Lagos, Nigeria — The Securities and Exchange Commission (SEC) don issue serious warning to Nigerians wey dey consider investment for Property World Africa Network (PWAN MAX), wey dey operate as real estate investment company but no register for Nigeria capital market.
The SEC statement wey drop for Tuesday through their official Twitter handle, talk say their investigations show say PWAN/PWAN MAX get characteristics of fraudulent Ponzi scheme, like promise of high returns and dey fail to honour withdrawal requests from subscribers.
“The Commission hereby informs the public that 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 bilingual statement read. This warning strict as more Nigerians dey fall victim for unregulated entities wey dey exploit investors for the financial market.
Investors need to exercise caution when it comes to investing with PWAN/PWAN MAX, as the SEC warn say anybody wey invest with dem dey put their money at risk. “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,” the SEC noted.
SEC also advise potential investors may verify the registration status of any investment platform before dem commit funds, dem fit visit the SEC portal at www.sec.gov.ng/cmos for more information.
“The Commission similarly reminds potential investors of the need to VERIFY the registration status of investment platforms via the Commission’s dedicated portal,” the statement emphasized, bringing attention to the need for transparency and accountability for financial dealings.
This warning come after numerous complaints and intelligence reports wey show say PWAN dey promise unusually high returns while dey fail to honour withdrawal requests from subscribers. Dis type of operation clear say na Ponzi-style scheme wey dey rely on fresh investors to pay older ones.
“Investigations have revealed that PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme,” SEC talk. Di agency, wey dey fight to protect investors, don report many cases of fraudulent schemes for Nigeria and dey emphasize the importance of regulatory oversight for financial markets.
SEC Director General, Emomotimi Agama, don talk say di coming into force of the Investments and Securities Act (ISA 2025) wey President Bola Tinubu sign, go allow dem prosecute di promoters of Ponzi schemes wey dey abuse investors.
With dis new law, operators wey dey run Ponzi schemes for Nigeria dey face 10-year prison term and up to N40 million penalty if dem catch dem. Investors make sure say dem heed SEC warning to protect their financial interests and avoid transacting with PWAN/PWAN MAX,” SEC conclude.
