Business
PWAN in fraudulent real estate investment deals
• It’s a Ponzi scheme – SEC
The troubles of Property World Africa Network, (PWAN), seem to be multiplying by the day, as its shady operation is catching attention like wild fire. Even its spirited effort to firefight the gathering storm over its activities appears futile as more revelations come to light.
It has embarked on newspaper adverts and television interviews to save its crumbling edifice built on deceit and fraud.
PWAN is the promoter of Hectares of Diamond Estate (HOD) Scheme 1 Ogombo, and HOD Scheme 2. (They are not promoters of Diamond Estate, which they also claimed and sold to investors).
Last week, a popular Social media influencer, Eiguma, in a post that went viral, pointedly accused the company of fraudulent activities.
“You claim to be a company selling land, but what you sell is receipts, and not land because the people who bought land from you got nothing but paper as receipt.”
This comes in the wake of another media event accusing the company of duping several Nigerian investors of the land by defaulting on providing land after collecting money from the unwary buyers.
Recently a coalition of over 17 civil society organizations, the Civil Society Groups for Good Governance (CSGGG), called on regulatory authorities to beam its searchlight on PWAN Group, the promoters of Diamond Estate and PWAN Prestige Estate, both in Ajah, Lagos, and PWAN MAX, for their refusal to hand over some plots of land in the estates purchased by several U.S based Nigerians and in other countries.
These revelations are coming in the wake of the Caveat Emptor issued by the Securities and Exchange Commission, SEC, calling the company fraudulent and warning the public to avoid any business dealings with it. “It is a Ponzi scheme and Nigerians should not do business with the company,” SEC had said.
PWAN had lured the prospective investors to believe that it had land to sell in the said estates, which later turned out to be false, as the company refused to transfer the plots of land to the owners after payments over several years, on the pretext that the plots were encroached on by unknown people, and other flimsy excuses.
Some of the investors include Mr. Tochukwu Ariwodo, and Engr. Collins Okaru, who are yet to possess their properties several years after they had purchased the lands.
Public Notice Against PWAN
Addressing journalists at a recent press conference in Abuja, with the theme: “Real Estate Irregularities, Unchecked Practices; A Clarion Call for Reform, Accountability and Justice,” the group’s Public Relations Officer, Comrade Austin Peacemaker Inaede, decried what he described as ‘systemic exploitation and unchecked impunity within Nigeria’s real estate sector.
Aside calling on regulatory bodies to intervene in the matter, the coalition also gave PWAN group a seven-day ultimatum to either allocate the two plots of land paid for by Engr. Okaru or refund the sum of N180 million, which is the current value of the plots he purchased from PWAN in 2014.
It would be recalled that Collins Okaru, a U.S based Nigerian, had purchased two plots of land from PWAN Group in Diamond Estate, Ogombo, Ajah, Lagos in 2014 for the sum of N4 million each.
Despite making full payment for the land, the real estate firm had refused to duly hand it over to him 11 years after.
While speaking with Business Hallmark Newspaper on the matter, Okaru said he paid the sum of N8 million and other associated fees, including a survey fee of N300,000 for the two plots of land in Diamond Estate in Ogombo, Ajah, Lagos State about twelve years ago.
According to Okaru, his ordeal began in 2015 when he tried to take possession of the land. During a visit to the site, he was shocked to find out that the land allocated to him has drastically reduced in size from the supposed 1,370 sqm (2 full plots) he paid for to a meager 675 sqm. He claimed that he promptly complained to the Managing Director of PWAN Group, Mr. Augustine Ozioma Onwumere.
Beginning of Ordeal
According to Okaru, who, at the time, was in the United Kingdom on a two-year work engagement, had requested from the Founding Chairman/Managing Director of the Company, Mr. Augustine Onwumere, for the final copy of this agreement with families and for the immediate possession of the land, because he had an immediate need for it, but Mr. Onwumere assured him that his land was in safe hands with him.
“Upon my return from the UK, I contacted Mr. Onwumere for land and the documents of the deal; however, Onwumere provided a fresh Deed of Assignment between PWAN Group and me, an idea I was not comfortable with. I asked him why the change in the Deed of Assignment, but he (Onwumere) responded that at the time he signed the initial Deed of Assignment that PWAN was still owing the families but now they have finished paying them, and that it was the reason he withdrew the Deed of Assignment between me (Okaru) and the families.”
