By Peter Omopo
The Securities and Exchange Commission (SEC) has issued a strong warning to the investing public, cautioning against doing business with Property World Africa Network, commonly known as PWAN or PWAN MAX, over concerns of illegal operations and fraudulent investment practices.
In a public notice released on Tuesday via its official X (formerly Twitter) account, the Commission disclosed that PWAN is not registered with the SEC and has no legal authority to operate or solicit investments within Nigeria’s capital market.
“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.
According to the SEC, ongoing investigations into PWAN’s activities revealed signs typical of a Ponzi scheme, including promises of unusually high returns and the company’s alleged failure to fulfill withdrawal requests from investors.
The Commission warned that individuals who invest in such unregulated platforms do so at their own risk, stressing the importance of verifying the registration status of any investment entity before committing funds.
This latest advisory forms part of the SEC’s broader efforts to clamp down on fraudulent schemes and protect Nigerian investors from exploitation by unlicensed operators.
