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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.

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Kanayo, Madam Saje to get 2024 BON ‘lifetime achievement’ awards

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Madam Saje and Kanayo O Kanayo will receive the ‘lifetime achievement’ honours at the 2024 Best of Nollywood (BON) Awards.

Seun Oloketuyi, the founder of BON Awards, announced the honours in a statement on Friday.

The award event is scheduled to be held on November 24 at the Sugar Factory Film Studios in Ilorin, Kwara.

Speaking about the ‘Lifetime Achievement’ award, Oloketuyi said there is a need to celebrate film heroes while they are still alive.

He also expressed excitement about Kwara’s role as the host state of this year’s ceremony.

“Why must we wait till our film heroes are dead to give them awards? Posthumous awards are good, but it is better the recipient is alive to receive the awards,” he said.

Feranmi Olaoye, the executive producer of BON Awards, said Kanayo and Madam Saje, born Fausat Balogun, are “people we grew up watching and they deserve to be celebrated”.
“They inspired the generation we watch now, and they still maintained their stand in the industry. That’s why we have chosen them as this year’s Lifetime Achievement Award winners,” Olaoye said.
Other actors who have won the ‘lifetime achievement’ awards include Adebayo Salami, Toyin Adegbola, and Madam Kofo.
The BON Awards ceremony was first held in December 2009, in Ikeja, Lagos.

It has since continued to be a creative strata for the Nigerian movie industry.

In February, the organisers announced their partnership with Group 8 Ltd, the media firm, for the next five editions of its awards.

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‘Harry Potter’ actress Maggie Smith dies at 89

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Maggie Smith, the Hollywood actress known for her role in ‘Harry Potter’, has passed away at the age of 89.

In a statement, Toby Stephens and Chris Larkin, her sons, disclosed the film star died “peacefully” in the hospital in the early hours of Friday.

Stephens and Larkin said Smith’s passing left them “devastated and sad” while describing her as an “extraordinary person who is intensely private”.

“It is with great sadness we have to announce the death of Dame Maggie Smith,” the statement reads.

“She passed away peacefully in hospital early this morning, Friday 27th September.

“An intensely private person, she was with friends and family at the end. She leaves two sons and five loving grandchildren who are devastated by the loss of their extraordinary mother and grandmother.

“We would like to take this opportunity to thank the wonderful staff at the Chelsea and Westminster Hospital for their care and unstinting kindness during her final days.

“We thank you for all your kind messages and support and ask that you respect our privacy at this time.”

Born in Ilford, England on December 28, 1934, Smith delved into acting in 1952. Her career spanned over 60 years in television, film, and theater.

She featured in over 50 films and won several awards. She won two Oscar awards, eight BAFTA awards, four Emmy awards, two Academy awards, three Golden Globe awards and a Tony award.

In 1967, Smith tied the knot with Robert Stephens. However, they divorced in 1975.

She then married Alan Beverly Cross and remained with him till he died in 1998.

In 1990, Smith was made a Dame by Queen Elizabeth II for her contributions to the performing arts.

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Actress Bukola Olatunji welcomes baby girl in US

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Bukola Olatunji, the Nigerian actress, has welcomed a baby girl in the United States.

Olatunji took to Instagram to share photos from her maternity shoot on Friday. In an accompanying caption, the movie star revealed her baby’s name and gender.

“Oroayolojasi. It’s a girl,” she wrote.

Fans and fellow celebrities have taken to her comment section to celebrate the baby’s arrival.

Femi Adebayo, the actor wrote, “Aww… congratulations dear. Olorun a wo, Olorun a dasi”.

Nkechi Blessing added “Big big congratulations sis” while Yetunde Barnabas wrote, “Thank you, Jesus”.

Olatunji is a graduate of Public Administration from The Polytechnic of Ibadan. She has made a name for herself in the Yoruba movie industry.

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