Nigeria’s Securities and Exchange Commission (SEC) has issued a strong warning to the public about investing in a cryptocurrency known as Punisher Coin ($PUN) — a meme coin currently being advertised across various online platforms without official approval.
According to the SEC:
$PUN is not registered or recognized for public investment in Nigeria.
It falls under meme coins, a category of crypto assets with no intrinsic value or real-world utility.
These coins are often subject to pump and dump schemes, where prices are artificially inflated before promoters sell off, leaving unsuspecting investors with major losses.
“Anyone who invests in $PUN does so at their own risk,” the SEC warned.
This caution follows a broader campaign by the Commission to protect Nigerians from fraudulent digital assets, especially with the new Investments and Securities Act 2025 empowering it to regulate crypto more effectively.
SEC Director-General Emomotimi Agama also cautioned celebrities and influencers against promoting unregulated meme coins, referencing the case involving artist Davido’s alleged coin project.
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