The Securities and Exchange Commission has warned that the Property World Africa Network, also known as PWAN MAX is not licenced in the country.
This is as the company has been soliciting funds from unsuspecting investors under the guise of a real estate investment company.
The SEC 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.
