Financial analysts have raised concerns over Davido’s newly launched meme coin and warned about the associated risks.

The introduction of the coin into the market has sparked a debate within financial circles.

Experts have highlighted similarities to historical Ponzi schemes, such as MMM, where millions of investors lost substantial amounts of money.

Analysts argued that such coins often capitalise on the popularity of individuals without strong underlying fundamentals or a clear business model.

A financial analyst, Vincent Nwani, stated that if such a coin was allowed to flourish, it would negatively affect the Nigerian financial system.

He said, “To begin with, I’m a huge fan of Davido, his music, and his family, and I will continue to enjoy his tremendous contribution to the Nigerian entertainment industry. Notwithstanding, the recently launched Davido coin is a bit overboard for me because of its semblance to various Ponzi schemes that we have contended with in this economy.”

He noted that Davido’s celebrity status and fan base were the primary drivers of the coin’s value proposition.

“I say this for so many reasons. First, the workings of the coin seem to be conceived on the strength of Davido’s popularity, which he follows with a firm belief that the platform can successfully leverage his brand. If such a coin is allowed to thrive, what it does is that other popular personalities in Nigeria will quickly follow suit, and gross cases of abuse become inevitable. No doubt, this reality has a downside implication for the Nigerian financial system.

“The MMM experience remains so fresh in our minds. Three million Nigerians lost about N18bn to MMM, and this must not be allowed to happen again.”

The Security Exchange Commission has stated that the meme coin did not get regulatory approval and warned capital market operators not to associate with it.

Another financial analyst, Ambrose Omorodion, advised anyone without financial knowledge to avoid investing in cryptocurrency, adding that the SEC would not take the business to court if investors suffered losses.

“In the financial market, we need more products to fall into. However, meme coins are highly risky and I believe that is why the SEC came out to warn people that they are risky.

“Also, since cryptocurrency has emerged in the global space, I can see that people are now venturing into it, but my advice is that if they do not have the financial knowledge, they should not go into it or invest at all. The SEC will not sue the company if investors become victims,” he explained.

Nollywood actress Osas Ighodaro has explained how losing her mother made her become more carefree and less worried about people’s opinions about her.

Speaking on Arise TV, the actress opened up about the shift in her approach to life, which made her more free-spirited.

“I know a transition happened for me because I used to be in my head a lot and I used to worry about what people thought about me a lot. But when I went through the experience of losing my mum in 2020, I realised how much she gave to so many people and she didn’t take care of herself.”

“I used to be in my head a lot”

– Osas Ighodaro pic.twitter.com/GXFuPY8DIf

— @𝗼𝗻𝗲𝗷𝗼𝗯𝗹𝗲𝘀𝘀𝗯𝗼𝘆 (@OneJoblessBoy) June 21, 2024

She stressed that losing her mum led her to prioritise her self-expression and self-love over worrying about others’ opinions. Ighodaro stated that changing her mindset also enabled her to enjoy life and what it has to offer and she has been happier since.

The actress explained, “I said ‘Wait a minute? I’m not going to end up like that. I’m going to live my life and I’m going to the the best that I can be and I want to represent her legacy to the best of my abilities. It’s been free since then, I’ve been living life and being happy and enjoying every moment; whether it’s good or bad. You either learn from it or enjoy it and that’s how I live my life.”

“A lot of people come up to me and say ‘I love your dancing,’ and that’s part of the freedom for me. I used to be so self-conscious before but who cares at this point, I am a thespian but I’m also someone who loves life and loves to travel and enjoy herself and dance,” she concluded.

See the full interview below:

The University of Port Harcourt Teaching Hospital (UPTH) has clarified reports claiming Burna Boy settled the medical bills of all its patients.

In early June, the Afrofusion singer visited the University of Port Harcourt (UNIPORT) and its teaching hospital.

Burna Boy was said to have settled the outstanding medical bills of some patients.

Some reports, however, claimed that the singer covered the bills of all the hospital’s patients.

Elabha Meni, the institution’s spokesperson, has now clarified that Burna Boy only selected patients for cash gifts or donations.

Meni said in a statement on Friday that the hospital did not receive any direct payment from Burna Boy on behalf of patients.

“We commend Burna Boy’s kindness in financially assisting select patients in our hospital to offset their bills during his visit on June 11,” Meni said.

“However, contrary to reports stating that all patients’ bills in UPTH were paid during the visit, only selected patients received cash gifts or donations.

“The hospital did not receive direct payments from the musician and his team on behalf of patients to support this worthy course of reducing healthcare costs.”