- SEC has cautioned Nigerians against investing in $Davido meme coin linked to music star Davido
- In a lengthy message released by the commission, it disclosed why it would be a risk on investors' part to buy such coins
- The SEC's statement comes amid Portable's ongoing feud with the DMW label boss, who he termed a failure
The Nigeria Securities and Exchange Commission (SEC) warned potential investors on Friday, June 14, to avoid $Davido’s coin and other meme coins.
According to the SEC, investing in $Davido’s coin, linked to music star David Adeleke, aka Davido, was risky because meme coins lack fundamental value and are purely speculative.
The commission further stated that it does not recognise the coin, and anyone investing in it does so at their own risk.
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An extract from the statement read:
"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."“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 commisson added.See a screenshot of the statement released by SEC below:
Recall that Andrew Tate roasted Davido on his podcast for promoting scam coins.
What netizens are saying about SEC's statement
Legit.ng compiled some of the reactions, read them below:
_chidi_jay:
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“Highly risky”: SEC issues warning to Nigerians investing in $Davido meme coin
"Davido what did we do to you?"nanc_y6803:
"The so called rich man pikin."lumi_perfect:
"Rest of mind for finish FC, anyways he needs money for wedding."huzanamusic:
"Make davido kuku open hk."big7record:
"Davido should just stop engaging in all thos scam & anything fraudulent, his too big to be denting his name like this & making it seem to the public like he can't be trusted. It's not really good for his brand as a global superstar."omo_iya_ologun:
"Una fav na scam."Portable calls Davido a failure
Legit.ng recently reported that Portable lambasted Davido in a live video.
Portable bragged about being more successful than Davido.
The Zazu star called OBO a failure and noted that he makes headlines and trends more than the Unavailable crooner.
Source: Legit.ng
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