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, accusing the company of soliciting funds under the pretence of being a legitimate real estate investment firm.

In a public notice released Tuesday via X, the commission clarified that PWAN/PWAN MAX is not registered to operate in any capacity within Nigeria’s capital market.

According to the SEC, an investigation revealed that PWAN exhibits signs typical of a Ponzi scheme, including promises of unusually high returns and consistent failure to honour investors’ withdrawal requests.

“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.

This warning comes amid heightened concerns about unregulated firms targeting unsuspecting investors. The SEC stressed that those who invest with PWAN/PWAN MAX do so at their own risk.

The commission reiterated the need for due diligence, urging investors to verify the registration status of any investment platform through its dedicated portal at www.sec.gov.ng/cmos.

“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,” it added.

This development is part of the SEC’s broader crackdown on unregistered and fraudulent investment schemes in Nigeria.