The Securities and Exchange Commission has issued a stern warning to the public regarding the operations of Property World Africa Network, also known as PWAN MAX, which has been soliciting funds from unsuspecting investors under the guise of a real estate investment company.
The SEC has 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.
Further, the SEC urged potential investors to verify the registration status of any investment platform before committing funds.
The Commission directed the public to its dedicated portal at www.sec.gov.ng/cmos for this purpose. “The Commission similarly reminds potential investors of the need to VERIFY the registration status of investment platforms via the Commission’s dedicated portal,” the statement noted, reinforcing the importance of transparency and accountability in financial dealings.
This development follows a series of efforts by the SEC to clamp down on unregistered and fraudulent investment schemes in Nigeria.
The Commission has repeatedly called on the public to exercise caution and conduct thorough checks before engaging with entities promising high returns.
The case of PWAN/PWAN MAX serves as a stark reminder of the dangers posed by unregulated financial operations and the importance of regulatory oversight in protecting investors.
As the SEC continues to monitor the activities of entities operating within Nigeria’s capital market, it remains committed to safeguarding the public from financial fraud. “Investors are urged to heed the Commission’s warning and avoid transacting with PWAN/PWAN MAX to protect their financial interests
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