On May 5, 2025, the Securities and Exchange Commission (SEC) of Nigeria dropped a major bombshell by listing PWAN Group and PWAN Max as a "suspected Ponzi scheme." This revelation has stirred serious conversations across the Nigerian real estate space and raised concerns among thousands of investors.
The SEC’s official statement accused the company of operating unregistered investment activities and announced plans for further investigations. According to regulators, PWAN’s business model allegedly resembles known fraudulent patterns. The announcement placed PWAN under intense scrutiny.
Jayne Onwumere, the Group CEO and the face of the brand, swiftly responded through an internal memo and a social media video. She expressed deep disappointment in the SEC’s approach and reassured the public that PWAN’s business model is rooted in transparency and real estate delivery.
Despite her clarifying message, uncertainty spread among clients and the public. Jayne Onwumere's name dominated discussions, with many demanding additional proof and reassurance from her personally.
As pressure mounts from both regulators and the general public, PWAN, under Jayne Onwumere’s leadership, must now work to restore its credibility and protect its brand identity from long-term damage
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