₦airaland Forum

TouchNfollow:
https://punchng.com/pwan-not-licensed-to-operate-in-nigeria-sec-warns-investors/#google_vignette

Nigerians too easy to scam

They will be selling 1hec of land to unlimited number of people

TouchNfollow:
https://punchng.com/pwan-not-licensed-to-operate-in-nigeria-sec-warns-investors/#google_vignette

If they don't have license to operate and they went ahead, is there no agency in charge of that to get them arrested under the law before they defraud Nigerian?

There should be agency that deal with unlicensed businesses especially the ones that requires investors.

HeatSeeker:
PWAN has been in existence for years. Is it now SEC is supposed to issue this warning?

I know PWAN personally.It is owned by Mr Onwumere or something and his wife.
To my mind,they are legitimate and they are a real estate entity.They have been operating for more than 13 years.
The problem is their being in the capital market as what?

My people are after the RETURN ON CAPITAL.

They care less about the RETURN OF CAPITAL.

Which is more important?

SmartPolician:
If SEC says a business isn't registered, then it's not registered. PWAN should quickly do the right thing and get SEC to update its press statement. If not, that company is going to crash soon because this press statement will scare investors and they will start pulling out their money. Don't joke with whatever SEC says.

I understand that. But sometimes I feel that there are witch hunters within the leadership and financial sector operators of the country. Is it not possible that someone somewhere has not had his hands greased? I am not representing the organization in anyway. Did SEC approach the organization to ascertain how it is run and demand registration for clarity? Last year year I saw their advert on purchase of lands from to resell at a higher rate in the future. Can it be the issue in contention?

Menclothing1:
They will be selling 1hec of land to unlimited number of people

It is a lie.
They have been clean all this while.
I have known them since 2019.
Their problem is poking nose into the capital market.
The capital market deals with financial assets like stocks and bonds, while real estate involves investing in tangible assets like properties.

What really is Ponzi?
Please help give examples!

Them no go hear!

Guyman02:
They will never learn, its a case of people always washing their hands to break palm kernel for chicken, i rather use my money to chop suya than dash it to anyone.
PWAN is selling non existent estates

U mean they have been doing that for the past 12 years ,I feel there is more to this

ElevationD:
I understand that. But sometimes I feel that there are witch hunters within the leadership and financial sector operators of the country. Is it not possible that someone somewhere has not had his hands greased? I am not representing the organization in anyway. Did SEC approach the organization to ascertain how it is run and demand registration for clarity? Last year year I saw their advert on purchase of lands from to resell at a higher rate in the future. Can it be the issue in contention?

Sorry, bros. Government agencies don't go to companies to ask them to register. Instead, you go to them. You probably haven't run a company before and that's totally okay.

That comment you quoted is the solution now. Nobody is witch hunting anybody. If you want to do a business in a country, follow the due process and do the right thing.

I have a registered company and I had to personally get my CAC and SCUML for it. They didn't beg me to come and register it; I went to them. That's due process.

And my landlord sold his house bcus they promised him 50percent interest on investment..


Gave me quit notice,,,I don kuku pack out

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.

SEC should be scrapped. I have known PWAN for 3 years now and it is now, just now, they are sensitizing the public about PWAN activities? I sincerely think that some of the SEC Officials might be the faces behind some ponzis.

TouchNfollow:
https://punchng.com/pwan-not-licensed-to-operate-in-nigeria-sec-warns-investors/#google_vignette

Nigerians no dey listen o

More information is needed. I know some of their agents. What exactly is the ponzi scheme behind their operations? Are they getting lands illegally? Or did they suddenly shift into real estate scams?

Ofemannnu:
I know PWAN personally.It is owned by Mr Onwumere or something and his wife.
To my mind,they are legitimate and they are a real estate entity.They have been operating for more than 13 years.
The problem is their being in the capital market as what?

