The Securities and Exchange Commission (SEC) has issued a decisive public alert warning investors against engaging with Property World Africa Network, popularly known as PWAN or PWAN MAX, citing that the company is not licensed to operate within Nigeria’s capital market.
In a statement posted via its official Twitter handle on Tuesday, the Commission cautioned that PWAN has been actively soliciting funds under the guise of a real estate investment scheme, despite lacking SEC registration or regulatory clearance. Investigations revealed that the company exhibits traits commonly associated with Ponzi schemes—including unrealistic profit promises and an inability to fulfill withdrawal requests from investors.
“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 capacity within the Nigerian capital market,” the statement read.
SEC’s stern advisory comes amid a surge in complaints over fraudulent investment schemes exploiting unsuspecting Nigerians. The Commission stressed that anyone investing in PWAN does so at their own risk and reiterated the importance of verifying the legitimacy of any investment vehicle before parting with funds.
To assist the public, SEC directed potential investors to its verification portal: www.sec.gov.ng/cmos, which provides a comprehensive list of registered capital market operators.
This announcement is part of SEC’s broader clampdown on unauthorized and deceptive financial entities. The case of PWAN MAX, the Commission said, serves as a critical reminder of the dangers associated with unregulated platforms.
The SEC reaffirmed its commitment to protecting investor interests and maintaining market integrity, urging Nigerians to exercise extreme caution and report suspicious operations promptly.
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