See another Ponzi scheme SEC is warning Nigerians about

• The Nigerian Securities and Exchange Commission (SEC) has raised an alarm astir different imaginable Ponzi scheme
• The SEC alerted Nigerians astir the activities of Property World Africa Network (PWAN) oregon PWAN MAX
• The Commission disclosed that the PWAN’s activities came to the limelight aft investors could not retreat their funds, which raised reddish flags

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Nigeria Securities and Exchange Commission (SEC) has alerted Nigerians, informing against Property World Africa Network (PWAN), besides known arsenic PWAN MAX.

The SEC described the company’s concern thrust and solicitation arsenic amerciable and perchance fraudulent.

SEC's Director General, Emomotimi, warns Nigerians astir investing successful unregistered platforms. Credit: SEC
Source: Getty Images

PWAN MAX remains unregistered

The superior marketplace regulator disclosed successful a statement, saying that PWAN and PWAN MAX are unregistered with the committee and deficiency the ineligible close to solicit funds from the nationalist oregon run successful immoderate capableness successful the Nigerian superior market.

According to a connection released by the Commission, PWAN and PWAN MAX are not registered with the SEC and truthful deficiency the ineligible authorization to cod funds from the nationalist oregon run successful immoderate capableness wrong the Nigerian superior market.

SEC said:

“The Commission hereby informs the nationalist that PWAN/PWAN MAX are NOT REGISTERED by the Commission either to solicit investments from the nationalist oregon run successful immoderate different capableness wrong the Nigerian superior market.”

The SEC identifies reddish flags successful PWAN activities

According to the connection seen by Legit.ng. SEC said the determination followed an quality study connected the PWAN’s concern offerings, which reportedly promised precocious returns and person subsequently failed to honour withdrawal requests from investors.

The committee noted that the improvement bears a resemblance to a Ponzi scheme, which depends connected continuous concern inflows from caller investors to prolong payouts.

The SEC warned that anyone investing successful the strategy does truthful astatine their peril, stressing that the company’s operations rise concerns associated with fraudulent concern initiatives.

Investors’ funds frozen

“Investigations person revealed that PWAN’s operations grounds the emblematic indicators of a fraudulent Ponzi scheme,” the SEC warned.

According to the regulator, members of the nationalist should verify the registration presumption of immoderate concern level earlier investing.

The SEC said the nationalist can verify via the commission’s website to corroborate their authenticity.

Nigerians reel from CBEX collapse

The improvement comes aft respective Nigerian investors mislaid their beingness savings aft CBEX, an unsecured and unregistered integer trading platform, crashed connected Monday, April 14, 2025.

A erstwhile Legit.ng study disclosed that the platform became unavailable and inaccessible to users seeking to retreat their funds connected Tuesday, April 15, 2025, starring to the content that it had crashed.

CBEX promised 100% ROI successful 30 days

Before the clang connected Monday, April 14, 2025, the level had prided itself arsenic a high-yield concern firm, promising investors a 100% instrumentality connected concern wrong a month.

CBEX lone accepted dollar-denominated transactions, meaning users lone invested successful USD.

The level assured investors of a 100% instrumentality connected concern successful 30 days, intending to make a unafraid and transparent level for transactions.

However, the clang has sparked uncertainty successful integer transactions, with investors rethinking their actions owed to their losses.

EFCC identifies CBEX kingpin, declares him wanted implicit fraud. Credit: EFCC
Source: Twitter

CBEX: Expert explains ways to withdraw

Meanwhile, a cryptocurrency expert and information expert, Taiwo Owolabi, disclosed that disposable information shows that funds were moved to a TRX code and that the full measurement stolen amounted to $847 cardinal and whitethorn summation implicit time.

CBEX’s biggest losers released

Legit.ng earlier reported that findings person shown that lipid and state investors whitethorn person been the hardest deed in the precocious collapsed Ponzi platform, CryptoBridge Exchange (CBEX).

Details implicit the play amusement that investors from the lipid and state manufacture accounted for implicit 50% of losses recorded successful the Ponzi scheme’s crash.

The level maintained a beardown beingness successful Lagos, Abuja, and Oyo State, giving investors the content of a morganatic concern concern.

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Source: Legit.ng