Nigerian Instagram influencer Scott Iguma has publicly accused real estate firm Property World Africa Network (PWAN Group) of fraudulent practices, alleging that the company issued land purchase receipts to customers without actual land allocations.
In a recent video shared on his Instagram account, Iguma claimed to have received numerous complaints from individuals who paid for land through PWAN as far back as 2016 but have yet to receive their property allocations. He urged the Economic and Financial Crimes Commission (EFCC) to investigate the matter thoroughly.
“People have been reaching out to me with receipts and documents showing payments made to PWAN years ago, yet they have nothing to show for it,” Iguma stated. “This is unacceptable, and the authorities need to step in.”
These allegations come on the heels of a warning issued by the Securities and Exchange Commission (SEC) earlier this month, which cautioned the public against investing in PWAN and its affiliate, PWAN MAX. The SEC described the company’s operations as characteristic of a Ponzi scheme, noting that PWAN is not registered to solicit investments from the public or operate within Nigeria’s capital market.
In response, PWAN Group has denied the SEC’s allegations, asserting that their business model is asset-backed and based on tangible real estate transactions. The company emphasized its commitment to ethical practices and investor protection.
Despite these assurances, reports have surfaced detailing instances where customers paid substantial sums for land but did not receive allocations. For example, a couple paid N12 million to PWAN Homes in 2022 for plots in Enugu State but, as of April 2025, had not received their land or a refund.
As public scrutiny intensifies, many are calling for regulatory bodies to investigate PWAN’s operations and ensure that affected customers receive justice.
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