Pecohub Nigerian music star Davido is facing renewed scrutiny over his past cryptocurrency and investment promotions, as Nigerians revisit projects associated with his name and question the financial consequences for people who trusted the hype.
The controversy spans Racksterli, RapDoge, the Echoke social token and the $DAVIDO meme coin. Racksterli collapsed after being promoted by celebrities, with reports documenting losses suffered by investors.
Davido also publicly encouraged followers to buy RapDoge in 2021 and launched the Echoke token later that year.
The $DAVIDO controversy drew particular attention in 2024 after the token reportedly lost about 90 per cent of its value within 24 hours of launch.
Nigeria’s Securities and Exchange Commission subsequently warned that the coin was highly speculative and said it did not recognise it as an investment product under its regulatory framework.
The controversy has reignited debate about the responsibility celebrities carry when promoting financial products to large audiences, particularly where fans may interpret endorsements as assurances of legitimacy or profitability