Dont be a joker. Legitimately selling land to people without them being able to take custody of it after 10 years? Lands that likely does not belong to them

real estate is not a financial institution

Don't just warn but go ahead to arrest such companies.

BlueStripper:
Don't waste your time. They won't listen.

Nigeria and free money mentality is like Siamese twins. If these fraudsters want to make more money, just do some charity or maybe visit the orphanage and give out packs of noodles. Boom! You have decieved Nigerians patapata.

Next thing, you will see a hungry looking brother lookman after attending a seminar saying "do you know the meaning of POOR"?

That a business is not registered doesn't automatically makes it a ponzi scheme.



While not holding briefs for Pwan, I can attest to the fact that they own numerous estates within calabar.


I have their headman contact and their business is a pragmatic one that you can see.


You buy land from them and receive your title documents and if you need to resell, they can help you


You can advance them money to be buying estates and reselling... Just different investment in landed property



They have been to my clubhouse at different times including during our end of year party to make their presentation and And questions on their operations

agentarcher:
More information is needed. I know some of their agents. What exactly is the ponzi scheme behind their operations? Are they getting lands illegally? Or did they suddenly shift into real estate scams?

The statement didn't say they run a Ponzi scheme. It says they are not licensed. The company just needs to send one of their workers to meet the SEC so they can get that license. That company is too big for this.

Resurgent2016:
Dont be a joker. Legitimately selling land to people without them being able to take custody of it after 10 years? Lands that likely does not belong to them

You bought land through them and couldn't custody after ten years?

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.

When SEC insured you it means that investors funds are insured. If the company is liquidated then investors funds are secured.

They are warning now and u are saying otherwise. Why collect money from public when you aren't following processes in securing funds of investors

TouchNfollow:
https://punchng.com/pwan-not-licensed-to-operate-in-nigeria-sec-warns-investors/#google_vignette

how did you guys handled the fraud carried out by those who registered with SEC abeg make unah shift abeg. In fact make I just keep quiet

harsysky:
SEC should be scrapped. I have known PWAN for 3 years now and it is now, just now, they are sensitizing the public about PWAN activities? I sincerely think that some of the SEC Officials might be the faces behind some ponzis.

Seriously I was thinking same.

DolapoX:
lol, make SEC dey play.

Nigerians no Dey hear word

😆😆 I just burst out of laughter 😆

Hisroyalbadmeat:
Good,if after this warnings,any body lose guard,na him cup of coffee,Wata Bam Bam

Pple don loose guard Already na...
My landlord don sell him house use the money invest

njokuuche77:
What then is the purpose of regulatory bodies like SEC and CAC if they don’t work together to prevent these schemes from operating in the first place? PWAN has been in the open for years, just like CBEX.

If companies can register, run openly, collect millions from Nigerians, and collapse before SEC steps in, then something fundamental is broken. Regulatory collaboration and proactive enforcement are overdue.

Cbex is reported to have cleared all their liabilities

Nodogragra4me:
You bought land through them and couldn't custody after ten years?

Not just me, there are hundred or thousands of people affected but somehow it has not been a big talking point online, probably because people are still hoping they have not been deceived.

They will take you to a bush and claim the road is covered by bushes, so they cannot show you where the land is.

All the estates they sold since 2013 in Ibeju Lekki, not one single one has been developed. They cannot even show people where the land is.

But na land PWAN dey sell now, so where did this one emanates from again,?

SmartPolician:
The statement didn't say they run a Ponzi scheme. It says they are not licensed. The company just needs to send one of their workers to meet the SEC so they can get that license. That company is too big for this.

Until they get their license, it will be seen as a ponzi scheme. Because they will only get it if their promise on returns is achievable. If it's not, then they will never get it.

I have 120Hectares for sale in ABIJO GRA, Lagos State facing the coastal road and its going to be 20mins to drive to V.I once the first phase is completed.

Selling from 5hectares upward.

Titled: registered survey and Lagos State CofO