The Securities and Exchange Commission (SEC) has issued a public warning about Property World Africa Network (PWAN MAX), stating the company is not registered to operate in Nigeria’s capital market. The SEC revealed that its investigation into PWAN MAX suggests the company is acting like a Ponzi scheme, offering promises of high returns and failing to process investors’ withdrawal requests.
In a notice posted on X, the SEC emphasized that PWAN MAX is not authorized to solicit funds or conduct any investment activities within the country. It also stressed that anyone investing with the company is doing so at their own risk.
This warning comes amid growing concerns over unregistered investment firms preying on unsuspecting individuals. The SEC urged the public to verify the registration of any investment platform through its official website at www.sec.gov.ng/cmos before committing any funds. The commission’s ongoing crackdown aims to protect Nigerian investors from fraudulent schemes.
