Nigeria’s Securities and Exchange Commission (SEC) is warning the investing public against investing in the cryptocurrency known as Punisher Coin or $PUN.

In a statement , SEC said that the promoters of the cryptocurrency are not registered to operate in any capacity within the Nigerian capital market.

The Commission added that the promoters were engaging in unauthorized presale and acting without regulatory approval.

SEC stated that it was disturbed several online publications blatantly advertising unauthorized presale of “Punisher Coin”, also known as “$PUN”, citing a newspaper’s report titled: “Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink as a Top Investment Pick”

“The Commission hereby informs the public that neither “PUNISHER COIN” aka“$PUN” nor its promoters have been vetted nor registered by the Commission to either promote, launch, sale, trade or solicit investments from the Nigerian public,” SEC stated.

Further investigation has revealed that Punisher coin or $PUN is a Meme coin. Meme coins generally have no use case, intrinsic value or tangible projects backing them.

Any attributed value to meme coin is usually linked to its promoters or the community effort which most often than not are susceptible to pump and dump schemes-a form of fraudulent activity that involves promoters spreading false or misleading information to create a buying frenzy that “pumps” up the price of a ‘coin’ and then “dumps” the coin by selling their own coins at the inflated price.

Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money,” SEC noted.

The telecom operators in Nigeria, including MTN Nigeria, Airtel, Globacom and 9Mobile have threatened to withdraw network support for banks’ Unstructured Supplementary Services Data, USSD.

This follows what they described as gross misinformation of subscribers on the mode of deduction for transaction fees.

USSD, commonly known as ‘bank transfers’, is done through shortcodes on mobile phones.

Yesterday, the banks issued a notice to their customers that the Nigerian Communications Commission (NCC) has directed them to stop deducting charges for USSD transactions directly from customers’ accounts, and that telecoms will now deduct charges from users’ mobile airtime.

The notice from the banks read in part:

“In line with the directive of the Nigerian Communications Commission (NCC), please be informed that effective June 3, 2025, charges for USSD banking services will no longer be deducted from your bank account.

Going forward, these charges will be deducted directly from your mobile airtime balance in accordance with the NCC’s End-User Billing (EUB) model.

“Under this new billing structure, each USSD session will attract a charge of ?6.98 per 120 seconds, which will be billed by your mobile network operator.

“You will receive a consent prompt at the start of each session, and airtime will only be deducted upon your confirmation and availability of the bank to fulfil this service.

“If you do not wish to continue using USSD banking under this new model, you may choose to discontinue use of the USSD channel.”

However, in a swift reaction, the telcos under their umbrella body, the Association of Licensed Telecom Operators of Nigeria, ALTON said the banks’ notice is a gross misinformation deliberately hatched to suit their selfish interests.

Hence they threatened to withdraw network support to the banks’ USSD services.

Chairman of ALTON Engr Gbenga Adebayo told Vanguard: ” I don’t understand why the banks are twisting agreements and distorting information just to favour their selfish interests.

In the first place, the information wasn’t a directive from the NCC but a joint regulatory agreement between the NCC and the Central Bank of Nigeria, CBN witnessed by the telcos and the banks.

The agreement was that if the banks finally cleared all USSD debts owed to the telcos by June 2, 2025, they would be free to migrate to the end-user billing method, so long as the model of migration is transparent and agreed upon by the telcos.

Source: Vanguard

L-R: MD Coleman Wires and Cables industries limited, Mr. George Onafowokan, DG MAN, Mr. Segun Ajayi-Kadir, and Mr. Adetunji Aderinto, founder Zetamind consulting limited at a conference organized by Business Day in Lagos on Thursday.

“Only 37 percent of Nigerian roads are in good condition, which continues to increase production and transportation costs, making Nigerian products less competitive.”

“Segun Ajayi-Kadir, the Director – General of the Manufacturers Association of Nigeria (MAN), gave this statistics during the 2025 Manufacturing Conference organized by BusinessDay in Lagos, with the theme: “Unlocking Nigeria’s Manufacturing Potential: Strategies for Sustainable Growth Amid Economic Turbulence.”

Ajayi-Kadir noted that while recent improvements in infrastructure is commendable, there’s need for investing significantly in critical transport infrastructure — roads, ports, and industrial corridors — to reduce logistics bottlenecks and improve market access.

He stated, “The Nigerian government holds the primary responsibility for creating an enabling environment to unlock the manufacturing sector’s potential.

This requires strategic action across infrastructure, fiscal policy, and regional integration.”

Ajayi-Kadir acknowledged the passage of four tax reform bills aimed at streamlining the tax system and praised the government’s “Nigeria First Policy.”

However, he emphasized the need for swift and effective implementation.

He further recommended making the Nigeria First Policy a binding law, with penalties for violators, to ensure transparency, public awareness, and enforcement.

Ajayi-Kadir further called for establishing structured platforms for regular consultations with manufacturers to align policies with industry needs.

“There is need for setting up systems for timely and relevant export data sharing through embassies, trade attachés, and relevant agencies to help manufacturers access global markets.

Also ensuring consistent and transparent policy-making to boost investor confidence and foster long-term growth.”

The Managing Director of Coleman Wires and Cables Industries Limited, Mr. George Onafowokan, noted that more foreign investors are entering Nigeria to establish businesses despite prevailing economic challenges, even as some local businesses continue to complain about the operating environment.

He urged Nigerian manufacturers to look inward and explore the abundant opportunities within the country to boost their enterprises.

In the same vein, Adetunji Aderinto, founder of Zetamind Consulting Limited and a fellow panelist, remarked that foreign investors often recognize prospects in the Nigerian market that many local manufacturers overlook.

He advised manufacturers to reduce costs through technology adoption and data utilization.

“Some manufacturers shut down operations because they don’t understand what their customers need. They need to increase market share and strengthen their supply chains,” Aderinto added.

The Director -General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Olusola Obadimu, called on the Federal Government and the Central Bank of Nigeria (CBN) to take urgent steps to curb inflation.

He also urged state governments to focus more on people-centric development rather than internally generated revenue alone.

The panelists collectively encouraged Nigerians to patronize locally made products and commended the Federal Government’s efforts in promoting the “Buy Nigeria” campaign.