₦airaland Forum

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.

I am telling you as someone affected that they do run a ponzi scheme. The format of selling land probably no longer works, so they are looking for a new format.

SmartPolician:
If SEC says a business isn't licensed, then it's not licensed. 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.

Sec is an agency in charge of regulating fund exchange not property


What sec is saying is that they have not given them the right to take money directly without the sec approval and percentage from the investing public



What if they are avoiding sec due to huge fees associated with capital market borrowing.

Nodogragra4me:
Sec is an agency in charge of regulating fund exchange not property


What sec is saying is that they have not given them the right to take money directly without the sec approval and percentage from the investing public



What if they are avoiding sec due to huge fees associated with capital market borrowing.

on point.

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

Its not enough for SEC to issue statements and public notices.

They should go after them ASAP and arrest them, before their operations even begin to scale up.

Resurgent2016:
I am telling you as someone affected that they do run a ponzi scheme. The format of selling land probably no longer works, so they are looking for a new format.

What did you buy from them and what happened, afterwards

COMPAQ:
Its not enough for SEC to issue statements and public notices.

They should go after them ASAP and arrest them, before their operations even begin to scale up.

They are not an illegal entity. And sec cannot arrest them.


They are registered to do the business they are into.


Sec means security and exchange commission. They are not the authority on land business.

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

The proper thing to do is to close it down instead of issuing warning and still leave them to operate. Are these people daft or something?

Nodogragra4me:
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

What does you having their headman contact got to do with what SEC said? Since you now know better than the regulatory body, what do you have to say about this flyer? Does it not look like a ponzi to you?

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.

Spot on

remele2:
And my landlord sold his house bcus they promised him 50percent interest on investment..


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

50% return on investments? How's that even possible?

Nodogragra4me:
What did you buy from them and what happened, afterwards

I have bought a plot at Ibeju Lekki called Oakwood Park since 2014. When they sold it, there was a road there that clearly showed the plot they wanted to sell.

Once they finish selling the estate, they leave it to become a jungle and continue to claim the land exists somewhere in the jungle. This is the same modus operandi for all their estates in Ibeju Lekki (and probably other places). No one is able to take custody and develop the land they allegedly own and claim to have sold.

They refuse to buy the land back, even at cost, or resell it to someone else. Instead, they continue selling new "estates" and now even promise to double people's cash in real estate investment.

SmartPolician:
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.

Sec is not in charge of registering businesses. CAC is. And they are registered with CAC otherwise they won't be able to have corporate accounts with banks.



Sec regulates funds exchange between investors and borrowers outside of the normal loan through banks



Sec is saying that this people are not known to them and there is no law that says they should make themselves known to Sec.



There are companies that sec regulates that investors have died without receiving dividends from and the worth of their so-called asset have been become worthless.



They should go and deal with that than wanting to bring new people into their umbrella.


Anybody with issues with the operations of the pwan can petition fccpc on their website and within days receive their attention.



They have fined big companies like network providers and loan sharks on behalf of people



A loan app credited somebody without his asking for it. He looked for their contact and called them to report. They didn't do anything. A month later they were calling him that his loan was due




I heard it and petition them to fccpc and the same that threatened that the guy must repay the money that he has used the loan recanted and retrieved their money.


The loan starts with fair

For the layman's understanding. Pwan owns a property and invite the public to buy.
But they also gave option to those who want to buy and re-sell for profit.
This option makes it an investment.
Most businesses are ponzi scheme
Example going to a park to book for vehicle or train when it is not available is also a ponzi scheme
Questions we should ask.

Do they have product that can be verify for sale?

huptin:
This guy's have been operating in Nigeria for a while, I have seen a few complaints about them on social media....I wonder what SEC is just talking about them now!

Here's the major reason...

"The Commission highlighted red flags such as promises of unusually high returns and the company’s failure to honour withdrawal requests from subscribers."

SEC should do more than this advertisement, trace their bankers and arrest them. The same goes for those claiming for selling leaked WAEC, NECO, UTME examination papers. They should be arrested before havoc.

PWAN sound legit. I know close to 10 people who are involved. I have hesitated to join.

Resurgent2016:
I have bought a plot at Ibeju Lekki called Oakwood Park since 2014. When they sold it, there was a road there that clearly showed the plot they wanted to sell.

Once they finish selling the estate, they leave it to become a jungle and continue to claim the land exists somewhere in the jungle. This is the same modus operandi for all their estates in Ibeju Lekki (and probably other places). No one is able to take custody and develop the land they allegedly own and claim to have sold.

