The Securities and Exchange Commission (SEC) has issued a public warning regarding the activities of Property World Africa Network (PWAN) and its affiliate, PWAN MAX, cautioning Nigerians against investing in the entities.
According to the notice released, signed by the management, “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.
Investigations have revealed that PWAN’s 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 an investment with these entities does so at his/her own risk”.
The Commission further urged the public to verify the registration status of any investment platform through its official website at www.sec.gov.ng/cmos before transacting with them.
