SEC reveals another fraudulent investment scheme, alerts Nigerians

• The Securities and Exchange Commission (SEC) has warned Nigerians against a caller meme coin, PUNISHER COIN
• The committee flagged the coin arsenic amerciable and not approved for nationalist issuance, asking radical to desist from the ongoing presale
• The SEC asked the nationalist to ever verify the authenticity of crypto/virtual oregon integer assets and  the registration presumption of their promoters

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Securities and Exchange Commission (SEC) has alerted Nigerians astir a caller meme coin, PUNISHER COIN, oregon SPUN, flagging it arsenic amerciable and not approved for issuance to the public.

The committee disclosed successful a nationalist announcement connected Saturday, June 7, 2025, that the promoters oregon issuers of the coin are not cleared to run successful immoderate capableness successful Nigeria’s superior marketplace and that PUNISHER COIN is not approved by the SEC for nationalist issuance.

The Director General of the Securities and Exchange Commission (SEC), Emomotimi, alerts Nigerians to PUNISHER COIN. Credit: SEC
Source: Getty Images

The SEC describes however meme coin operates

According to reports, the SEC disclosed that its preliminary findings person shown that the crypto is simply a meme coin.

“Meme coins mostly person nary usage case, intrinsic worth oregon tangible projects backing them. Any attributed worth to meme coin is usually linked to its promoters oregon the assemblage effort which much often than not are susceptible to pump-and-dump schemes (a signifier of fraudulent enactment that involves promoters spreading mendacious oregon misleading accusation to make a buying frenzy that “pumps” up the terms of a “coin’ and past “dumps” the coin by selling their coins astatine the inflated price,” the SEC said.

SEC revealed that instantly aft the promoters dump their coins and halt promoting them, the terms typically drops, and investors suffer money.

The SEC asks Nigerians to desist from presale

The SEC asked the nationalist to desist from engaging successful the coin’s presale, arsenic immoderate idiosyncratic who invests successful the strategy is doing truthful astatine their peril.

The committee asked Nigerians to ever verify crypto/virtual oregon integer assets, the registration presumption of their promoters and trading platforms through: https://home.sec.gov.ng/fintech-and innovation-hub-finpert/registered-fintech-operators/

The SEC disclosed that nether the caller Investment and Securities Act 2025, integer assets are present authoritative nether the commission’s regulatory oversight, requiring virtual plus work providers and integer plus exchanges to registry with the SEC. 

The SEC describes however meme coin promoters defraud investors. Credit: NOVATIS
Source: Getty Images

The committee has accrued its enforcement actions, publically alerting Nigerians and calling retired companies operating without due approvals.

SEC raises alert astir PWAN MAX

The determination aligns with the SEC’s larger mandate to support investors, guarantee fiscal transparency, and uphold the integrity of the superior market.

Legit.ng earlier reported that the commission warned Nigerians successful May 2025, against Property World Africa Network (PWAN) and Silverkuun Investment Cooperative Society.

The SEC described PWAN MAX’s concern thrust and solicitation arsenic amerciable and perchance fraudulent.

The superior marketplace regulator disclosed successful a statement, saying that PWAN and PWAN MAX are unregistered with the committee and deficiency the ineligible close to solicit funds from the nationalist oregon run successful immoderate capableness successful the Nigerian superior market.

According to a connection released by the Commission, PWAN and PWAN MAX are not registered with the SEC and truthful deficiency the ineligible authorization to cod funds from the nationalist oregon run successful immoderate capableness wrong the Nigerian superior market.

SEC warns Nigerians against investing with 2 Nigerian firms

Legit.ng earlier reported that the SEC has warned the nationalist regarding concern activities with RiseVest Technologies Limited.

In an authoritative connection released connected its Website, the SEC cautioned Nigerians against engaging successful immoderate signifier of concern with RiseVest Technologies Limited relating to the Nigerian superior market.

According to the SEC, RiseVest Technologies Limited has not been registered oregon authorised to run successful immoderate capableness successful the Nigerian Capital Market.

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Source: Legit.ng