THE Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians against investing in two unlicensed cryptocurrencies—Zugacoin and Samzuga GPT—labeling them as unauthorised and potentially fraudulent.
In a statement released yesterday, the Commission clarified that neither Zugacoin nor Samzuga GPT is approved for issuance to the public, and their promoters are not registered to operate in any capacity within Nigeria’s capital market.
“Preliminary investigations revealed that ZUGACOIN and SAMZUGA GPT are Meme coins. Meme coins generally have no use case, intrinsic value, or tangible projects backing them,” the SEC stated.
The Commission added that these types of crypto assets are typically driven by hype rather than real-world utility, making them highly vulnerable to pump-and-dump schemes—a practice where promoters artificially inflate prices through misleading information and then sell off their holdings, leaving unsuspecting investors with losses once the hype dies down.
As such, the SEC urged the public to avoid engaging in the purchase or promotion of Zugacoin, Samzuga GPT, or similar digital assets.
It further advised investors to always verify the legitimacy of any crypto-related investment and the registration status of its promoters or platforms by consulting its FinTech and Innovation Hub portal at [https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/](https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/) or visiting [www.sec.gov.ng](http://www.sec.gov.ng).
The Commission concluded by warning that anyone who chooses to invest in such unapproved crypto schemes does so at their own risk.