Real estate company Property World Africa Network (PWAN) has been flagged by the Securities and Exchange Commission (SEC) of Nigeria as a Ponzi Scheme. The SEC said that PWAN is not licensed to operate in Nigeria and shows all signs of a scam.
The SEC advises the public that all deals by PWAN, including marketing, investment, and development of residential properties, are most likely fraudulent. It warns against investing in the PWAN network of over 270 estates across Nigeria and its affiliates, which solicits funds from the public for investment purposes.
The SEC has issued a public notice stating 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.”
Investors were warned to be cautious and conduct thorough due diligence before investing with PWAN or Pwan Max.
More specifically, the SEC cited concerns about the promise of unusually high returns and difficulties in accessing withdrawals. The SEC further said that any person who places investments with these entities does so at his/her own risk.
The Commission provided a link to its verification portal for potential investors who wish to check the registration status of any investment platform.
