The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in a cryptocurrency called Punisher Coin, also known by the symbol $PUN.In a statement issued Sunday in Lagos, SEC said the presale was unauthorised and lacked regulatory approval, resembling a Ponzi scheme.

According to the statement, the promoters of $PUN are not registered to operate in any capacity within Nigeria’s capital market. The Commission said: “Our attention has been drawn to online promotions of an unauthorised presale for a cryptocurrency called Punisher Coin, also known as $PUN. “Of particular concern is an article by Daily Trust E-Paper titled: ‘Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink.’”SEC clarified that Punisher Coin and its promoters are neither registered nor approved to promote, launch, trade, or solicit investment from the Nigerian public.Preliminary investigations indicate Punisher Coin is a ‘meme coin’ — a type of digital asset often lacking tangible utility or a supporting project.Further findings confirm $PUN is indeed a meme coin, typically without real-world value, purpose, or technical foundation backing its existence.The value of such coins is usually driven by hype, social media trends, or promotional efforts by its creators and community.This makes them vulnerable to ‘pump and dump’ schemes — fraudulent tactics used to inflate and then crash a coin’s market price.In such schemes, promoters spread false hype, creating buying pressure, then sell off their holdings at the peak, leaving others with losses.After the promoters sell and stop hyping, the coin’s value usually plummets, causing unsuspecting investors to lose money rapidly.SEC noted these coins’ value is largely based on manipulation, not substance, with price swings driven by excitement and misleading claims.The public is therefore strongly warned against participating in the presale of Punisher Coin, as any investment is entirely at one’s own risk.The Commission urges investors to verify the legitimacy of any digital asset, its promoters, and platforms before committing funds.Verification can be done via SEC’s official portal: https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators.(NAN)

By David Torough, AbujaThe Federal Government has announced a comprehensive plan to rehabilitate 417 grazing reserves across the country as part of efforts to end the long-standing clashes between herders and farmers.Senior Special Assistant to the President on Livestock Development, Idris Ajimobi, revealed that the government was working closely with both local and international partners through the newly created Ministry of Livestock Development to realise the initiative.

Ajimobi, who spoke at the weekend in Ibadan, stated that the plan is to revive at least two to three grazing reserves in different parts of the country within the next 12 to 18 months as a pilot phase of a broader rehabilitation programme.“The target is to revive all the grazing reserves as much as possible,” he said. “Some have unfortunately become overrun by aggressive weeds, making them inhabitable for livestock, but a large number—about 400—are still functional and require minimal upgrades to return to standard.”According to him, engagements with local and foreign stakeholders are already underway to assess investment interests and collaboration opportunities. “There is interest from all over, and we are speaking with partners to identify who can come in where,” he added.The initiative is a key part of President Bola Tinubu’s strategic response to the decades-old herders-farmers conflict, which has disrupted livelihoods and strained rural economies across the country.Ajimobi also highlighted early achievements of the Ministry of Livestock, noting that beyond reviving grazing reserves, the ministry is focused on addressing the root causes of the conflict—chiefly, the lack of access to clean water, food, and healthcare for livestock.“We are going back to the drawing board to identify all the sources of the problem and address them,” he explained. “We must engage the people, sensitise them, and carry them along because we cannot do it alone.”As part of broader reforms, the ministry is also working to improve the quality of Nigerian beef and dairy products by supporting farmers with better inputs and sustainable practices. The goal, Ajimobi noted, is to boost local production and reduce dependence on imported dairy.“We want to get to a stage where every Nigerian child gets a pack of milk a day,” he said. “To achieve this, we need to increase our local production and work together in a collective effort.”The Federal Government’s revival of grazing reserves has been welcomed by stakeholders, with hopes high that the initiative will help bring lasting peace to affected communities and modernise Nigeria’s livestock industry.

The United Nations (UN) Secretary-General António Guterres has praised African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, for his efforts in ensuring the economic transformation of Africa.The bank said in a statement yesterday, that Guterres relayed the message at the Bank’s 2025 Annual Meetings in Abidjan, Côte d’Ivoire.

First elected as president of the Bank Group in 2015, Adesina will conclude his decade-long tenure at the end of August. Guterres lauded Adesina’s transformative impact, saying: “Your vision and dedication to just and sustainable development have changed countless lives across Africa.”The secretary-general also reiterated Adesina’s strategic leadership in implementing the ambitious High 5s development agenda of the bank.The High 5s are; to light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa and improve the quality of life of Africans.“Under President Adesina’s stewardship, the AfDB achieved remarkable institutional expansion, tripling its capital base during his tenure.“This growth enabled the Bank to respond effectively to urgent crises, including the COVID-19 pandemic, while simultaneously advancing long-term sustainable solutions.“The Bank’s progress in critical areas, including clean energy development and climate-resilient agriculture sectors are vital to Africa’s sustainable future and climate adaptation efforts,” he said.The UN chief commended Adesina’s pioneering work on the IMF’s Special Drawing Rights (SDRs), which had opened new avenues in financing for development.He said: “This innovative approach addresses the pressing needs of countries facing multiple challenges, including debt burdens, climate-related shocks, and severely limited fiscal space.“Your advocacy was instrumental in securing their re-channeling through multilateral development banks, helping direct and use global resources where they are most needed,” he said.Guterres also praised Adesina’s contributions to advancing inclusive development and achieving meaningful progress on both the UN Sustainable Development Goals and the African Union’s Agenda 2063.While expressing the UN’s appreciation, Guterres said the AfDB President’s efforts had been instrumental in building a more fair and just financial system for all.“The United Nations thank you and look forward to building on your remarkable record in the years ahead,” he said.The Bank Group’s 2025 Annual Meetings had the theme “Making Africa’s Capital Work Better for Africa’s Development.”The meeting was attended by several heads of state and government including the host, President Alassane Ouattara, Ghana’s President John Mahama and Azali Assoumani of the Union of the Comoros.More than 6,000 delegates from various parts of the world also attended the event. (NAN)