They refuse to buy the land back, even at cost, or resell it to someone else. Instead, they continue selling new "estates" and now even promise to double people's cash in real estate investment.

If they gave you papers and you have proofs of services they ought to provide that they reneged on then fccpc is there



If they have not shown you your lot, and you have papers, petition them to fccpc. It is free, online.

Henix:
What does you having their headman contact got to do with what SEC said? Since you now know better than the regulatory body, what do you have to say about this flyer? Does it not look like a ponzi to you?

What does SEC regulate?

Nodogragra4me:
If they gave you papers and you have proofs of services they ought to provide that they reneged on then fccpc is there



If they have not shown you your lot, and you have papers, petition them to fccpc. It is free, online.

We will have to do something it at some point in time.

Greedy people will not hear or heed any warning from a mere Government Agency, when they keep ignoring God's warning that "the love of money is the root of all evil."

Resurgent2016:
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.

As long as you have proof of purchase, go online now and petition them for free to FCCPC.


they will call you within days and hand you your land or they are fined and made to return your fund. Tell FCCPC what you want, your fund or land and leave the rest to them



They are the unsung financial crime fighting agencies in Nigeria without funfare and media blitz

Resurgent2016:
We will have to do something it at some point in time.

Get your documents including your payment proof and upload to FCCPC. It doesn't take more than 15 to 20 minutes

I cashed out from PWAN last month....hmmm. Divine timing.

diverseconcepts:
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

You real estate people can lie, just because you want to sell land.

Abijo GRA to VI can never be 20 minutes even with the coastal road.

The only way you can do that trip in 20 minutes is by helicopter!

SamuraiXXX:
You real estate people can lie, just because you want to sell land.

Abijo GRA can never be 20 minutes even with the coastal road.

The only way you can do that trip in 20 minutes is by helicopter!

serious work is on going at the coastal road right now especially for the first phase (VI to Eleko) go and check it out come back & quote me

Nodogragra4me:
Sec is not in charge of registering businesses. CAC is. And they are registered with CAC otherwise they won't be able to have corporate accounts with banks.



Sec regulates funds exchange between investors and borrowers outside of the normal loan through banks



Sec is saying that this people are not known to them and there is no law that says they should make themselves known to Sec.



There are companies that sec regulates that investors have died without receiving dividends from and the worth of their so-called asset have been become worthless.



They should go and deal with that than wanting to bring new people into their umbrella.


Anybody with issues with the operations of the pwan can petition fccpc on their website and within days receive their attention.



They have fined big companies like network providers and loan sharks on behalf of people



A loan app credited somebody without his asking for it. He looked for their contact and called them to report. They didn't do anything. A month later they were calling him that his loan was due




I heard it and petition them to fccpc and the same that threatened that the guy must repay the money that he has used the loan recanted and retrieved their money.


The loan starts with fair

What you wrote here does not make any sense

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.

It's fvckkkcccung confusing.... They still hold my 7 million on lies that I Will get a land in a fenced area of empty land only to find myself in remote village on a land way way below what I paid..... All gloves are off now, knowing they're are a scam real estate

diverseconcepts:
serious work is on going at the coastal road right now especially for the first phase (VI to Eleko) go and check it out come back & quote me

I did not say that the road is not being built.
What I said is that even when the road is completed it will still not be possible to drive from Abijo GRA to VI in 20 minutes!

Nodogragra4me:
What does SEC regulate?

The Real Estate company you are defending is deviating from the physical buying and selling of land that they are licensed to do, to audio/virtual buying and selling of land, which is the ponzi scheme SEC has warned against.

Asking the public to give you 5 million naira and collect 6.5 million naira after 12 months is nothing but a ponzi scheme. SEC is saying that they have no license to run such, meaning that you can't solicit money from the general public in the name of investment(capital market), without a license to operate in capital market by SEC

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?

It’s that “Buy To Sell” BS they are doing that is ponzi.

Resurgent2016:
I have bought a plot at Ibeju Lekki called Oakwood Park since 2014. When they sold it, there was a road there that clearly showed the plot they wanted to sell.

Once they finish selling the estate, they leave it to become a jungle and continue to claim the land exists somewhere in the jungle. This is the same modus operandi for all their estates in Ibeju Lekki (and probably other places). No one is able to take custody and develop the land they allegedly own and claim to have sold.

They refuse to buy the land back, even at cost, or resell it to someone else. Instead, they continue selling new "estates" and now even promise to double people's cash in real estate investment.

Exactly!

DeOTR:
50% return on investments? How's that even possible?

That is why it's of great concern oooooo, I ddnt want to ask him too much question, make e no be like say I no wan pack comot ...

Even him self don follow pack comot