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Investing in Davido’s meme coin is highly risky, SEC warns

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6 months ago

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The Securities and Exchange Commission (SEC) has warned the public that “investing in Davido‘s meme coin is highly risky”.

A fortnight ago, the ‘Unavailable’ hitmaker launched $Davido, his new cryptocurrency coin in a partnership involving Phantom and Solana.

The coin quickly gained popularity and even earned profits for early investors.

However, it crashed shortly after with many people who invested in it reporting losses. Some social media users also called out the singer for an alleged scam.

Reacting to the development in a statement, the commission disclosed that it does not recognize $Davido as an investment product or investable asset class under its regulatory purview.

In the statement shared on Friday, SEC also warned that anyone who “patronizes the meme coin, do so at their peril”.

“The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to a meme coin known as “$Davido” allegedly linked to the popular Nigerian singer, David Adedeji Adeleke AKA Davido,” the statement reads.

“Generally, meme coins are cryptocurrencies inspired by memes and internet jokes. They are often envisaged as a fun, light-hearted cryptocurrencies promoted through a social media community and sometimes through celebrity endorsements.

“Meme coins are also NOT intended to serve as a medium of exchange accepted by the public as payment for goods and services, or as digital representation of capital market products such as shares, debentures, units of collective investment schemes, derivatives contracts, commodities or other kinds of financial instruments or investments.

“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.

“Capital Market Operators are by this Notice warned not to associate with instruments that fall outside the SEC’s regulatory purview. Such instruments should not in any manner be distributed or monitored through any capital market mechanism.

“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 Commission will continue to monitor developments within the ecosystem and will not relent in deploying its regulatory powers as and when required.”

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N5m reward offered to whoever finds Wizkid’s missing phone

Published

4 hours ago

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December 23, 2024 1:57 pm

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A N5 million reward has been offered to anyone who helps recover Wizkid‘s missing phone.

The phone went missing on Saturday during the singer’s surprise performance at the Nativeland concert at Sol Beach in Elegushi, Lagos.

In a viral video from the concert, DJ Tunez took to the stage to announce the missing phone.

He said Wizkid’s phone dropped during his performance. He also offered a N5 million reward to anyone who finds it.

“When my brother Wizkid was performing, he dropped his cell phone. Anybody that finds Wizkid’s cell phone, N5 million. It is my boss’ cell phone, if anybody finds it, bring it to me. N5 million,” he said.

https://twitter.com/DigiMillennials/status/1870893331024097335?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1870893331024097335%7Ctwgr%5E152da7d8daa3107ca1528fb2c86fd9e40dd11d90%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Flifestyle.thecable.ng%2Fwizkid-loses-phone%2F

He also shared the announcement on his X page with the caption: “I’m gooooooooooood! Please if you find Machala’s phone hit me up! Thank you!”

https://twitter.com/DJ_TUNEZ/status/1870941930970079541?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1870941930970079541%7Ctwgr%5E152da7d8daa3107ca1528fb2c86fd9e40dd11d90%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Flifestyle.thecable.ng%2Fwizkid-loses-phone%2F

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Speed Darlington gets bail after one month in detention

Published

5 hours ago

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December 23, 2024 1:10 pm

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Speed Darlington, the Nigerian rapper, has been granted bail after nearly a month in police custody.

The rapper was arrested on November 27 while performing at a show in Owerri, Imo state.

Deji Adeyanju, a human rights lawyer, had alleged that Burna Boy, the Afrofusion star, was responsible for the rapper’s arrest.

Darlington had taunted Burna Boy over his affiliation with the embattled US rapper Sean ‘Diddy’ Combs’ who is facing multiple charges for sexual exploitation and human trafficking.

He asked Burna Boy to explain how he won the Grammy award for his album ‘Twice As Tall’ — a project executive produced by Diddy. He claimed there was a sexual relationship between the duo.

Stan Alieke, the legal representative of Darlington, earlier revealed that weeks after the rapper’s arrest, the police had denied him access to bail.

The lawyer also called on the law enforcement agency not to “trample on my client’s constitutional rights”.

But in an Instagram post on Monday, Alieke disclosed that his client had been granted bail.

“Apki has been granted bail by the court,” he wrote without including much information.

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Spotify names Burna Boy as the most exported Nigerian artist of 2024

Published

2 days ago

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December 21, 2024 3:11 pm

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Spotify has released the data for the most streamed artists outside Nigeria in 2024.

On the list shared by Spotify, Grammy winner Burna Boy is the Nigerian artist with the most streams outside Nigeria. For the past couple of years, the hitmaker has been at the forefront of exporting Nigerian music globally.

Burna Boy’s feat is a testament to his global popularity which has made him the only African artist with 3 albums surpassing over 500 million streams.

Second on the list is Grammy-nominated star Ayra Starr who enjoyed a good year thanks to the release of her critically acclaimed sophomore album ‘The Year I Turned 21’ which enjoyed critical and commercial success.

The album features a star-studded lineup that includes Asake, Seyi Vibez, American singer Giveon and Coco Jones, and Brazilian star Aniita.

Rema is the third most exported Nigerian artist of 2024. His hit single ‘Calm Down’ continues to enjoy global success, especially in the United States where it became the first African song to garner 1 billion streams.

This year, Rema released his sophomore LP ‘HEIS’ which is one of the most talked about albums of 2024. The album buoyed by its upper tempo arrangement, pulsating production, and aggressive chest thumping delivered the bit records ‘Ozeba’, ‘Hehehe’, and ‘Azaman’.

Tems (4) and Omah Lay (5) rounds off the top 5. Grammy winner Tems enjoyed a successful year on the global front with the release of her debut album ‘Born In The Wild’ which earned a Grammy nomination for Best Global Album.

Top 10 exported Nigerian Artists on Spotify in 2024

1. Burna Boy
2. Ayra Starr
3. Rema
4. Tems
5. Omah Lay
6. Asake
7. Wizkid 
8. Davido
9. Fireboy
10. Victony

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