The Securities and Exchange Commission (SEC) has issued a public warning against Property World Africa Network (PWAN) and its affiliate PWAN Max, cautioning Nigerians against investing in the unregistered entities.
In a statement released by the Commission, SEC disclosed that PWAN and PWAN Max are soliciting funds from the public under the guise of real estate investments without being registered or authorized to operate within the Nigerian capital market.
Okay.ng reports that SEC’s investigations found that the operations of PWAN exhibit clear signs of a Ponzi scheme, including the promise of unusually high returns and the inability to honour withdrawal requests made by subscribers.
“PWAN/PWAN MAX are NOT REGISTERED by the Commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market,” the statement read.
“PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns and failure to honour withdrawal requests from subscribers.”
The Commission advised the general public to exercise extreme caution and avoid placing funds with the flagged companies, noting that any person who invests in PWAN or PWAN Max does so at their own risk.
It also urged Nigerians to verify the registration status of any investment company or platform before committing their money, using the dedicated verification portal available at www.sec.gov.ng/cmos.
“The public is strongly advised to be wary about investing with PWAN/PWAN MAX, as any person who places such investment with these entities does so at his/her own risk,” SEC stated.
“The Commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the Commission’s dedicated portal before transacting with them.”
This alert follows a growing number of fraudulent investment schemes in Nigeria targeting unsuspecting individuals under the cover of real estate and other high-return ventures.
