On the previous day, the Securities and Exchange Commission (SEC) cautioned the public about investing in Zugacoin and Samzuga GPT, identifying them as unauthorized crypto assets.
On Wednesday, the commission issued a statement noting that it had become aware of online ads for Zugacoin (including variants like SZCB and SZCB2) and Samzuga GPT, even though these do not have regulatory approval.
The statement reads, “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 that Zugacoin and Samzuga GPT are not approved by the Commission for public issuance.”
Initial inquiries showed that Zugacoin and Samzuga GPT are classified as meme coins. Generally, meme coins lack a use case, intrinsic value, or tangible projects to support them.
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