Magnetic properties of graphenic carbon nanostructures, relevant for future spintronic applications, depend crucially on doping and on the presence of defects. In this paper we study the magnetism of the recently detected substitutional Ni (Ni(sub)) impurities. Ni(sub) defects are non-magnetic in flat graphene and develop a non-zero magnetic moment only in metallic nanotubes. This surprising behavior stems from the peculiar curvature dependence of the electronic structure of Ni(sub). A similar magnetic/non-magnetic transition of Ni(sub) can be expected by applying anisotropic strain to a flat graphene layer.