₦airaland Forum

The Securities and Exchange Commission has issued a stern warning to the public regarding the operations of Property World Africa Network, also known as PWAN MAX, which has been soliciting funds from unsuspecting investors under the guise of a real estate investment company.

The SEC has clarified that PWAN/PWAN MAX is not registered with the Commission to operate in any capacity within Nigeria’s capital market, raising serious concerns about the legitimacy of its activities.

In a public notice released on Tuesday via its official Twitter handle, the SEC revealed that investigations into PWAN’s operations uncovered characteristics typical of a fraudulent Ponzi scheme.

The Commission highlighted red flags such as promises of unusually high returns and the company’s failure 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 statement read.

The SEC’s warning comes amid growing concerns about unregulated entities exploiting investors in Nigeria’s financial markets. The Commission emphasised the risks associated with investing in unregistered platforms, stating, “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.”

This caution underscores the need for due diligence among investors to avoid falling victim to fraudulent schemes.

DolapoX:
lol, make SEC dey play.

Nigerians no Dey hear word

njokuuche77:
It’s honestly confusing why the SEC is just sounding this alarm now, considering PWAN has been operating openly for years. If there were concerns about their compliance or structure, shouldn't regulatory bodies have acted earlier?
A lot of people may have already invested based on their public presence and seeming legitimacy. This delay in warning raises questions about enforcement and oversight in our regulatory system.

ARISHEM:
Pwan has been operating for more than 10 years.
Why is it now they are sounding the alarm

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

njokuuche77:
It’s honestly confusing why the SEC is just sounding this alarm now, considering PWAN has been operating openly for years. If there were concerns about their compliance or structure, shouldn't regulatory bodies have acted earlier?
A lot of people may have already invested based on their public presence and seeming legitimacy. This delay in warning raises questions about enforcement and oversight in our regulatory system.

ElevationD:
I just wonder like you.

They have been in property business across the SW, SE and SS for years and have actually opened up property businesses in some areas that I know. Just like Adron, many have copied them and purchasing lands and properties has become very easy and straight forward. Is there something else that we do not know?

The lands that we bought had nothing to do with ponzi. Why make us fear? We know the difference between PWAN, ADRON and those crooked people who are lured into the likes of MMM.

Maybe we should just watch and see.