The Securities and Exchange Commission (SEC) has issued a strong warning to the public about the activities of Property World Africa Network, also known as PWAN MAX, which has been soliciting investments under the guise of a legitimate real estate company. According to the SEC, PWAN/PWAN MAX is not registered with the Commission to operate in Nigeria’s capital market, raising significant concerns about the legitimacy of its operations.
The SEC’s investigation into PWAN revealed characteristics typical of a Ponzi scheme, including promises of unusually high returns and the company’s failure to honor withdrawal requests from investors. In its public notice, the SEC clearly stated that PWAN/PWAN MAX is not authorized to solicit investments or operate in any capacity within Nigeria’s financial market.
The Commission emphasized the risks of engaging with unregistered entities and urged the public to exercise caution when considering investments in platforms not registered with the SEC. It advised potential investors to verify the registration status of any investment platform through its official portal at www.sec.gov.ng/cmos.
This warning follows a broader effort by the SEC to combat fraudulent and unregulated investment schemes in Nigeria, underscoring the importance of investor due diligence and regulatory oversight in protecting the public from financial fraud.
Source: Swifteradio.com