Okaru provided a copy of an initial Deed of Assignment given to him by PWAN, which was between Engr. Collins Okaru and OGUDU CHIEFTAINCY FAMILY
REPRESENTED BY
OGUDU CHIEFTAINCY FAMILY comprising of all the ruling houses AND their representatives of Ogombo Village in Eti-Osa Local Government Area of Lagos State.
Also, there were initially two separate surveys of the two plots of land – each with a separate survey – of the initial subscription of 675sqm each totaling 1350sqm, and NOT in the survey as contiguously identified. This angered him, who outrightly rejected to sign the new deed of assignment.
“At this juncture, Mr. Onwumere got up from his sit and threatened Okaru to go to court when Okaru insisted he was not going to pay any extra money for new survey after he had paid for that of the initial land.
The MD then (Mr. Afamefuna Michael Okonkwo) who is incidentally the younger brother to Mrs. Jayne Obioma Onwumere – Mr. Onwumere’s wife and also Co-Founder of PWAN Group, threatened to use police escort to physically assault me,” Okaru alleged.
Onwumere, he alleged, offered to get him a replacement at another location with the condition that he’ll need to pay another survey fee of N1 million. While Okaru said he’s not opposed to the new offer of getting him another land, he said he objected to PWAN’s request that he pay another N1m to survey the new land.
“I frankly told the MD that they (PWAN) should be the one to bear full responsibility for any added cost as they were the ones responsible for the loss of my earlier allocated land,” Okaru explained.
Endless Waiting
After waiting endlessly for the real estate firm to reallocate him another land but didn’t get a feedback, he went to the firm’s office on Lagos Island where he caused a scene. “The atmosphere became charged with the MD threatening to invite the police to physically assault him,” Okaru alleged.
After a long impasse, PWAN eventually allocated another land to Okaru in a water-logged area, which he grudgingly accepted.
He, thereafter, travelled to the United States, where he had been staying since. From his base in the U.S, Okaru said he made several answered calls to PWAN to release the land to him so that he can construct a fence round it.
“That’s when trouble started all over again. Instead of allowing me recruit my own workmen to construct the fence, they insisted that they have a sister company, a construction firm, saddled with the task of doing that.
“I was given a construction bill of N6 million, which I promptly paid. After waiting for some time, I demanded to see the land to know the extent of work done.
“That’s when the story changed again that my land had been taken over by the Omo oniles (land owners)”, Okaru stated. Yet again, he was offered a replacement land in another location at an added cost to which he rejected.
Okaru then enlisted the help of a close associate of the promoters of the real estate firm, who is a pastor in the U.S, Pastor Philip Igbinijesu, to intervene in the matter. But after initially showing concerns and willingness to help, the pastor became cold towards his case.
Angered by the nonchalant attitude of PWAN promoters to his matter, Okaru said he decided to take the matter to the social media. The negative publicity that trailed his post, he claimed, eventually forced PWAN to again reached out to him for a truce.
He was called by the present chairman of the company, who offered to take him to another land, but with a caveat that he would need to pay extra fee. However, Okaru, who saw a trap in the offer letter supposedly from the chairman as it was neither dated, nor signed, rejected the offer.
Legal Dispute Resolution
As a result of BH’s investigation, PWAN, in a letter dated May 27th, 2025, and signed by Bernard Onigha, Partner at Gatesville Legal, a law firm, invited Okaru to a Dispute Resolution meeting with its appointed mediator.
The letter titled: RE: REQUEST FOR MEETING REGARDING LAND ALLOCATION ISSUES, requested a meeting with Okaru at his earliest convenience. “We write to you on behalf of our client, Property World Africa Network, to respectfully request a meeting at your earliest convenience to hear and understand your concerns regarding the allocation of land.
“Kindly be informed that we are the appointed legal representatives and dispute resolution consultants for PWAN, and we are committed to engaging constructively with all stakeholders to ensure fair and amicable outcomes.
“In the interest of prompt resolution, we would appreciate the opportunity to meet with you within the next 48 hours… “Please let us know your availability via our contact details above, and we will be glad to accommodate accordingly,” Partner at Gatesville Legal, Onigha, told Okaru in the letter. (This letter came with the full knowledge that he resides outside the country.)
When BH reached out to Titus Anyanwu, the spokesperson of PWAN for comment, he said he could not speak on the matter as he’s with PWAN Max Group and not PWAN Group.
