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

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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.”

Entertainment

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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US actor Jussie Smollett’s conviction for staged attack overturned

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American actor, Jussie Smollett’s conviction for fabricating a racist and homophobic hate crime in Chicago in 2019 was overturned Thursday on due process grounds.

The Illinois Supreme Court ruled that Smollett, 42, should not have been charged again by prosecutors after a prior agreement saw over a dozen original charges dismissed.

It is the latest twist in Smollett’s legal saga, which began with his initial claim in January 2019 that he had been attacked on a Chicago street.

The gay African-American actor, then a cast member of the hit TV series “Empire,” said two masked men assaulted him late at night, shouting slurs and placing a noose around his neck.

Smollett staged the attack after receiving a legitimate piece of hate mail which he felt was not taken seriously by his employers, prosecutors said.

But those charges were suddenly dropped in March 2019, under an arrangement in which Smollett forfeited his $10,000 bond and agreed to do community service.

The dismissal was met with anger by some city officials, including then-mayor Rahm Emanuel, who argued $10,000 was only a fraction of the actual investigation costs.

A special prosecutor eventually took over the case and several charges were reinstated.

Smollett, who has always maintained his innocence, was found guilty in December 2021.

Though he was sentenced to 150 days in prison with 30 months on probation, he was released pending the outcome of his appeal.

He was also ordered to repay $120,106 to the Chicago Police to cover their investigation costs.

The case had initially sent shock waves through a deeply divided country still plagued by racial and sexual discrimination, and the actor had immediately received support from celebrities in political and cultural circles.

The Illinois Supreme Court ruling said that bringing the charges a second time after “the defendant has performed his part of the bargain” represented “a due process violation.”

“We therefore reverse (the) defendant’s conviction,” the ruling 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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