks (though mitigated by Gemini’s reimbursement policy) require users to stay informed about network dynamics. The staking launch intensifies competition among exchanges offering high-yield, accessible staking services.

Platforms like Binance and Kraken may respond with similar no-minimum offerings, potentially leading to a race for better yields and lower fees. Gemini’s staking service, alongside its XRP Edition credit card and RLUSD stablecoin integration, reflects a trend toward diversified crypto products that bridge traditional finance and DeFi.

Gemini’s financials show a $282.5 million net loss in H1 2025, despite its diversified offerings. Continued crypto market volatility could impact staking rewards and user participation, especially for ETH’s variable rates. While the UK’s regulatory environment is favorable, potential shifts in EU or global crypto regulations could affect Gemini’s European expansion, particularly post-MiCA compliance.