SEC Warns Nigerians Not To Invest In Zugacoin And Samzuga

He who has ears should hear!

The Securities and Exchange Commission (SEC) has warned Nigerians not to invest in Zugacoin and Samzuga GPT.
According to SEC, these coins are unauthorised crypto assets operating without regulatory approval.

In a statement, the commission disclosed that it had observed a surge in online advertisements promoting Zugacoin under variants such as SZCB and SZCB2—and Samzuga GPT. The SEC emphasized that neither of the assets nor their promoters are registered to operate in any capacity within the Nigerian capital market.

“The Commission hereby informs the public that the promoters or issuers of Zugacoin and Samzuga GPT are not registered to operate in any capacity in the Nigerian Capital Market, and also Zugacoin and Samzuga GPT are not approved by the Commission for issuance to the public,” the statement read.

According to preliminary investigations, both Zugacoin and Samzuga GPT fall under the category of meme coins, which typically lack intrinsic value, use cases, or tangible projects. The SEC cautioned that such tokens derive their value from hype and the efforts of their promoters or community, making them especially vulnerable to “pump and dump” schemes.
These schemes involve inflating the price of an asset through misleading promotions, only for the promoters to sell off at a profit, leaving unsuspecting investors at a loss once the price crashes.


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