Close Menu
  • Home
  • Politics
  • Entertainment
  • News
  • Interviews
  • Events
  • Fashion
  • Article
  • Lifestyle
  • Movies & TV
  • Music
What's Hot

Law Theatre petitions Minister of Interior, accuses Comptroller of extortion, demands probe, suspension

Lagos state govt denies involvement in demolition of Peter Obi’s brother’s property

Exotic cars recovered as EFCC arrests 34 suspected internet fraudsters in Ekiti

Facebook X (Twitter) Instagram
  • Home
  • Politics
  • Entertainment
  • News
  • Interviews
  • Events
  • Fashion
  • Article
  • Lifestyle
  • Movies & TV
  • Music
Facebook X (Twitter) Instagram Pinterest
DAILY BLAST
Contact
HOT TOPICS
  • Home
  • Politics
  • Entertainment
  • News
  • Interviews
  • Events
  • Fashion
  • Article
  • Lifestyle
  • Movies & TV
  • Music
DAILY BLAST
You are at:Home»Breaking News»Investing in Davido’s meme coins is highly risky – SEC warns Nigerians
Breaking News

Investing in Davido’s meme coins is highly risky – SEC warns Nigerians

DailyblastBy DailyblastJune 14, 2024002 Mins Read
Share WhatsApp Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram Copy Link
Share
Facebook Twitter LinkedIn Pinterest Email WhatsApp Copy Link

The Federal Government has issued a caution to Nigerians advising them to avoid investing in the cryptocurrency token associated with music sensation, Davido.

Last month, Davido introduced a new cryptocurrency token or memecoin that draws inspiration from himself.

Related posts:

  1. Tinubu’s aide, Bayo Onanuga deletes tweet after Maersk, denied plans of investing $600m in Nigeria’s port sector
  2. Sexual harassment: Minister of Foreign Affairs drags perm sec before Head of Service
  3. My friend who warned against investing in Nigeria now taunting me – Dangote
  4. (Video) Obasanjo’s endorsement brings lots of voters, he is highly respected – President Buhari

In a statement released on Friday, the Securities and Exchange Commission (SEC) cautioned the public about the significant risks associated with investing in meme coins.

The commission clarified that it does not consider $Davido to fall within its regulatory scope as an investment product or investable asset class.

“The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to a meme coin known as “$Davido” allegedly linked to the popular Nigerian singer, David Adedeji Adeleke AKA Davido.”

“Generally, meme coins are cryptocurrencies inspired by memes and internet jokes. They are often envisaged as a fun, light-hearted cryptocurrencies promoted through a social media community and sometimes through celebrity endorsements.

“Meme coins are also NOT intended to serve as a medium of exchange accepted by the public as payment for goods and services, or as digital representation of capital market products such as shares, debentures, units of collective investment schemes, derivatives contracts, commodities or other kinds of financial instruments or investments.

“The general public is HEREBY ADVISED that meme coins lack fundamental value and are purely speculative. The general public is further WARNED that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk.

“Capital Market Operators are by this Notice warned not to associate with instruments that fall outside the SEC’s regulatory purview. Such instruments should not in any manner be distributed or monitored through any capital market mechanism.

“PLEASE NOTE that the Commission does not recognize $Davido as an investment product or investable asset class under its regulatory purview, as such individuals who patronize it, do so at their peril. The Commission will continue to monitor developments within the ecosystem and will not relent in deploying its regulatory powers as and when required.”

Post Views: 408
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram WhatsApp Copy Link
Previous ArticleCustoms intercepts N3bn worth of cannabis imported from Canada
Next Article Rivers State University suspends four students for brutalising, inflicting injuries on colleague
Dailyblast

Related Posts

Law Theatre petitions Minister of Interior, accuses Comptroller of extortion, demands probe, suspension

June 26, 2025

Lagos state govt denies involvement in demolition of Peter Obi’s brother’s property

June 26, 2025

Exotic cars recovered as EFCC arrests 34 suspected internet fraudsters in Ekiti

June 26, 2025
Add A Comment

Comments are closed.

Recent Posts
  • Law Theatre petitions Minister of Interior, accuses Comptroller of extortion, demands probe, suspension June 26, 2025
  • Lagos state govt denies involvement in demolition of Peter Obi’s brother’s property June 26, 2025
  • Exotic cars recovered as EFCC arrests 34 suspected internet fraudsters in Ekiti June 26, 2025
  • Enugu on global spotlight as Dr Chiesonu Iziga-Eruchalu emerges UN/PAAN Girls and Women Speak Ambassador June 26, 2025
  • Govt fears placards more than guns: Sowore condemns crackdown on peaceful protesters June 26, 2025
Top Posts

(Video) female prison officer filmed having sex with inmate in London prison

June 29, 20241,415 Views

UNN suspends lecturer for allegedly impregnating four students

February 17, 20253,159 Views

(Photos) Blood bath in Ihiala as gunmen kill billionaire businessman, seven others while preparing for mother’s burial

January 2, 2025668 Views
Latest Reviews
Most Popular

(Video) female prison officer filmed having sex with inmate in London prison

June 29, 20241,415 Views

UNN suspends lecturer for allegedly impregnating four students

February 17, 20253,159 Views

(Photos) Blood bath in Ihiala as gunmen kill billionaire businessman, seven others while preparing for mother’s burial

January 2, 2025668 Views
Our Picks

Law Theatre petitions Minister of Interior, accuses Comptroller of extortion, demands probe, suspension

Lagos state govt denies involvement in demolition of Peter Obi’s brother’s property

Exotic cars recovered as EFCC arrests 34 suspected internet fraudsters in Ekiti

© 2025
  • Privacy Policy
  • Contact

Type above and press Enter to search. Press Esc to cancel.