The Securities and Exchange Commission (SEC) has issued a strong public warning against Property World Africa Network (PWAN)/PWAN MAX, cautioning Nigerians not to invest in the company’s real estate schemes, which the Commission described as fraudulent.
In an official statement released on Tuesday via its Twitter handle, the SEC revealed that PWAN MAX is not registered with the Commission and has been operating illegally within Nigeria’s capital market.
Investigations showed signs of a Ponzi scheme, including promises of abnormally high returns and failure to honour withdrawal requests.
“PWAN/PWAN MAX are not registered by the Commission either to solicit investments from the public or to operate in any other capacity within the Nigerian capital market,” the SEC stated.
The Commission urged the public to verify the registration status of any investment firm through its portal at www.sec.gov.ng/cmos, warning that investors dealing with unregistered platforms do so at their own risk.
This move comes as part of the SEC’s broader crackdown on unregulated investment schemes and reinforces the need for investor vigilance and regulatory oversight to curb financial fraud.
