In a statement posted on its official X (Formerly Twitter) handle, the Commission stated that neither the promoters nor the issuers of these assets are registered or authorized to operate within Nigeria’s capital market.
It further clarified that the two crypto assets have not been approved for public offering.
According to the SEC, preliminary investigations have revealed that both ZUGACOIN and SAMZUGA GPT are classified as meme coins digital tokens that typically lack intrinsic value, practical utility, or backing from a tangible project.
The Commission warned that the value of such coins is often driven by hype or aggressive promotion, making them vulnerable to fraudulent practices such as “pump and dump” schemes.
