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BUSINESS: Investing In Davido’s Coin Highly Risky, SEC Warns Nigerians

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The public has been cautioned by the Securities and Exchange Commission (SEC) not to invest in the meme coin that is purportedly associated with popular Nigerian artist David Adedeji Adeleke, better known by his stage name Davido.

The commission made this known in a statement published on its website on Friday.

The SEC issued a warning, saying that users of the meme coin do so at their own risk.

“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 recognise $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 statement read.

The SEC said it will keep a close watch on market developments and is ready to step in with regulatory action as needed.

The commission further explained, “Generally, meme coins are cryptocurrencies inspired by memes and internet jokes. They are often envisaged as 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 a 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 music star unveiled a meme coin called $Davido on Wednesday, May 29, 2024.

However, the meme coin has been widely criticised by Nigerians after its value nosedived just a day after its launch.

Social media was awash with disappointed investors and fans venting their frustration as the coin’s value plummeted, with many expressing their dismay and disillusionment.

BIG STORY

BREAKING: Edo Labour Party Governorship Candidate Akpata Loses Polling Unit To PDP’s Asue Ighodalo

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The Edo State Governorship candidate of the Labour party, Olumide Akpata, has lost his polling unit to PDP’s Asue Ighodalo in the ongoing governorship election in Edo

Location: PU11, Ward 06, Oredo LGA

Results:

PDP: 41

APC: 19

LP: 32

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BIG STORY

#EdoDecides: EFCC Operatives Arrest Vote-Buyers At Governorship Election

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Operatives of the Economic and Financial Crimes (EFCC) have arrested some suspected vote-buyers in the ongoing Edo governorship election.

They were arrested in the Egor Local Government Area of the state around 10:00 am, reports Channels TV.

EFCC officials left the location with three suspects – two males and a female.

But some residents kicked against the arrest, insisting they were being victimised.

The EFCC had yesterday said it was deploying operatives to monitor the election, vowing to maintain the integrity of the exercise.

“Our operatives have been deployed to monitor the conduct of the elections. We are committed to the attainment of electoral integrity by ensuring that voters cast their votes democratically without any form of financial inducement,” the agency’s spokesman Dele Oyewale said.

Vote buying is a financial crime and the EFCC won’t allow It anywhere.”

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Tinubu Gushes About Wife On Her 64th Birthday, Says “Your Love Sustains Me”

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has paid a glowing tribute to Oluremi, his wife, on her 64th birthday.

In a heartfelt message via Instagram on Saturday, the president described Oluremi as his “rock, confidant, and greatest support” and the “heart” of their home.

Tinubu expressed gratitude for his wife’s “unwavering strength, grace, and love” to him, their family, and the entire nation.

The president also prayed for “boundless joy, peace and happiness” in Oluremi’s life.

“My Dearest Oluremi, on this beautiful day, as we celebrate your 64th birthday, my heart is full of gratitude and love for the incredible woman you are.

Since we began this journey together, you have been my rock, confidante, greatest supporter, and the love of my life,” he wrote.

“Every step of the way, you have shown unwavering strength, grace, and love to me, our family, and our beloved nation, Nigeria.

You are the heart of our home, the light guiding me through the most challenging days, and the embodiment of kindness and wisdom.

Your compassion, generosity, and dedication inspire millions of Nigerians and me, especially our young women, who look up to you as their First Lady.

On your special day, I want to take a moment to tell you how truly blessed I feel to walk this path beside you.

Your love sustains me, wisdom guides me, and strength lifts me.

“I could not ask for a better partner to share the triumphs and trials of life.

As you turn 64, I wish you nothing but boundless joy, peace, and happiness.

May this year unfold with blessings, laughter, and cherished moments you so richly deserve.

I look forward to all the moments we will create together in the years to come.

With all my love and appreciation, now and always.

Your Bola.”

“Bola and Remi tied the knot in 1987. Their union is blessed with three children.”

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