 |
| Scott Iguma |
Iguma first sounded alarm bells in early May, saying PWAN sold paper receipts instead of real land plots. He claimed the Securities and Exchange Commission had branded PWAN a Ponzi operator . Those posts drew swift backlash from PWAN, which denied wrongdoing and said it had valid land titles and certificates of occupancy .
Since May 7, Iguma posted videos urging victims to report the firm. PWAN acknowledged over 120 formal complaints and said it was resolving each through its task force . The dispute turned legal when PWAN sent a defamation notice to Iguma, threatening action in court .
This case lands amid a wider fight against Ponzi schemes in Nigeria. In March 2025, the EFCC listed 58 unregistered firms running illegal investment scams . Five of those operators already face convictions or guilty pleas. The commission warned citizens to avoid get-rich-quick traps that drain savings .
Analysts note that the EFCC has seized assets and won over 4,000 convictions this year ﹘ its best record so far . Officials say nearly $500 million in crime proceeds returned to the state underpins Nigeria’s boost in recoveries. But experts stress that strong enforcement alone cannot curb fraud without better public education.
Law practitioners see Iguma’s hearing as a key test. They say the court will assess if his claims meet the threshold for defamation and fraud alike. If the EFCC proves the alleged Ponzi counts, Iguma could face years behind bars. If PWAN fails to show client harm, it may weaken the case.
Real estate experts worry this fight could spook genuine property investors. PWAN runs Cedarwood Park and Cedarwood Gardens developments in Lagos. Its leaders say they hold valid government approvals and long-term titles for all estates . They warn that rushed judgments can harm Nigeria’s housing sector growth.
On the street, ordinary Nigerians say they remain torn. Some claim Iguma saved them from loss when he flagged delays in land allocation. Others defend PWAN as a growing firm that offers low-cost home options. Both sides urge calm until the court rules.
Court watchers believe today’s arraignment will set timelines for trial. The judge may fix dates for bail applications and witness lists. Lawyers expect pre-trial motions on evidence admissibility. The process could span months, given its complexity.
Looking ahead, each side could appeal at the Court of Appeal if unhappy with verdicts. A final resolution could shape how influencers engage with big firms. It may also guide regulators on monitoring marketing claims.
As the nation follows this case, many hope it prompts clearer rules for online critics and firms alike. They want a balance that protects consumers without stifling free speech.
Today, Scott Iguma will learn if his crusade can hold up under court scrutiny. Nigeria will watch how its justice system handles this modern clash of media voice versus corporate might.