*The Securities and Exchange Commission cautions Nigerians against investing in Property World Africa Network, through its PWAN MAX platform, disclosing the company’s operations exhibit the ‘typical indicators of a fraudulent Ponzi scheme’

Isola Moses | 绿帽献妻

In line with its mandate to safeguard the interest of Nigerians, the Securities and Exchange Commission (SEC), again, has cautioned investors against investing in Property World Africa Network (PWAN), through its PWAN MAX platform.

绿帽献妻 reports SEC, in a recent advisory to Nigerians, described the company鈥檚 operations as “characteristic of a fraudulent Ponzi scheme”.

The advisory also informed Nigerians that PWAN/PWAN MAX is neither registered to operate in any capacity within the Nigerian capital market nor to solicit investments from the public.

The Capital market regulatory Commission further revealed that the company operates as “a real estate investment company”, and has been collecting funds from the public for investment purposes through its PWAN MAX platform.

SEC stated: 鈥淚nvestigations have revealed that PWAN鈥檚 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.

“Accordingly, 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.”

The Commission as well urged Nigerian investors to verify the registration status of investment platforms via its official portal: www.sec.gov.ng/cmos before engaging in any financial transactions in the ecosystem.

Some content on the Web site of a company with the name PWAN indicate the company has been in existence since 2012, a report noted.

The Web site stated: 鈥淧WAN is an acronym for 鈥楶roperty World Africa Network (PWAN), and we exist to make home ownership dream a reality for all in Nigeria, Africa and beyond.

“PWAN Max is a real estate marketing, investment, management and development company with a drive to providing choice classic serene, luxury homes within workable budget for our clients.”

A recent review of the company’s operations further showed that PWAN MAX has offered investors returns as high as 30 percent annually on land deals.

For example, buyers were told that a plot of land purchased for N25 million could be resold for N32.5 million within a year, according to report.

In view of this development, Ponzi schemes have become illegal under the newly enacted Investments and Securities Act (ISA 2025), which President Bola Ahmed Tinubu signed into law.

Highlighting some of the provisions of ISA 2025, Dr. Emomotimi Agama, Director-General of SEC, recently said the operators of Ponzi schemes in Nigeria henceforth, would face a 10-year jail term, and fines of N40 million under the new law.

Kindly Share This Story