SEC Warns Nigerians Against Investing in PWAN MAX

The Securities and Exchange Commission (SEC) has warned Nigerians against investing in “Property World Africa Network” (PWAN), saying the entity is not registered to solicit funds from the public.

In a statement signed by the management on Tuesday, the commission said PWAN presents itself as a real estate investment firm but is not licensed to operate in any capacity within the Nigerian capital market.

“The attention of the Securities and Exchange Commission (“The Commission”) has been drawn to the activities of “Property World Africa Network” (PWAN), which holds itself out as a real estate investment company and is soliciting funds from the public for investment purposes, through “PWAN MAX”,” the statement reads.

“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.

“Investigations have revealed that PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns and failure to honour withdrawal requests from subscribers.”

The commission urged Nigerians to be wary about investing with PWAN/PWAN MAX, as any person who places an investment with the entities does so at his or her own risk.

“The commission similarly reminds potential investors of the need to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” the SEC added.