SEC warns Nigerians against investing in Davido’s meme coins

The Securities and Exchange Commission has warned Nigerians against investing in a meme coin known as $Davido, allegedly linked to Nigeria’s afrobeat singer, David Adeleke, known as Davido.

According to a statement by the Commission, meme coins are cryptocurrencies inspired by memes and internet jokes.

Highlighting the risk associated with the coins, the commission said the coins are speculative and lack value.

It also warned capital market operators not to associate with instruments that do not align with SEC’s regulations.