The storm surrounding Property World Africa Network (PWAN), one of Nigeria’s most recognisable real estate brands, continues to gather momentum, as the House of Representatives recently acknowledged a new petition accusing the Economic and Financial Crimes Commission (EFCC) of negligence in investigating multiple fraud allegations against the firm.
The petition, signed by one Abdulhameed Bello and submitted by Hon. Sesi Oluwaseun Whingan, who represents Badagry Federal Constituency of Lagos State, was formally referred to the House Committee on Public Petitions.
It alleges that the EFCC has failed to act on numerous complaints of financial impropriety against PWAN and is instead allowing the criminalisation of whistleblowers such as social media influencer Scott Iguma, who was recently remanded in prison custody for exposing the company’s alleged fraudulent practices.
Iguma, a prominent online commentator and activist, was arrested and arraigned in July on a 10-count charge of cyberbullying, criminal defamation and threats to life -charges widely believed to stem from his outspoken criticisms of PWAN. The charges were brought under the Cybercrime Act and followed a petition filed by the real estate firm.
But civil society groups have accused the authorities of using state machinery to silence dissent, rather than investigate the mounting fraud allegations linked to the company.
A Ponzi in real estate clothing?
An investigative report published by Business Hallmark on June 23, 2025, painted a damning portrait of PWAN as a company allegedly running a real estate-themed Ponzi scheme. The investigation, based on interviews with multiple investors and whistleblowers, found that PWAN and its subsidiaries collected billions of naira from unsuspecting Nigerians under the guise of land and housing investments, many of which turned out to be phantom or non-existent.
One of the affected investors, Tochukwu Ariwodo, told Business Hallmark that he sold his only property in the East to invest in a PWAN estate project in Lagos. "I was promised a plot of land in six weeks. It's been two years now, and I have nothing to show for it. I am homeless," he lamented.
The Securities and Exchange Commission (SEC) had also weighed in. In 2024, the regulatory body issued a public advisory warning Nigerians against investing in PWAN, categorising it among "unregistered investment schemes" that exhibit characteristics of a Ponzi operation.
Despite this, the company continued to aggressively market its services across social media, with glowing testimonials and celebrity endorsements, even as investor complaints piled up.
Civil society calls for action
Amid mounting outrage, the Civil Society Groups for Good Governance (CSGGG) issued a statement in June calling on the EFCC to investigate PWAN and protect whistleblowers like Iguma who have raised the alarm.
“We are alarmed at the EFCC’s apparent silence in the face of multiple fraud allegations against PWAN,” said CSGGG president, Comrade Ogakwu Dominic. “Instead of investigating the company, the anti-corruption agency appears complicit in harassing a whistleblower whose only offence was bringing these issues to public attention.”
The group expressed fears that the EFCC was sending the wrong message to other potential whistleblowers, thereby undermining public trust in anti-graft institutions. “If someone like Scott Iguma, acting in the public interest, can be arrested, detained, and prosecuted, then no one is safe,” Dominic added.
Scott Iguma’s lawyers have also accused PWAN of using state institutions to suppress freedom of speech. In a press statement, his legal team argued that the Cybercrime Act is being misused as a tool for corporate vendetta and intimidation.
Following a failed bail application that led to his remand in prison custody for over a week, Iguma was eventually granted bail by a Lagos magistrate court. But the case remains ongoing, with observers warning that it has become a litmus test for press freedom and whistleblower protection in Nigeria.
Meanwhile, the latest petition submitted to the House of Representatives underscores what many activists describe as a disturbing pattern of official inaction in the face of systemic fraud in Nigeria’s booming, but largely unregulated, real estate sector.
PWAN, headquartered in Lagos, operates through dozens of subsidiaries spread across the country. Its business model involves franchising, encouraging thousands of independent marketers to sell its real estate products.
While the model has driven the brand’s popularity and expansion, critics argue that it has also allowed for a pyramid-style recruitment system where profits for early entrants are sustained by fresh investments from new entrants, rather than genuine property development.
Analysts say the firm's model lacks transparency and proper regulatory oversight. “Real estate marketing in Nigeria is largely unregulated, which is why companies like PWAN thrive despite serious red flags,” said real estate analyst Chike Okoro. “There are simply not enough consumer protection safeguards in place.”
The House petition could finally force the EFCC and other agencies to confront the uncomfortable questions surrounding the company’s operations. Whether or not that happens, however, depends largely on political will.
However, PWAN continues to maintain its innocence, insisting that it operates legitimate real estate businesses and that all allegations against it are either exaggerated or driven by disgruntled individuals with malicious intent.
Meanwhile, Scott Iguma’s prosecution has sparked a broader conversation on the limits of free expression, especially in the digital age.
Social media users and civil society groups alike have rallied behind the embattled influencer, using the hashtag #FreeScottIguma to amplify his case and highlight what they see as corporate impunity enabled by state silence.
With the House of Representatives now formally involved, and fresh scrutiny mounting from both the media and the public, many believe the days of regulatory indifference may finally be over.
Regardless, whether this leads to real accountability, or simply another round of bureaucratic inertia, remains to be seen.
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