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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: Anthony Joshua Involved In Road Accident, Two Die

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World-renowned boxer Anthony Joshua was involved in a road accident today in Makun, Ogun State.

Eyewitnesses report that the incident occurred along a busy highway of the Lagos-Ibadan expressway.

The vehicle carrying Joshua, a Lexus Jeep with the number plate KRD 850 HN, reportedly collided with a stationary truck under circumstances that are still being investigated.

Our reporter who reached out to PUNCH Online, who was also part of the rescue mission, said Joshua sustained minor injuries, saying that two people died on the spot.

Adeniyi Orojo, who stated that the accident happened just before Danco Filling Station.

Fans have flooded social media with messages of concern, while local authorities continue to investigate the cause of the crash.

More updates on Joshua’s condition are expected shortly.

Efforts to reach the TRACE Commandant, Akinbiyi Babatunde, on further updates about the crash were futile as calls placed to his line did not go through.

Details later….

 

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BIG STORY

Airstrikes Show Nigeria, US Resolve To Counter Terrorism — Defence HQ

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The Armed Forces of Nigeria has said the recent airstrikes in the North West demonstrate the Federal Government’s unwavering resolve to confront terrorism, carried out in collaboration with the United States.

The Director of Defence Information, Maj.-Gen. Samaila Uba, disclosed this in a statement issued on Friday in Abuja, saying the operation followed credible intelligence and was aimed at degrading the operational capabilities of the terrorists while minimising collateral damage.

According to him, the strikes were conducted with the approval of appropriate authorities as part of sustained efforts to rid the country of terrorists and other criminal elements threatening national security.

“The Armed Forces of Nigeria, in conjunction with the United States of America, has successfully conducted precision strike operations against identified foreign ISIS-linked elements operating in parts of North West Nigeria,” Uba said.

He added, “The strikes followed credible intelligence and careful operational planning aimed at degrading the operational capabilities of the terrorists while minimising collateral damage.”

Uba said the operation underscored the resolve of the Federal Government, working with strategic international partners, to confront transnational terrorism and prevent foreign fighters from establishing or expanding footholds within Nigeria.

“This action clearly demonstrates the unwavering resolve of the Federal Government of Nigeria, in collaboration with strategic international partners, to confront transnational terrorism and prevent foreign fighters from gaining any foothold within our borders,” he said.

The defence spokesman reaffirmed the commitment of the Armed Forces to the protection of lives and property across the country.

“The Armed Forces of Nigeria remains fully committed to protecting the lives and property of Nigerians and will continue to support joint, inter-agency and international efforts aimed at restoring lasting peace and security across the country,” Uba said.

Earlier on Friday, the Ministry of Foreign Affairs confirmed that Nigeria remains engaged in structured security and intelligence cooperation with international partners, including the United States, in addressing terrorism and violent extremism.

In a statement signed by the ministry’s spokesperson, Kimiebi Imomotimi Ebienfa, the ministry said the collaboration involves intelligence sharing, strategic coordination, and other forms of support in line with international law, mutual respect for sovereignty, and shared security commitments.

The ministry stressed that Nigeria’s counter-terrorism efforts are guided by the need to protect civilian lives, safeguard national unity, and uphold the rights of all citizens, irrespective of faith or ethnicity, adding that terrorist violence against any religious or ethnic group remains an affront to Nigeria’s values and international peace.

The Foreign Affairs Ministry’s statement followed comments by United States President Donald Trump, who said on Thursday that U.S. forces had carried out deadly strikes against Islamic State terrorists in Northwestern Nigeria.

In a separate social media post, United States Defence Secretary Pete Hegseth said Washington acted with the cooperation of the Nigerian government, expressing gratitude for Nigeria’s support during the operation.

The airstrikes came a day after a bomb attack on a mosque in Maiduguri, Borno State, which killed five people and injured dozens in what authorities suspect was a suicide bombing, highlighting ongoing security challenges in parts of the country.

 

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BIG STORY

FG Confirms US Airstrikes On terrorists, Cites Intelligence Cooperation

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The Federal Government has confirmed ongoing security and intelligence cooperation between Nigeria and the United States following airstrikes that hit terrorist targets in Nigeria’s North West.

“This has led to precision hits on terrorist targets in Nigeria by air strikes in the North West.”

In a statement issued on Friday, the Ministry of Foreign Affairs, signed by spokesperson Kimiebi Ebienfa, said Nigerian authorities remain engaged in “structured security cooperation with international partners, including the United States of America,” to address terrorism and violent extremism in the country.

The ministry said the collaboration, which led to precision airstrikes on terrorist targets, involves intelligence sharing, strategic coordination and other forms of support in line with international law, respect for Nigeria’s sovereignty and shared security commitments.

“Nigeria reiterates that all counter-terrorism efforts are guided by the primacy of protecting civilian lives, safeguarding national unity, and upholding the rights and dignity of all citizens, irrespective of faith or ethnicity,” the statement said.

It added that terrorist violence, “whether directed at Christians, Muslims, or other communities, remains an affront to Nigeria’s values and to international peace and security.”

The statement followed comments by United States President Donald Trump, who said on Thursday that US forces had carried out deadly strikes against Islamic State terrorists in Northwestern Nigeria.

“Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS Terrorist Scum in Northwest Nigeria, who have been targeting and viciously killing, primarily, innocent Christians,” Trump wrote on his Truth Social platform.

He added, “The Department of War executed numerous perfect strikes, as only the United States is capable of doing.”

Trump warned that further attacks would follow if the killing of Christians continued, saying, “If they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was.”

In a separate social media post, US Defence Secretary Pete Hegseth said Washington acted with Nigeria’s cooperation.

“Grateful for Nigerian government support & cooperation,” Hegseth wrote, adding that the Department of War was “always ready.”

The Ministry of Foreign Affairs said Nigeria would continue to work with its partners through established diplomatic and security channels to weaken terrorist networks, disrupt their financing and logistics, and prevent cross-border threats.

The airstrikes came a day after a bomb attack on a mosque in Maiduguri, Borno State, killed five people and injured dozens in what authorities suspect was a suicide bombing.

The ministry said it would keep the public informed through appropriate official channels.

 

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