Nigeria’s Securities and Exchange Commission (SEC) has issued a stern warning to Nigerians about the illicit promotion and sale of a cryptocurrency called Punisher Coin, also known as $PUN. According to the SEC, this digital asset is being marketed aggressively online without proper registration or authorization within Nigeria’s financial regulatory framework.
In an official statement, the SEC made it clear: “The promoters or issuers of ‘Punisher Coin’ aka ‘$PUN’ are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market.” The commission’s research categorizes $PUN as a meme coin — a type of cryptocurrency often lacking real utility or underlying value, prone to market manipulation.
The SEC cautioned investors against falling prey to “fraudulent pump and dump operations” linked to such coins, where organizers artificially inflate prices through deceptive marketing and later sell off at a profit, leaving regular investors at a loss. “Any person who invests in the scheme does so at his/her own risk,” the regulator stressed.
SEC Director-General Emomotimi Agama also addressed celebrities and influencers, urging them to refrain from endorsing unauthorized meme coins. “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 said.
This alert comes as the SEC rolls out new rules under the recently enacted Investments and Securities Act 2025, which introduces stricter registration requirements for digital assets. The legislation aims to improve transparency and protect investors from fraudulent schemes in Nigeria’s growing cryptocurrency space.
The SEC encourages Nigerians to verify the legitimacy of any crypto investment by consulting official regulatory sources before committing funds. This warning follows previous advisories about the risks associated with meme coins, including those linked to popular figures such as Afrobeat star Davido.
