The Securities and Exchange Commission (SEC) of Nigeria has issued a bold warning to the public: steer clear of Property World Africa Network (PWAN) and its affiliate, PWAN MAX. The regulatory body says the companies are operating outside the law and exhibiting signs typical of Ponzi schemes.
According to a statement from the SEC, neither PWAN nor PWAN MAX holds registration or licensing to carry out investment-related activities in 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,” the statement said.
The watchdog’s alarm was triggered by a growing number of complaints and internal reports suggesting that PWAN’s schemes involve exaggerated returns and unmet withdrawal requests—classic symptoms of financial fraud. These red flags, according to the SEC, suggest that the company might be running a model that depends on new investors’ money to pay older ones—a hallmark of Ponzi operations.
A Risky Game for Investors
The SEC’s warning doesn’t just stop at calling out the illegal operations. It also reminds Nigerians of the real danger in handing over their funds to unregistered platforms. “Investigations have revealed that PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme,” the Commission added.
For those unsure about a platform’s credibility, the SEC recommends using its online portal here to check for legal registration. It’s a simple way to avoid being swept up in scams masked as investment opportunities.
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