The Securities and Exchange Commission (SEC) of Nigeria has issued a public advisory cautioning citizens against investing in Property World Africa Network (PWAN) and its associated platform, PWAN MAX. The Commission states that these entities are not registered with the SEC and are therefore operating illegally within the Nigerian capital market.
According to the SEC, PWAN and PWAN MAX have been soliciting investments from the public without the necessary regulatory approvals, a practice that contravenes the provisions of the Investments and Securities Act. The Commission emphasized that engaging with such unregistered entities exposes investors to significant financial risks, including the potential loss of their capital.
In a broader move to protect investors and maintain market integrity, the SEC has been intensifying its crackdown on illegal investment schemes. Under the newly enacted Investments and Securities Act 2025, individuals or organizations found guilty of operating Ponzi or pyramid schemes face severe penalties, including a minimum fine of ₦20 million and imprisonment for up to 10 years, or both [1] .
SEC Director-General Dr. Emomotimi Agama reiterated the Commission's commitment to safeguarding the investing public. He stated, "We are revamping our investigative processes to enhance efficiency and hold bad actors accountable more decisively. Enforcement is the backbone of effective regulation" [2] .
The SEC urges Nigerians to exercise due diligence before investing and to verify the registration status of any investment firm or platform through the Commission's official channels. Investors are also encouraged to report any suspicious investment solicitations to the SEC for prompt action.
This advisory serves as a reminder of the importance of regulatory compliance in investment activities and the risks associated with unregistered schemes.
For more information and to verify the registration status of investment entities, please visit the [SEC Nigeria website](https://sec.gov.ng/).
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