PWAN Rebuts SEC Allegations, Dr. Augustine Onwumere Defends Business Model as Legitimate
Dr. Augustine Onwumere, CEO and Founder of Property World Africa Network (PWAN), has responded to the Securities and Exchange Commission's (SEC) recent classification of the company as a suspected Ponzi scheme, strongly denying the allegations and defending PWAN’s operations as legitimate and real estate-driven.
In a formal statement released by the company, Dr. Onwumere described the SEC’s claims as “misleading, baseless, and damaging to the integrity of an organization built on transparency and tangible investments.” He emphasized that PWAN’s business model revolves around verifiable land ownership, direct allocations, and structured commission systems—not the kind of unsustainable payment schemes typically seen in Ponzi operations.
“The SEC did not investigate the origin and structure of PWAN before reaching such damaging conclusions,” said Dr. Onwumere. He added that the company is prepared to provide documentation proving its real estate acquisitions, development milestones, and property allocations to investors across Nigeria.
PWAN reiterated that its income is generated through actual property transactions and not the recycling of investor funds. Dr. Onwumere stressed that PWAN is a pioneer in network-driven real estate marketing and development, a model that blends real estate access with entrepreneurship, which may be unfamiliar to regulators but is fully legal and sustainable.
As the controversy continues, PWAN is calling for a fair and thorough audit of its activities by the appropriate regulatory agencies. Dr. Onwumere expressed the company’s willingness to cooperate fully with investigators and regulatory officials to set the record straight.
“This is not just about defending our brand,” he said. “It’s about protecting the thousands of Nigerians whose lives have been positively impacted through our affordable land ownership model.”
The situation has sparked broader discussions in the real estate and investment community, with many experts warning against the blanket labeling of innovative business models without proper inquiry. For now, PWAN says it will remain focused on its core mission: empowering ordinary Nigerians through real estate ownership and entrepreneurial
opportunity.
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