“There are two autonomous groups in PWAN as a conglomerate: PWAN Group and PWAN Max Group. I am the Corporate Communications Director of PWAN MAX Group, not PWAN Group. “Hectares of Diamond is owned and controlled by PWAN Group, where Nathaniel is the Manager in charge of your case. So, Nathaniel is the competent schedule Officer, who can speak on the matter. I do not represent or speak for PWAN Group”, Anyanwu explained.
He, however, connected our correspondent to the acting Managing Director of PWAN Group, Prof. Julius Oyedemi, who assured that the matter will soon be resolved amicably. While acknowledging the existence of certain challenges, some of which stemmed from the company’s growth journey and learning phases, Oyedemi assured that he is committed to resolving all raised issues and promised to get Okaru his land.
Another Empty Promise
The new PWAN Group boss also beseeched our correspondent to oblige him Okaru’s phone number so that he can discuss with him on how to quickly resolve his matter, requesting a grace time of three days to revert. A month have past without response.
However, as at 5.30am on Sunday, June 8, Oyedemi had not reached out to Okaru as promised. The new PWAN Group boss, meanwhile, went ahead to place a paid advert in a national newspaper, which he personally signed.
In the statement seen by BH, Oyedemi said as part of commitment to reposition PWAN for greater effectiveness, innovation and customer satisfaction, a strategic leadership change just occurred in the company with him now at the helm of affairs.
He assured that his team is committed to proactively addressing raised issues and restoring the full confidence of its customers and partners.
“PWAN is evolving into a more robust, professional and accountable organisation. We will remain accessible and you will begin to see tangible improvements across our project sites, customer care units and (land) allocation systems.
“Areas with delay will be resolved either through alternative options or accelerated development strategies”, Oyedemi assured.
Demand for Settlement
Meanwhile, Okaru, while eagerly waiting to take physical possession of his fully paid for land as promised by the company’s new management, has continued to count his losses. In 2014 when he purchased the land at the sum of N8m, the average U.S dollar to naira exchange rate in 2014 was N165.28 as against an average of N1,600 in 2025.
By BH estimation, the current value of the N8m principal paid by Okaru for the two plots of land in 2014 is between N180million to N200million.
Okaru also lost his mother in the process of trying to get his land from PWAN. According to him, if the company had released the land to him while his late mum was battling for life, he could have sold part of it and used the proceeds to save her.
Following Similar Pattern
Similarly, CSGGG also drew the attention of Nigerians to the plight of one Mr. Tochukwu Ariwodo, in the hands of PWAN, as well as the shady activities of PWAN Group and its promoters at the Abuja press conference.
According to CSGGG, Ariwodo is yet to take possession of a 600-square-meter plot at the Pwan Prestige Estate on the Lekki Epe Expressway, Lagos, he paid N4,430,000.00 for since 2022.
The organisation, therefore, called on PWAN to hand over the land and its titles to Ariwodo, or refund him N13 million, being the current market value of the property.
“Despite numerous follow-ups, he has not received critical legal documents, such as a Deed of Assignment, Survey Plan, or Certificate of Occupancy, requirements for formal property ownership under Nigerian law.
“Instead, he was only issued a payment receipt, letter of allocation, and a contract of sale, all of which the group insists are legally insufficient.
“Our investigation shows that this is not an isolated case. Many Nigerians have fallen victim to similar practices by the same company. This raises the alarm about a deeply troubling pattern of abuse”, Comrade Inaede stated.
CSGGG vowed to escalate its campaign should the company fail to comply within seven days.
The coalition mentioned some of its planned actions to include a nationwide protest, official petitions to the Economic and Financial Crimes Committee (EFCC), and the Nigeria Police Force (NPF), as well as engagement with international human rights bodies.
SEC Advisory Intervention
In a related development, the Securities and Exchange Commission (SEC) has warned Nigerians against investing in Property World Africa Network (PWAN), through its PWAN MAX platform, describing the company’s operations as characteristic of a fraudulent Ponzi scheme.
It revealed this in an advisory informing Nigerians that PWAN/PWAN MAX is not registered to operate in any capacity within the Nigerian capital market or to solicit investments from the public.It noted that the company operates as a real estate investment company and has been collecting funds from the public for investment purposes through its PWAN MAX platform.
“Investigations have revealed that PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns and failure to honour withdrawal requests from subscribers. Accordingly, the public is strongly advised to be wary about investing with PWAN/PWAN MAX, as any person who places such investment with these entities does so at his/her own risk,” the SEC stated.
The commission further urged Nigerians to verify the registration status of investment platforms via its portal: www.sec.gov.ng/cmos before engaging in any transactions.