The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians about the unauthorized presale of a digital asset known as Punisher Coin, or $PUN, which is currently being promoted across several online platforms.
In an official notice published on its website, the Commission emphasized that $PUN has not been registered or approved for public offering in Nigeria.
“The promoters or issuers of ‘Punisher Coin’ aka ‘$PUN’ are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market,” the SEC stated.
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According to the Commission’s preliminary findings, $PUN falls into the category of meme coins—digital tokens typically lacking intrinsic value, practical utility, or an underlying project.
These coins often gain traction through social media hype and online promotions, making them highly susceptible to manipulation.
The SEC raised concerns that meme coins like $PUN are commonly linked to pump-and-dump schemes.
These schemes involve artificially inflating the value of a token using misleading marketing, only for early promoters to sell off their holdings once the price peaks.
This practice frequently results in significant losses for retail investors once the hype subsides.
“Any person who invests in the scheme does so at his/her own risk,” the SEC warned.
This advisory is part of the SEC’s broader mandate to protect the investing public from unregulated and potentially fraudulent digital asset offerings.
The Commission urged Nigerians to always verify the registration status of any investment opportunity—especially those involving cryptocurrencies—via its official channels.
The warning comes amid growing apprehension about the surge of questionable digital assets and platforms operating outside Nigeria’s regulatory framework.
The Director-General of the SEC, Emomotimi Agama, recently cautioned Nigerian celebrities and influencers against promoting unauthorized meme coins.
Referencing the newly signed Investments and Securities Act 2025 by President Bola Tinubu, Agama noted that the Act introduces comprehensive rules for digital asset operations, including mandatory registration to foster transparency and investor protection.
“It is important that even for celebrities, we must be cautious about what we do. Becoming influencers or introducing meme coins that do not mean well for the generality of Nigerians is not going to be tolerated,” Agama warned.
He added that the new regulatory framework empowers the SEC to take decisive action against illegal crypto schemes, pump-and-dump tokens, and unregistered trading platforms, helping to create a safer and more trustworthy investment environment.
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