I am bringing a new update to you about a new coin that is growing now and why SEC doesnt want we nigerians to invest i.
first, let me start the question “who are SEC?”
According to wikipedia The Securities and Exchange Commission (SEC) is the main regulatory institution of the Nigerian capital market. It is supervised by the Federal Ministry of Finance.
The Securities and Exchange Commission (SEC) is not joking this time. They’ve come out strongly to warn Nigerians about Zugacoin and Samzuga GPT, saying both of them are not licensed to operate in the country.
According to the statement released on Wednesday, SEC said it has noticed a lot of online adverts promoting Zugacoin (and its variants like SZCB, SZCB2) as well as Samzuga GPT. But here’s the truth: these platforms have not been approved to operate in Nigeria’s financial market.
Let’s be clear—they’re not registered, not authorised, and not backed by SEC in any way.
So What Exactly Is the Issue?
After looking into the matter, SEC discovered that these coins are what you call meme coins. That means they don’t have any solid business, product, or project backing them. They’re basically being driven by hype, online noise, and the influence of their promoters.
Now here’s where it gets risky: most of these meme coins end up being part of what is known as a “pump-and-dump” scheme. This is when people behind the coin push up the price through aggressive marketing. Then when the price peaks, they quietly cash out, and everyone else is left with a coin that suddenly becomes worthless.
Don’t Say You Weren’t Warned
SEC has now made it clear: if you put your money in Zugacoin or Samzuga GPT, you’re doing so entirely at your own risk. There is no regulation protecting you. And if anything goes wrong, there’s little anyone can do to help.
In their words: “We advise the public to stop buying, selling, or promoting Zugacoin, Samzuga GPT, or any of their versions. Do proper checks before you invest in any crypto project.”
How to Stay Safe
It’s very simple. Before you put your money into any cryptocurrency, especially one being hyped online, go to the SEC portal and confirm whether it’s approved. If it’s not on their list, don’t touch it—no matter how convincing the promoters sound.
Final Word
In this digital age, scams are getting smarter. Some of them come dressed as “the next big thing.” But no matter how shiny it looks, don’t let anyone rush you into blind investments.
Always ask questions. Do your own checks. And if it sounds too good to be true, chances are—it probably is.