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Analysts caution investors against Davido’s meme coin

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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.

Entertainment

Chris Brown opens up on dating multiple ladies

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Chris Brown, the American singer, has revealed that he is in a polygamous relationship.

Brown, in a YouTube live with Kai Cenat, the US content creator, addressed questions about his personal life.

When asked if he was in a relationship, the 35-year-old Virginia-born artiste replied, “I am in multiple”.

Cenat sought clarification, asking, “Like more than one girlfriend?” Brown responded, “Something like that”.

The award-winning singer also emphasized the importance of transparency and honesty in maintaining his polygamous relationships.

“Just keep it a hundred. Be honest,” he added.

This is not the first time Brown would be addressing polygamy.

In an interview with Hot 97, the singer opened up about the challenges of maintaining a monogamous relationship due to his celebrity status and constant exposure to women.

“The hardest part is trying to keep a monogamous relationship, but still wanting to be the 25-year-old sex symbol,” he said.

“You go to shows. You might walk by somebody’s room, and you might see about six or seven of them thangs. And you’re like, dang, I just want to slide in there and have a couple drinks real quick and I’ll tell my girl about it later.”

Born Christopher Maurice Brown, the songwriter is often referred to by his contemporaries as the “king of R&B”.

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Bimpe Akintunde warns Nigerians against scammers impersonating her on WhatsApp

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Bimpe Akintunde, the Nollywood actress, has raised an alarm over a fake WhatsApp account created in her name to scam unsuspecting individuals.

The film star took to her Instagram story to share screenshots of the impersonator, posing as her to solicit money from her followers.

Akintunde expressed her frustration and disappointment, cursing the scammer for attempting to profit from her hard work. She warned the public to be cautious of the impersonator on any media platform.

The actress urged her fans to help report the scammer’s WhatsApp and bank accounts.

She also prayed that God should keep such fraudulent individuals away from her and her loved ones.

“What a morning. Tell me how this country wants to be great, when a lot of people are struggling, working hard to build a name and brand, and boom, one person will take their pictures and name only to be defrauding people up and down,” she wrote.

“Who gave birth to such a child? Useless children, may God keep them away from us.

“Please disregard any message from anyone, either in your DM or WhatsApp, asking you to send money.

“Please, it not me. I do not own this above number. I would appreciate it if we could find a way to report both the WhatsApp and the Opay account.”

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Davido advises black Americans not to relocate to Nigeria, says ‘the economy is in shambles’

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Davido, the Afrobeats star, has advised black Americans against relocating to Nigeria, citing the country’s economic challenges.

In an appearance on The Big Homies House podcast, the singer shared his thoughts on the struggles bedeviling Nigeria, stating, “It is not cool back home. The economy is in shambles”.

Davido also mentioned Nigeria’s struggles with bad leadership, a high exchange rate, and skyrocketing oil prices, which are negatively impacting the country.

“It is not cool back home. The economy is in shambles. I do my part, I am an ambassador. When I go home and I am filming, I am no going to show the bad parts,” he said.

“I am talking about the situation in the country. Now the exchange rate is messed up, a lot of stuffs are not going well.

“The economy is just not good enough. The oil price is too high. Imagine the country that produces oil, paying more for it than a country importing oil.”

Despite the challenges, Davido emphasised the entertainment industry’s positive impact on Africa’s global image.

“Regardless, entertainment is one of the thing that has made Africa look good. We do not have the best leader, that is a fact,” he said.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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